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Approach of trade and investment policies towards globalization

In the fast growing technological world there are many countries still fighting for their food and butter and are away from the science and technology. The term globalization actually introduced in the early stages of 19th century however it was only stressed the focus on education system. Later on stages the developed countries and International banks and world back realized to spread the developments in all part of world by providing the good, technology, people and etc all around the world will improve the countries, which are struggling. The idea of spreading the facilities were really good however a lot of criticism also pulled this concept into controversies in world of countries towards sharing the science and technology, policy circles, humanity and etc according to Marcelo, M. S. and Desirée, Q. H. (2004). However the definition of Robertson criticized more aspects cited in Malcolm, W. (2001, p.4) explains that global compression represents the existing arguments about more dependent on the various systems worldwide due to which there will be a sort of interdependency among the nations in terms of trade, domination, military relations and even cultural imperialism. However Emilie, L. H. (2010) explains that globalization is an unavoidable fact, whose effect will are very difficult to predict or give a halt.

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2. Definition of globalization

Hundreds of authors attempt to make a distinction talk on this topic, but it gives a very different mean to different people. Generally globalization refers to global economic integration or economic globalization. As per Harrison, A. E (2007, p35) the rapid growth trade, foreign investment, migration are widely the arrangement of improvement in technology and decreased in the transportation costs, all the purposeful policy of many national governments to liberalize in economies and take part in development of global institutions .the aspects for cumulative outcome results for many individual countries to increase their integration with global economy for economic globalization. The word globalization is assumed to be self evident. The upward trade in countries for goods, services and investment can be viewed as globalization towards Gallup international. There are many conditions of globalization to spread the information technology, especially the internet, and its impact on finance, economic development, education and the military (Turner, B. S and Habibul, H. K 2010).when referred to Ino, R. (2007) p165 “globalization bought changes in technology of communication and transportation, increasingly internationalized financial flows and commodity trade, and transition from national to the world markets as the main arena for economic competition”. For understanding the development of processes in the modern world system it is important to implement for different types of globalization. Globalization is process in which all countries integrate through global network communication, transport and trade.

Figure – 1: Shows the converging divergence effects of Globalization and Institutions on employment Careers in Different Countries. (Source: Mills and Blossfeld 2005, cited in Paolo, G. 2003)

3. Globalization in developing countries

Globalization refers to the incorporation of economies of the world through trade, financial flows and through mutual exchange of technology and knowledge. A developing country like India, this imply opening up the economy to foreign direct investment through providing facilities to foreign companies to spend in different fields of economic activity in India, removing conditions and difficulties for the entry of MNC’s in India, permitting Indian companies to enter foreign cooperation as well as encouraging them to set up joint business enterprises overseas, carrying out considerably huge import liberalization programs by changing over from quantitative limits to tariffs and import duties, for that reason globalization has been well-known with the policy modification of 1991 in India(Goyal, A. K.2006). Unlike in the earlier period, foreign migration presently is much more based on individual and household decision making. The immigration system of the developed countries became more limiting with the increase in the unemployment rates and immigration of some of the sunset and polluting industries to developing countries. Moreover, the developed countries need highly skilled labor, which kept rising as a result of their demographic and technological evolution and could not stop the flow of immigrants, regardless of tighter immigration controls (Debdas, B.and Michael, G.2008).

4. Globalization in developed countries

Some of the developed countries are: United States of America, Australia, Japan, Canada, and New Zealand. Globalization was supported in the earlier stages based on the economic principle of comparative advantage (CA) and free movements of goods among borders in a market which is free from governmental participation. From economic point of view, liberalization is the main factor due to which the complications in globalization solved. The fast growing foreign Direct Investment (FDI) is also one of the reasons for economic integration. In the past ten years the overall world trade has increased two to three times faster compared to that of global Gross National Product (GNP). As Africa has opened its border to world trade very slowly, it has fallen behind in this trade growth to the level that today Africa’s overall exports hardly makes two percent of total world exports. Increase of multinational companies from developed countries operating globally and effecting FDI is one of the major consequence of globalization (Edward, M. 2003).

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Global corporations are the main players and drivers of global trade and investment. They take over global trade, finance and investment, research and development, technology transfer and commodity chains that seep into the world economy. By the ending of the year 2000, global corporations employed more than 65 million people worldwide, from which almost 22 million or about 40 percent of employees were from developing countries. They obtain almost 60 percent of their revenue from outside their original home country, and trade goods and services amongst themselves (Moses, N. K. 2002).Among the developed countries America is one of the most globalized countries in the world.

