Identify The Forces That Have Promoted Globalisation And Analyze The Outcomes Of These Forces

1019 words - 4 pages

Identify the Forces that have promoted Globalisation and analyze the outcomes of these forces.Globalisation refers to the increasing economic integration between countries leading to the emergence of the global market place and the creating of an ever-spreading web of global production networks. There exist several forces that promote globalisation and are generally supported by most governments around the world and through this there are several outcomes derived.Forces which underpin globalisation include global institutions, the increase in trade agreements, rapid technological change, the deregulation of financial markets, and the mobility of the labour force and the influence of TNC's. Outcomes derived from these forces including the rapid growth of the economy, the increase of trade and trade agreements between nations, cultural convergence and integration as well as the rapid growth and development of the Asia Pacific Region.The role of global institutions such as the World Trade Organization, the International Monetary Fund and the World Bank plays a crucial role in globalisation. The WTO implements and advances global trade agreements and assists greatly in resolving trade disputes which plays a large role in increasing trade. The IMF maintains international financial stability, and creates policies to support the free flow of capital, goods and services throughout the world markets, also re-enforcing the idea of fee trade globally. The World Banks prime role is concerned with assisting developing and disadvantages countries to economically develop. It focuses on funding investment to create infrastructure, reduce poverty and assist countries to adapt to globalisation.The removal of trade barriers has created free trade in many areas around the globe. Trade agreements underpin globalisation as they integrate nations into agreements of free trade which include the removal of tariffs, quotas and subsidies. Trade agreements such as the EU, APEC and NAFTA, are huge alliances between nations that provide free trade for all members. The level of trade has been growing increasingly since the end of the second world war and only started to slow down after 1997 due to the Asian economic crisis. The increase in trade caused an increase in a countries output and increases the GDP, it creates more consumption in a nation which increases the standard of living and create competition for local industries who by market forces are obligated to push down prices of goods in order to survive and this leads to an improvement of resource allocation, as only resources are only available to those who can produce at the world price.The rapid advancement of technology is a strong force that underpins globalisation as it assists greatly in mainly three areas. These three areas are transport, communication and the production process and all assist in global-sourcing. Transport assists globalisation as it exists as an innovation that can deliver goods around the...

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