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. International trade may also impact the way individuals behave towards each other, as new customs from overseas are learned and adapted. According to the Australian Department of Foreign Affairs and Trade, the growth in exporting and companies becoming global has created over 250,000 new jobs.
Conclusively, international trade in goods, services and finance has been increasing at an exponential rate which is giving consumers a wider choice of products and services to choose from. 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. 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.
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Accessed 6 August 2010.
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- Hill, C. W. L. 2005, International Business: Competing in the Global Marketplace, 5th edition, McGraw-Hill/Irwin, New York.
- Pride, W, Rundle-Thiele, S, Waller, D, Elliot, G, Paladino, A 2007, Marketing, Asia-Pacific Edition. John Wiley & Sons, Brisbane.
- Grossman, GM, Helpman, E 1993, Innovation and growth in the global economy, 2nd ed. MIT Press, London.
- Rix, P 2007, Marketing a Practical Approach, 6th ed. McGraw Hill, North Ryde NSW.
- Reading 3.2 James, D. 2000, ‘The free-trade fantasy’, Business Review Weekly, 17 December, pp. 44-48.
- Reading 3.3 Ayodele, T. 2003, ‘Subsidies underline WTO hypocrisy’, Australian Financial Review, 30 December, p. 47.
- Reading 3.4 Legrain, P. 2001, ‘WTO is a friend of the poor’, The Age, 4 August, p. 7.
Reading 3.5 Hong, X. 2001, ‘What will WTO bring to China?’, Sunday Times,
1 April, p. 51.
Reading 3.1 James, D. 2000, ‘The end of trade’, Business Review Weekly, 25 August,
Rix, P 2007, Marketing a Practical Approach, 6th ed. McGraw Hill, North Ryde NSW. Pp 572.
‘ Globalisation brings benefits and opportunities for Australia’ n.d. Available:
Accessed 22 April 2010.