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Globalisation. Discuss the economic, political and social impacts of international trade in the 21st century.

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Introduction

Globalisation has emerged over the past 30 years bringing new dimensions to the traditional economic thinking around international trade. Discuss the economic, political and social impacts of international trade in the 21st century. Globalisation is the trend towards markets crossing international and regional borders, lessening the differences in customers' wants1. The process of globalisation, assisted by the technological revolution in communications and computers, is radically altering the shape of world markets, as well as the nature of business and everyday life. The economic, political, and social significance of international trade has been essential for the growth of globalisation. The restrictions to international trade would limit the nations to the services and goods produced within its territories, and they would lose out on the valuable revenue from the global trade. Globalisation has not only changed the way we live it has improved efficiency in flow trade and finance, modernised technology for consumers and increased wealth. International trade is the exchange of goods and services between countries. ...read more.

Middle

Political impacts of international trade are not taken lightly as there may be many impacts which may affect the trade of goods and services between the countries. The risk of non- renewal of import and exports licenses can affect the consumer and supplier, this is because if a license is not renewed jobs will be lost and consumers will be dissapointed as their good or service is no longer being offered to them. The risk of war is also dangerous as it can leave the country in harm and have a huge impact as businesses will no longer want to provide their goods and services to the country at war. If war is declared between to countries this impacts the economy greatly. Through diversifying cultrally and socially a nation becomes more open and desirable to tourists. It allows for major growth and change as well as initiating connection with other countries. Therefore, if more tourists are willing to come to a country it further increases economic growth. ...read more.

Conclusion

Pride, W, Rundle-Thiele, S, Waller, D, Elliot, G, Paladino, A 2007, Marketing, Asia-Pacific Edition. John Wiley & Sons, Brisbane. 3. Grossman, GM, Helpman, E 1993, Innovation and growth in the global economy, 2nd ed. MIT Press, London. 4. Rix, P 2007, Marketing a Practical Approach, 6th ed. McGraw Hill, North Ryde NSW. Journal Articles: 1. Reading 3.2 James, D. 2000, 'The free-trade fantasy', Business Review Weekly, 17 December, pp. 44-48. 2. Reading 3.3 Ayodele, T. 2003, 'Subsidies underline WTO hypocrisy', Australian Financial Review, 30 December, p. 47. 3. Reading 3.4 Legrain, P. 2001, 'WTO is a friend of the poor', The Age, 4 August, p. 7. 4. Reading 3.5 Hong, X. 2001, 'What will WTO bring to China?', Sunday Times, 1 April, p. 51. 5. Reading 3.1 James, D. 2000, 'The end of trade', Business Review Weekly, 25 August, pp. 88-90. 1 Rix, P 2007, Marketing a Practical Approach, 6th ed. McGraw Hill, North Ryde NSW. Pp 572. 2 ' Globalisation brings benefits and opportunities for Australia' n.d. Available: http://www.acci.asn.au/text_files/issues_papers/Globalisation/Globalisation%20Benefits%20Opportunities%20Aust%20_December%202004_.pdf Accessed 22 April 2010. 1 ...read more.

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