• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Write a written report on Globalisation

Extracts from this document...

Introduction

________________ Globalisation Globalisation describes a process by which national and regional economies, societies and cultures have been integrated through the global network trade, communication, immigration and transportation. Over the a few decades, the economy developed rapidly which means that, globalisation was often primarily focused on the economic side of the world such as trade, foreign direct investment and international capital flows, more recently the term has been expanded to include a broader range of areas and activities such as culture, media, technology, socio-cultural, political, and even biological factors e.g. climate change. Global trade has grown enormously since World War II, International trade in manufactured goods alone has grown an estimated 100 times from $95 Billion to $12 trillion in the 50 years since 1955.[1] Finally, globalisation has eased the roles of the UN which officially came into existence on 24 Oct 1945. With the help of globalisation, International Financial Institutions like World Bank assists developing countries like Kenya and Nigeria to provide loans for capital programs. Reasons for Globalisation The introduction of the World Bank and International Monetary fund provided the gateway for globalisation. The loans that are granted by the IMF AND World Bank on the condition that the borrowing country will reduce the state's role in the economy, lower barriers to imports, remove restrictions on foreign investment, eliminate subsidies for local industries etc. ...read more.

Middle

Information The internet is essentially a network of computers across the world which is linked through global telecommunications. Although it was originally only used by defence personnel in the United States, easy access to computers and related technology have made using the internet a common activity in more recent times. The World Wide Web enables people from almost anywhere in the world to access information on almost any topic from shopping to weather forecasts; and from research to downloading music and movies. In addition to the internet, global media networks (corporations which include television and media companies with branches in multiple countries) also bring news and information about current events to people all over the globe. It is now possible for someone in Australia to pick up a copy of an American fashion magazine, or for someone in the United States to watch the Ajazeera news. Communication The cost of telecommunications has fallen dramatically in recent years, thus encouraging trade. Presently, conferences it is possible to conduct conference calls between several countries on mobile phones anywhere. Computers and broadband enable complex information to be passed easily and swiftly from one country to another. Hence, businesses can make quick decisions, reacting swiftly to dynamic changes in markets and seizing opportunities ahead of competition. Therefore, cost and supply chains are built with minimum risk. For example, as a result of globalisation, the cost of a 3 minute telephone call from London to New York dropped from 100 in 1930 to less than 1 in 2004. ...read more.

Conclusion

However, global sourcing is not limited to low-cost countries. Likewise recently, Coca-Cola?s continuous growth and efficiency has led to the worldwide phenomenon opening a bottling plant in the city of Luohe in Henan- the company?s second largest production facility in China.[17] As a result of the firm?s expertise in various beverages like sprite and Fanta, globalisation has enabled companies like coke to gain specialized and efficient services from various plants globally. Globalisation has its benefits when it comes to global sourcing: learning how to do business in a potential market, tapping into skills or resources that are unavailable domestically and increasing total supply capacity.[18] Also, Nike; a global success ensures economies of scale because it targets the areas in the world that will yield more revenue and minimised costs. Nike?s production facilities are usually staffed with people of nationalities whereby a minimum wage is more or less non-existent. This has given Nike the advantage of cheap labour. Conclusion Globalization has created the broadening, deepening and speeding up of world-wide interconnectedness in all aspects of life, from the cultural to the criminal, the financial to the environmental. Presently, there seems to be 'a global shift'; that is, a world being formed by economic and technological forces, into a shared economic and political arena. ________________ [1] http://economictimes.indiatimes.com/opinion/guest-writer/a-brief-history-of-globalisation/articleshow/3276531.cms [2] http://www.trcb.com/finance/economics/globalization-causes-benefits-and-consequences-419.htm [3] http://www.forbes.com/sites/chuckjones/2013/08/30/while-apple-retains-lead-samsung-gaining-mobile-traffic-market-share/ [4] http://www.macobserver.com/tmo/article/apple_total_ios_device_sales_top_365_million [5] migration.ucdavis.edu/mn/more.php?id=3408_0_5_0? [6] http://www.tutor2u.net/economics/content/topics/macroeconomy/economic_shocks.htm [7] http://www.invest.gov.tr/en-us/turkey/factsandfigures/pages/economy.aspx [8] http://www.investopedia.com/terms/e/emergingmarketeconomy.asp [9] http://www.wto.org/english/thewto_e/whatis_e/tif_e/agrm9_e.htm [10] http://ringlet86.wordpress.com/2008/08/31/what-is-the-role-of-the-world-trade-organisation-wto-and-has-it-been-successful-in-achieving-its-goals-why-what%E2%80%99s-the-future-of-the-wto/ [11] http://www.morningstar.co.uk/uk/news/67559/the-changing-role-of-emerging-markets.aspx [12] http://www.pimco.com/EN/Education/Pages/EmergingMarketsEquity.aspx [13] http://www.skwirk.com.au/p-c_s-57_u-185_t-493_c-1813/the-role-of-technology-in-globalisation/nsww/// [14] http://blogs.worldbank.org/developmenttalk/global-investment-patterns-will-see-radical-changes-2030 [15] http://www.tutor2u.net/economics/revision-notes/a2-macro-globalisation-introduction.html [16] http://en.wikipedia.org/wiki/Global_sourcing [17] http://www.packaging-gateway.com/projects/cocacola-bottling/ [18] http://www.un.org/en/globalissues/africa/ ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Why has GDP growth been so slow in Somalia?

