Preview

Present the Advantages and Disadvantages of Globalisation, Examine how Global, Regional, and Bilateral Trade Agreements can Impact on the Global Economy?

Powerful Essays
Open Document
Open Document
3725 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Present the Advantages and Disadvantages of Globalisation, Examine how Global, Regional, and Bilateral Trade Agreements can Impact on the Global Economy?
(M.K.Farmah

Introduction

The first part of this essay will be aimed towards understanding the concept of globalisation. We will analyse the various advantages and disadvantages that arise as a result of globalisation. The major part of the essay will concentrate on investigating the impact of global, regional and bilateral trade agreements can impact the global economy.

In order to devise an accurate and informative response to the essay question we must first understand the concept of globalisation. Globalisation is about what is happening to economies on a world scale. Although the idea is not often clear, everyone who talks about the concept recognises that the countries of the world tend to divide into two groups: those with developed economies and those that are sometimes referred to as developing countries. The economically developed countries have modern industries and technologies (the U.S, Japan and the countries of western Europe). The developing countries (most of Asia, Latin America, and Africa) have more lower incomes and large groups of impoverished people, especially peasants. However some countries are in between and have characteristics of both kinds of economies (for example, states of the former Soviet Union and Eastern Europe).

The economic interactions of globalisation are fundamentally about big capitals of the developed countries that operate around the world. These are sometimes called multinational corporations; these dominate the economies of the developing countries along with a handful of global agencies such as the International Monetary Fund, the World Trade Organisation and the G-7 central banks. The results affect the majority of the working population in the developed countries, as shown by issues like runaway factories, satellite-linked offices and the attack on social welfare programs in the name of the free market.

The term globalisation was originally started in the 1960's to describe international capital flows. Today

You May Also Find These Documents Helpful

  • Good Essays

    Globalisation is expressed in transcontinental flows and networks of activity, interaction and power between countries, irrespective of geographic distance. It establishes and maintains economic, political and socio-cultural relations. This interaction helps economies through growth in international trade, investment and capital flows. Some factors that have acted as the driving force of globalisation include technological innovation as it had made transport and communication around the world easier, capitalism and trade have also played an important role in encouraging globalisation. Trade between countries in the developed world and the developing world has specifically been the biggest driving force of globalisation. A Newly industrialised country is a country whose level of economic development is somewhere between the development of the developing and developed countries. This is because these countries have moved away from an agricultural based economy into a more industrialised, urban economy. There are several factors that make Newly Industrialised countries the driving force of globalisation.…

    • 1543 Words
    • 7 Pages
    Good Essays
  • Good Essays

    Unit 12 P6

    • 916 Words
    • 3 Pages

    Globalisation is the process by which the world is becoming increasingly connected as a result of massively increased trade and cultural exchange. Globalisation has increased the production of goods and services. The biggest companies are multinational organisations with businesses in many countries. Even though globalisation is helping to create more wealth in developing countries it isn’t helping to close the gap between the world's poorest countries and the world’s richest.…

    • 916 Words
    • 3 Pages
    Good Essays
  • Best Essays

    Starbucks Global Issues

    • 2987 Words
    • 12 Pages

    Globalisation referred by Hill (2009) is the shift towards a more integrated world. It is the process of economies, societies and cultures integrated through a global network. One of those networks is trade network. This means that there is a movement of materials and goods between national boundaries. Globalisation also involves movement of labour and causes a variety of effects: political ethical, cultural, social, etc. More importantly, the effects brought by it can cause issues that require further investigation.…

    • 2987 Words
    • 12 Pages
    Best Essays
  • Satisfactory Essays

    Globalisation is a capitalist process that has taken off as a concept in the wake of the collapse of communism as a viable alternate form of economic organisation as we are increasingly been seen as living in the era of globalisation. Globalisation describes the increased mobility of goods, services, labour, technology and finance & capital throughout the world. Although globalisation is not a new development, its pace has increased with the advent of new technologies, especially in the area of telecommunications.…

    • 453 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Globalisation is the process by which people, their cultures, money, goods and information can be transferred between countries with few or no barriers.…

    • 485 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Globalisation is about the processes that have resulted in ever closer links between the world’s economies. Expressed in a more simple way this means developing economies developing closer links through things like trade, investment, production and then in more recent times, migration of people and transfer of technology. In recent years the speed that globalisation is growing at has increased massively and the impact is seen most greatly on developing economies.…

    • 838 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Globalisation and Nike