The above shows the total annual U.S. imports and exports as percentage of our gross domestic product going back to 1900. The share includes trade in goods, services, income earned on investments, such as profits, dividends, and interest. America’s growing globalization is mainly due to three fundamental changes- increased global economy, less government barriers to international trade and investment, and due to the spread of new technologies. Trade has given jobs for many of the American workers. Many of the American manufacturers have managed to flourish in a global economy. Trade has facilitated American factories in increase of the value chain (Daniel, T.G.2009).The spread of internet and the fall in the cost of international communication has established companies to coordinate operations around the globe (Daniel, T.G.2009). In the past four decades, during the time of the growth of trade and globalization, U.S. workforce and the total employment have approximately increased by two times (Daniel, T.G.2009). Globalization has helped out to improve the net worth of American households in two main ways: firstly, by raising household income higher than what it should be without expanded trade, and secondly, by increasing opportunities to tap into global capital markets directly and indirectly (Daniel, T.G.2009).More recently Indian, Chinese and some parts of Eastern European countries have profited to a great extent from globalization (Marcelo, M. S.O. and Desirée, Q.H. 2004)

5. Literature review

The effects of literature on globalization largely depends on labor market without any compromise on the effects whether positive or negative, the inconclusive picture for the body of work paints are at-least three reasons( World Bank 2009). Firstly, the education which explains about conflicts resulting questions, suggesting lot of research work is required. Secondly, some of the case studies that provides interesting insights, thus it is difficult when countries are being compared since the interaction with local policies and globalization factors are difficult to separate when considering firms within particular countries. Thirdly, while comparisons for a very few systematic cross countries the relationship between working countries and globalization is considerable the most important factor. The effect of globalization within or across countries is depends on the working conditions of the firm. Literature had got the import ants in two ways firstly; it presents a micro-based framework for analyzing globalization and all the working situations in developing countries which gives a complete literature review for the current wisdom. According to (Anastasia, G., and IMF. and WHD. 2006) all the economists and policymakers were always been interested towards capital and labor distribution of natural income. The relationship between factory shares and globalization standard measures broadly linked to the movements in labor’s share and globalization. Trade shares, exchange rate crises, movement in foreign investment and capital control share found the changes in labor shares due to changes in endowments factor and government spending and also by the traditional measures of globalization. The benefits of external trade export and imports as well as investment liberalization policies are mostly provided by Asia-Pacific countries. The highest rate of economic growth all over the word is generally due to regional countries continues to growth in external trade and FDI inflow. Through external trade and FDI, the region has been be further integrated into the global economy and benefit through its globalization effect. From late 1980’s to the mid 1990’s the manufactured goods from Indonesia where exported with a huge growth of FDI in the country. Multinational enterprises (MNEs) are the source for course to manufactured exports also all the important contributions which indicate changes for trade export to different countries (Tulus, T. 2007).

6. Types of Globalization

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Trade globalization is a cyclical phenomenon increase all recent level of research that is significantly higher than the level reached at previous stages of the research. Investment globalizations are mainly the range of international capital flow as well as increase or decrease of investments in relationship to size of world economy. Political globalization measures the relationship between power and size of all the large and small political and military organization in the world system. Structural globalization includes the increasing the spatial scale and intensity of interaction network (Ino, R. 2007). Globalization is classified into trade globalization, Investment globalization, political globalization, Structural globalization, Conditional globalization. Trade globalization estimates the world level based on averages of country ratios of GDP to imports. As both GDP as well as imports are available in country currencies we can estimate trade globalization without resorting to the problematic assumptions involved in converting country currencies into a single currency, also there is no need to change the current values into constant values using estimates of inflation and deflation. Trade globalization is a cyclical phenomenon, and containing long-term upward trend based on the comparison of the peaks of the cycles can be estimated.

7. Data & analysis

For the analysis of association within globalization and working conditions using the Cambodia socio-Economic survey is conducted by National Institute of Statistics, thus the basic some of the socio-economic variables this survey covers all the housing conditions, expenditures , employment information, and industry-level information due to accidents and disabilities. Globalization and working conditions in Cambodia are related for the analysis survey from 2003 to 2004 at Cambodia socio-economic survey conducted by Cambodian national institute of statistics depending upon socio economic variables, thus this survey gives the details considering housing conditions, expenditures, employment information, industrial level information and explain about accidents and disabilities. People of all ages are above 74,808 as per results of survey, with almost 51% of female respondents. While sample of analysis is limited to people between 10-65 years of age when focusing on working conduction. The complete survey data for all countries and throughout the literature, textiles and apparel workers are mostly young females. (World Bank 2009).under working conditions the data analyzed contain two measures they are hours and accidents. In industries the difference in hours worked is analysis to calculate the hourly wage by dividing the monthly wage by the number of hours worked the previous week and with the average number of weeks per month (Ino, R. 2007). The accident rate is generally affected by the demographic characteristics is generally compared across industries uses a probity analysis, probity analysis is similar to a regression analysis which allows the comparisons made across industries holding different constants. The analysis controls describes age, education and gender thus positive value which is having an accident is mostly used.

