Globalization A Boon Or Not For Developed Economies

3647 words - 15 pages

INTRODUCTIONThe present study deals with the effect of free trade on the flow of goods across national boundaries. We discuss one of the most potent cross border networks, that is, regional economic integration. Regionalism and Multilateralism represent competing, but not mutually exclusive, principles supporting economic integration and trade in the global economy. The net results of this competition are two potentially complementary and spatial processes of trade bloc and globalization (Michalak,1997). And on the other hand regionalism fosters regional cooperation without discriminating against key trading partners outside the region. Although trade has grown rapidly in recent years, regional trade has risen relative to world trade in many parts of the globe (Arndt, 2007). In some parts of the world, these developments have been facilitated by regional free trade agreements. In East Asia, for example, both exports and imports have grown at a much faster rate within the region as compared to the worldwide growth. For the countries within NAFTA, intra-regional manufacturing exports have shown particularly robust growth as well. Thus the very factors which are considered to hamper free trade may finally be developing it.As stated by Hammond and Grosse (2003) Globalization or internationalization is the definitely the buzzword of the 2000s. It is often defined as one of the most significant trends of our time, with far reaching consequences for mankind. The concept of globalization becomes more significant with the increase of trade between the markets of different nations. Economists have long stated the benefits of free trade and its core influences are as convincing today as they were when Adam Smith set them out over two centuries ago.(Sally 2005).The theories given by Ricardo (1967) emphasized on free trade and suggested that a nation should trade with other nations on the basis of comparative advantage between the two nations. Adam Smith's vision regarding the in visible hand of the market economy has implications in the age of globalization not previously imagined. The free movement of monetary and intellectual capital, and the relative improvement in the movement of labor across the globe, accentuate the importance of economic activities relative to national political borderlines. Smith argued that an in visible hand makes "the same distribution of the necessaries of life which would have been made had the earth been divided into equal portions among its in habitants; and thus, with out in tending it, with out knowing it, advances the interest of the society, and afford means to the multiplication of the species (Beaud, 1983).Ali & Camp (1999) view the essence of free trade as the voluntary exchange and un- restricted movement of commodities, services, and capital across borders. The market mechanism in a free trade environment is assumed to induce growth and prosperity all over the world, without any hiccups like subsidies, tariffs or...

Find Another Essay On Globalization a Boon or not for Developed Economies

The computer - a boon or a bane to students

696 words - 3 pages alertness among students. They can also relax while listening to music or watch a movie on the computer. Since the world is computer-savvy, students need to equip themselves with the basic computer skills to meet the demands of the job market.Nowadays, acquiring computer skills is not a privilege but a necessity, not just for students but for the general public as well. In short, the computer is a boon for students.

Censorship on the Internet: A Boon or a Curse?

1482 words - 6 pages Internet censorship is controlling what a user could and could not see. Even though an individual merely searches for something as little as cats, Internet censorship still occurs. It is this unnecessary censorship that is killing young minds today. Internet censorship can be carried out in many ways. A government agency for instance can do it; or the worst of all, a private organization, looking at you AT&T. Even though business firms may think

"The promotion of tourism is a bane, not a boon". Discuss.

1109 words - 4 pages "The promotion of tourism is a bane, not a boon." Discuss. Tourism is an industry which belongs to the service sector. It provides services which enables people to visit, explore and learn about another country. People are brought to see natural or man-made attractions, sample local cuisine and experience life in a foreign country. Tourism is also a fast growing industry as people are generally more affluent and are able and willing to pay for

Dimmesdale a Sinner or Not?

1127 words - 5 pages physical and mentally enduring stress which in this case goes as far as Dimmesdale dying. Loyalty and love play significant roles in the novel in which they are portrayed as a congregation (loyalty) and Hester (love). Balancing these two is a daunting task. Whether Dimmesdale reveals the sin for guiltiness, or for a lack of devotion which is not evident in the novel the reader knows that Dimmesdale wanted to find a balance because he had a duty to the

Is globalization a positive or a negative process?