    • 1804 Words
    • 8 Pages

    Globalisation is the growing relations of international markets and it involves the economic activity in the production of goods and services among countries. It involves aspects such as growth and productivity, employment and skills wages and unequal distribution in wages both internationally as within a country. Hence, the belief that globalisation leads to growth is present all over both the works of Friedman and Norberg, but can be illustrated by a quote from Friedman: 'Economic development in terms of globalisation happened when we connected New York, New Mexico and California. It happened when we connected Western Europe, America and Japan. And it will happen when we connect India and China with America, Europe and Japan ' (Friedman, 2007, p. 277). .Simultaneously, globalisation is used by some scholars to refer to the efforts of the International Monetary Fund (IMF), the World Bank and others in order to create a global free market for goods, capital, labour and services. This political project, whilst being significant and potentially damaging for a lot of poorer nations is really a means of profit rendering for multinational companies (IMF, 2000). On that same line Wallerstein (2000, p. 15) argues that globalisation works in such a way that the countries of the core generally tend to gain advantages on the expense of nations in the periphery. In other words globalisation has not only created a more competitive market, but it has also contributed to higher level of impoverishment, inequalities in distribution of incomes and the weakening of institutions and social support systems. For example, the pace of economic progress has been uneven in time and the conversion of the old systems as one independent nation has left many people behind due to variations in income per head between countries and regions. (Steeten, 2001, p. 25). Hence, to avoid the negative effects of globalisation certain factors are to be taken…

    • 1804 Words
    • 8 Pages
    Powerful Essays
  • Better Essays

    Globalisation has had adverse effects and implications and this paper examines as it affects developing countries. It’s a comparative review of two articles; “The evolution of development economics and globalisation” by Piasecki and Wolnicki (2004) and “Could developing countries take the benefit of globalisation?” by Hartungi (2006). Effort was made to also identify points of congruence between the two articles as well as different views on globalisation trends experienced in developing countries. The general consensus is that globalisation theories reflecting economic growth and development are not a true representation of economic realities in developing countries. It is also clear that the articles do not identify the positive effects of globalisation. A holistic unbiased approach is thus encouraged in the understanding of globalisation as there is the tendency to get carried away with theoretical approaches while ignoring practical implications.…

    • 1115 Words
    • 5 Pages
    Better Essays
  • Good Essays

    INTRODUCTION TO GLOBALISATION Globalisation is the movement of goods and services, money, people and information allowing different societies, cultures and economies to integrate. Globalisation greatly influences the environment, culture, political and economical development and human welfare. Although not a relatively new phenomenon, globalisation has enhanced dramatically over the last 50 years through improvements in technology transportation, communication and trade. Dramatic developments in ICT and the enabling of transnational corporations (TNCs) by political policies have increased the pace of globalisation. We have had advancements in transportation, the introduction of the internet and world trade agreements and the demand for a larger…

    • 1056 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    In many ways the effects that have been felt from globalisation have been positive. Often globalisation means for LEDCs an influx of chances at jobs and improving their own skill set through the inward investment from TNCs (OECD, 2007). International trade is the exchange of goods and services across the world’s borders and is concerned with its freer movement. One prime example of this is the European Union an internal market that seeks to ensure that all goods, capital, services and people can come and go as they wish. This economic union sees 27 member states included in larger competition and increased specialisation (EC, 2013). There is a different side to how globalisation has transformed the world further than just its economics; culturally everyone stands to gain through the sharing of ideas, meanings and morals of different people across the world. Because of the recent rapid acceleration of technology and who now had access to it cultural friction is being swept away (Global Policy, 2013).…

    • 556 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Globalization can be described as a process by which national and regional economies, societies and cultures have become integrated through the global network of trade, communication, immigration and transportation. It is therefore the growth of interdependence between national economies and has resulted in a trend towards global markets, global production and global competition. To explain globalization various theories and models have been put forward which will be discussed in-depth in this piece of work.…

    • 2467 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Globalisation

    • 1673 Words
    • 7 Pages

    Currently in international circles there is a great debate over globalisation and whether it is a force for good or bad. The statement oversimplifies the matter, of course. But the issue of globalisation and our collective response to it promises to define who prospers and who does not well into the 21st century.…

    • 1673 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    It has become a truism to say that we live in a global economy and participate in a global market. The emerge of both was facilitated by key political changes such as the end of the cold war and creation of the European Union. As a result, they triggered the emerge of various institutions to help regulate the global economy (World Trade Organization and International Monetary Fund) and led to practices such as outsourcing and a general increase in an international presence, especially in the developing countries.…

    • 703 Words
    • 3 Pages
    Good Essays
  • Best Essays

    This essay will examine both the positive and negative impacts on the three main branches of the global market: world trade, taxes and investments, in order to demonstrate the influence of globalisationon this global market. In addition, this essay explains why globalisation has mostly had a negative impact on the world trade and the global market.…

    • 1895 Words
    • 7 Pages
    Best Essays
  • Powerful Essays

    research on globalisation

    • 2873 Words
    • 10 Pages

    Ukpere & Slabbert (2009), states the globalisation is the act of interaction and integration among the people, companies and government of different nations. It is waived by the international trade and investment and advanced information technology. Furthermore, globalisation has affects on the environment, culture, political system, economic development and growth, physical well being of the societies and personal life of the individual around the world. According to The International monetary Fund’s (2008) the main core elements of globalisation is to expand the world trade through the…

    • 2873 Words
    • 10 Pages
    Powerful Essays