Question

“Globalisation is the great economic theme of the past decades, affecting not just business but much of the world as a whole.” Please discuss this statement.

(30 Marks 1500 words)

Answer 1

Globalisation refers to the process of interaction and integration among government, people and companies around the word. Through Globalization products, technology information and jobs across worldwide. History of globalization start with the first movement of people out of Africa into other parts of the world. Since the past time globalisation is helping in economic activity in international level. The main factors promoting globalisation are information and communation technology, market oriented liberalisation and the movement people. Because of globalisation people are now benefited from comparative advantage. Now a country is giving more stress on producing goods where they have comparative advantage. Which help a country to produce more and getting foreign curreny by exporting the excess goods. The international market is being expanded because of globalisation. In the past in China globalisation has created huge increase in prosperity, notably in emerging markets. Now a days e-commerce and internet is taking over the world. Both of them become possible because of globalisation. Now world is becoming smaller and smaller. Doing international trade has become easy. For the future world of economics it is an important factor. As without it new innovation communication between people on an international level will hampared.