    Extra security measures, such as deploying armed security teams to protect ships, are also necessary and a cost to the Somali's. The black market created by piracy discourages overseas business investors, reduces port revenues and consequently the income of those communities dependent on them.

  2. Where does the World Trade Organisation fit in the overall scheme of international public ...

    In WTO-speak this is known (not so accurately) as "constructive ambiguity". Many Uruguay Round agreements, such as GATS, SPS, TBT and TRIPS, contain numerous gaps and ambiguities, especially in the dense thickets of domestic regulation. Inevitably, there are limits to legal certainty on the nitty-gritty of this-or-that regulatory measure, with ample room for diverging legal interpretations - more so than with simpler, clearer border measures.

  1. Analyse the reasons for reducing protection and its impact on the domestic and ...

    The main institution encouraging free trade is the WTO, and economies face considerable pressure from the WTO to lower its trade barriers. Nations also face pressure from other economies, which may retaliate to high protection levels by implementing protectionist policies themselves, thereby restricting access to overseas markets.

  2. Unemployment HSC Notes

    Some economists argued that this continual growth will put upward pressure on inflation. Since the inflation did not fluctuate, it shows that the real NAIRU is much lower than estimated. Causes of Unemployment * There are many explanations for unemployment: o People do not have adequate opportunities for education and training.

  1. Globalisation of GAP

    Al Tayer will introduce Gap and Banana Republic brands into five key markets in the Middle East. The Group plans to open about 25 Gap and about 10 Banana Republic stores by 2010. The first Gap stores will open in the later part of 2006 and the Banana Republic stores are scheduled to open in 2007.

  2. Corruption and Globalisation - Both of them have been so pervasive in recent years. ...

    or private sector; however, for most people corruption is something unethical, and something considered wrong. What is wrong with corruption? One of the main forms of corruption is bribery. It is prohibited in almost all countries in the world, from poor to rich, developing to developed, for example, Indonesia and US.

  1. Infation HSC Notes

    While low inflation encourages saving. Australia has not been consistent with this principle. Wages * High inflation ? increase nominal age demands, employees seek larger wage increases to conserve their purchasing power. * This can lead to a WAGE-PRICE INFLATIONARY SPIRAL, where wage increases lead to higher prices and so on, which will lead to higher demands.

  2. Free essay

    Globalisation and changing career patterns

    The manufacturing industry was hit hard by this phenomenon in the 1970's and 1980's, when steel production was gradually moved to countries such as India, and the coal industry was broken up with production carried out in cheaper in countries such as China.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work