The following figure shows the changes in the mean value of wage setting coordination in the range of 1 to 5, where 1 represents the most fragmented form of wage bargaining to and 5 represents the most centralized form of bargaining. One can easily make out that Social democratic countries like Denmark, Sweden shows an increased level of coordination, but as the time passes they show some erosions. Considering the period during 1980’s, taking countries like Japan and Germany into consideration, always there had increased rate of growth throughout the entire period. There was an extraordinary growth in the mid of 1970’s in US, and this trend was setup by UK in 1980, this was continued by other countries like Ireland, Italy since early 1990’s (Paolo, G. 2003).

8. Impacts of globalization

The trade and investment policies of various economies are explained by Roger, B., Bromwich, W., Olga. R., Silvia .S. and Luis, A. V. (2009) stated as the market and supply chain for the development of global investment market and the rapid spread of new enabling technologies is considered as globalization. The growing competition, acquisitions, mergers and global sourcing of companies gave value for various perspectives in literature which imposes to the impact of globalization. Thus the most of the share of international trade includes the percentage of GDP are not the new phenomenon is considered as weak opposing categories. The social impacts taken that liberalization of trade and investment will contribute to a rise of income and employment in all positions. Job losses due to the labor intensive employment are the recompense of higher productivity and improved competitiveness. In the developing countries like Nigeria and African countries the impact of globalization, according to Okon, E. A. and Esohe, P. B. 2005, p.5 in the field of scientific communication was about a drastic growth of about 54.8 per cent, there was an increase of about 30.4 percent in productivity, there was enhancement in the quality of research of about 46 percent, a drastic change with 51.9 percent of increased access to the current scientific books/ journals was there, coming to resource sharing of scientific data/equipment/ facilities which came up by 37.2 percent, There was an increase of 33.3 percent in improved methods of scientific analysis, according to Okon, E. A. and Esohe, P. B. 2005, p.5, there was growth of 32.6 percent in scientific collaboration/ joint authoring (institutional/ national/ international), there was an increase of 14.8 percent in E-supervision of scientific thesis/ dissertations, Storage and retrieval of scientific data increased by 29.9 percent, there was a growth of 26.7 percent was there in the accuracy of keeping the records, coming to automatic generation and collection of research data there was 27.4 percent of growth, in the field of tele-programming/ tele – operation/teleprocessing there was an increase of 10.4 percent, where as in E-business(ordering/ payments for scientific equipment/journals, etc) there was an increase of 23 percent, tele/ video conferencing came by 4.1 percent (Okon, E. A. and Esohe, P. B. 2005, p.5).

9. Conclusions

Introduction of globalization has brought many changes in the field of education system, technology, communication, trade, banking, etc. Where globalization refers to the global economic integration or the process in which all the countries in the world integrate through global network, communication, transport and trade. Globalization has improved many developing countries, as they have joint ventures with other developed countries, as a result there will be a rapid growth in the development of the country. At the same time developed countries require a skilled labour, due to which there is migration of people from one country to another. From the past few decades it is observed that many radical changes in the ownerships occurred due to the investment policies like FDI’s and Mutual funds and etc due to which most of the companies are at the mode of restructuring the company policies and infrastructure and relocation of labour intensive production for the low cost countries (Søren, K. A. 2006). Foreign Direct Investment (FDI) also plays one of the major roles in globalization. One of the main reasons for underdevelopment of African countries was due to its delay in the opening of border to world trade. However there are many arguments about the concept of globalization, there are many situations where the trade unions and workers from various countries and places shared the information and knowledge to strengthen the outputs of the organization towards a positive growth. For that most of the trade unions and companies are changing the policies and regulations to meet the requirements of inter governmental terms and conditions. Coming to developed countries there was support for globalization since early stages, but it was not the case with developing countries, due to which there was drastic development in developed countries compared to developing countries. Globalization mainly depends on the labor market. Mostly, Asian-pacific countries provide benefits of external trade export and imports along with investment liberalization strategies. Okon, E. A. and Esohe, P. B. (2005, p.5) as shown in the statistics for the development of developing countries like Nigeria and African countries there was an improvement in many fields, this was due to globalization.



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