932 words - 4 pages that they are poorly treated and cannot live the way they would like in the more developed countries they have immigrated to. This raises questions of the role of human rights, as a consequence of globalization. Should we consider the rights of workers and the responsibilities of new immigrants in our shopping practices? Does it matter? Many developing countries need new industries and the jobs these industries bring to improve their economies

Music Is A Powerful Tool For Globalization

1672 words - 7 pages arrived in America, they not only brought disease, but a desire and will to conquer the new continent for all its material richness. Their desires to expand, conquer and globalize the “newly discovered” land lead to many violent massacres. Resulting in millions of Native Americans dying. Those who survived were forced off their land or killed if they refused to convert to the European way of living. This form of globalization is indeed one that

Physician Assisted Suicide: A Crime or Not

864 words - 3 pages Assisted suicide should be legal if the person asks or agrees to it. If someone is ill or about to die from other causes they should have the right to death by their doctor. If a doctor suggests it and the person or close family member agrees to it the doctor shouldn't be charged for murder. It should become a law that if a person wants to die that badly their doctor can do it for them. If it became against the law we might start to have people

Teenage Violence: A Problem Or Not?

1466 words - 6 pages and how they grow up, not prejudging them will prevent this from ever occurring. However, they do go on to say that this problem doesn't have a simple cause or a simple solution (4). It evolved over time and will take time to fix (4).Sprague and Walker bring out their idea of the right cure for this problem next. They tell us that the government will be pouring a vast amount of money into school safety and violence prevention (377). They say

How agriculture was not the complete and total basis for American economies in the north and south during the 17th century

837 words - 3 pages north up to present-day Maine, and south down to present-day Georgia. As the colonies developed, they were put into two categories; northern and southern. Topography, climate, and the various motivations for colonizing had a large influence on the economies of the two parts of English America. Although some may believe that agriculture was the economy of all of the English colonies, the effects of topography, climate, and motivations for

Community Psychology essay discussing the idea of change and whether or not it is good for people as a whole.

1002 words - 4 pages Community PsychologyCHANGE: THE HARDEST THING FOR ANY OF US TO DOThink about how hard it is for us to change a habit, one that we have had for a really long time, so long that we cannot distinguish or remember a time when we didn't have the habit. If it is so hard to change a habit on an individual level, how are we supposed to change a habit on a Microsystems level all the way up to a Macro system level?What worked in the past may not work for

How can Sustainable Tourism best be developed in Homestead, Pennsylvania? A Comprehensive Plan for Sustainable Tourism.

3468 words - 14 pages and Historical Significance- Near waterway- Many roadways to facilitate traffic- Waterfront area- Churches- Carnegie Library- Some new or newly developed buildings- Near Pittsburgh- Government distinction of a Historical District- Job opportunitiesWeaknesses- Town in distress- Community gives little support- Few accommodations for overnight tourists- Not well publicized- Deteriorating Buildings- Poverty- Crime- Stigma of 'dangerous

Similar Essays

Credit Cards For The Young A Boon Or A Bane:

961 words - 4 pages Credit Cards for the Young A Babe or A Boon?: A Study of Student Indebtedness to the Credit Card Companies A.Introduction 1.Definition of a Credit Card 2.Marketing Blitz on Students 3.Students' Ignorance and Irresponsibility 4.Legislative Issues B.Marketing Toward Youth and Students 1.I started Receiving calls shortly before my 18th Birthday 2.Tables in student unions and cafeterias with free stuff.3.Flyers in every hallway of every building 4

Globalisation, A Boon Or Bane? Essay

3338 words - 13 pages give rise to cultural conflicts.Uneven Wealth Distribution: It is said that the rich are getting richer while the poor are getting poorer. In the real sense, globalization has not been able to reduce poverty. Instead it has led to the accumulation of wealth and power in the hands of a few developed economies. Therefore the gap between the elite and the underprivileged seems to be a never ending road, eventually leading to inequality.Disparity

Sonar Technology : A Boon Or A Curse

1784 words - 7 pages creatures along its path as it travels thousands of kilometers.Pollution is referred to as a negative word that indicates distortion or harmful interference with nature or anything that's natural. Was pollution in atmosphere not enough that mankind developed ways of spreading this disease under water too. How can one even think of such tragic situation that would arise after years?Effects on whales and dolphins:Whales and dolphins are majorly

Marijuana: A Boon Or A Gateway Drug

1017 words - 4 pages ‘Cannabis’- a plant of wonder, commonly known for its by-products like marijuana, hashish, hemp oil, etc. is the most popular drug plant. These products often used for their psychoactive effects. This can include heightened mood or euphoria, relaxation, and an increase in appetite. Popularity of the marijuana has increased widely these days between all age groups. Smoker’s says, “There is no harm in smoking marijuana, as it is non-addictive