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Globalization: A Global Network Essay

1019 words - 5 pages

Globalization is a process that integrates a global network of economic, political, social, and cultural interdependence on a worldwide scale. This international phenomenon unlocks new pathways for a universal marketplace that permits the flow of economic trade of capital, goods and services, financial investments, and distribution of resources across different countries and institutions. With the rise of regional economic integration blocs such as NAFTA, ASEAN, and Mercosur, manages and facilitates a smoother flow of free international trade and financial investments, reducing the barriers and policies amongst member countries within the same trading bloc. There is also a major growth in ...view middle of the document...

The tariffs on import goods are thus lowered from little to zero in numerous countries facilitated by the WTO. Another factor that expanded the growth of a global market is the fall of Soviet Union’s economy and China’s free-market reform. This opened new doors evolving from command economies into a worldwide economy. Gradually, new market-reforms accelerated amongst countries across Asia, opening up approximately one-third of free trade amongst international markets. Cost efficiency and privatization has enabled these countries to draw more foreign capital into their economies. Financial integration enables countries to invest, barrow or transfer funds, and do currency exchanges. SWIFT network makes it convenient for businesses and consumers to transfer and collect funds from different countries.
With the growth of technological advancements, it makes global operations possible in a more effective and efficient way. IT and online research engines offers a gateway to valuable resources, which provides support for managerial decision makers. This costless engagement of sending or transferring funds, emails, webcam are the reasons why a worldwide market exists. In addition, the widespread use of mobile phones serves as another portal for businesses to communicate at the touch of a button. The improvement of transportation technology has transformed international shipping a lot easier and exporting goods a lot more affordable. Computer aided-design products and robotics has revolutionized the manufacturing process, enabling speedy production and reducing cost to effectively compete in foreign markets.
Even though the expansion of globalization may appear to be a positive transition in different institutions, governments and societies, it also poses major challenges and consequences. Back in 2008, United States started a contagion that dispersed across the world, causing the entire global market to suffer from severe financial crisis and global recession. When the financial markets in the United States fell, so did other parts of the world. Countries such as Canada and Mexico began to crumble when they depended on the United States for trade. People suffered from great poverty, homeowners lost their homes and accumulated debts that...

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