Globalization and international business. Regionalism. World Crisis

Contents:

Summary:

In the last few years the world economy has gone through some major changes, the result of which has been the creation of a world market. With the establishment of the World Trade Organization (WTO), almost all economies of the world are likely to establish more and more interdependent relationships with each other. In the 1980's the world economy was characterized by trade between large economic blocs, since the mid 90's international trade has tended to develop towards globalization to a stage where it is feasible to conceive trade without frontiers in the not too distant future. At the start of the 21th century we witness the emergence of a new economy: The world as a global market!

Domestic trade has become global trade, where the entire world is a global market. You are now probably working on a computer which was produced in China using Japanese chips and an American operating system. You may be wearing a pair of trousers made in Taiwan, Italian sunglasses and a Swiss watch. Perhaps tonight you will have a glass of Spanish or Chilean wine or a cup of Kenyan coffee with your dinner. You may drive a Korean or German car, use a Finnish phone or smoke Cuban cigars. This is our reality today, which has become possible due to globalization.

Globalisation means that the flows of goods, services, capital, technologies and people are spreading worldwide, as countries everywhere open up to wider contact with each other. Globalisation can create more wealth for everybody, but it can also be disruptive and needs to be harnessed by international rules (International Institutions). When business goes global, the rules for fair play must also be set globally. A core element of globalization is the expansion of world trade through the elimination or reduction of trade barriers, such as import tariffs.

Economic "globalization" is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. There are also broader cultural, political, and environmental dimensions of globalization.

Regionalism is described in the Dictionary of Trade Policy Terms, as "actions by governments to liberalize or facilitate trade on a regional basis, sometimes through free-trade areas or customs unions".

If we take into account RTAs (Regional Trade Agreements) which are in force but have not been notified, those signed but not yet in force, those currently being negotiated, and those in the proposal stage, we arrive at a figure of close to 400 RTAs which are scheduled to be implemented by 2010. Of these RTAs, free trade agreements (FTAs) and partial scope agreements account for over 90%, while customs unions account for less than 10 %.

Sample:

Learn about trade liberalization and the formation of the World Trade Organization WTO. Identify the positive and negative effects of globalization. Understand the various regional economic agreements and their relevance to both regional and world trade. Explore the historical development of world trade over the last three decades.

Globalization learning unit is available in:   (Mondialisation) (Globalización)  (Globalização.

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Globalization, International Business, Regionalism, World Crisis, Economical, Cultural, political, environmental, dimensions, globalization, World, Financial, Economic, Crisis