Globalisation
This term applies to explain and describe a variety of world phenomena To those who support great economic incorporation across the globe, the term has positive implications while the word faces fierce criticism from opponents who view globalisation as a principal risk to social interconnection and as the progression of unconstrained capitalism Nonetheless, it is important to point out that globalisation is a powerful aspect in the contemporary system as it is a fundamental influential force that determines the future path that the planet will follow To underline the influence of the aspect of globalisation, it should be noted that globalisation manifests itself under different dimensions in the economic, cultural, health, social, political, environmental, security, and even in other spheres of the world Nonetheless, the focus of this expose will discuss globalisation within an economic perspective with globalisation defined as the process of economic integration based on the exchanging of products, worldviews, various aspects of culture, and ideas within an economic perspective (Margalit, 2012)
Advancements in technological, transportation, and communication infrastructure have promoted an interconnection between nations in the world Hence, trade activities have intensified across the world leading to a new phenomenon known as international trade, which is a result of globalisation International trade underlines a situation whereby various jurisdictions exchange each other in the exchange of services and goods across international territorial boundaries (Ingham, 2004) In this case, international trade has become synonymous with globalisation as nations increasingly engage in business with each other at the international front
Each nation has a unique domestic market Hence, the effects of globalisation on each market vary due to its uniqueness and various determining factors Some national markets are filled with products from other countries with domestic products suffering especially in instances whereby the cost of production in a specific country is high These effects are due to the integration of global markets with each nation’s market incorporating various aspects of the global market with producers focusing not only on the domestic markets, but also expanding their production to reach the global markets (Intriligator, 2003) Integration of markets within the global economy has occurred through various approaches
Received on Sun Nov 29 2020 - 01:54:02 CET