Emergence Of A Global Trading Arena

There is no doubt that increasing in international trade is supporting the economic growth across the world, raising incomes and creating jobs. However, international trade can also some create economic obstacles, such as the international context and the market policy and regulations of each country, and consequently it can be said that the effects would have positive and negative sides, and it is useful to mention all of them and to take them into consideration.

It is believed that for thousands of years, the process of cross cultural buying and selling of goods among people has been continuing in the lands at great distances. Such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. In a similar manner, for centuries, people and organisations have invested in enterprises in other countries. In fact, majority of the features of the current wave of globalisation are similar to those prevailing before the ensuing of First World War in 1914 (Waters, 1995).

Globalization is a phenomenon that has been impacting our world since as early as 114 BCE. Globalization refers to the assimilation of different economies, trade, and communication. Its origins can be traced back to the establishment of the Silk Road; an ancient trade route extending across from China to the Mediterranean Sea. Globalization, throughout history has had a positive effect in developing economies and creating trade. However, in light of recent events, many economists and leaders are describing it as a barrier to a utopian society. As civil servant and Nobel Peace Prize recipient Kofi Annan once said, “Globalization is a fact of life. But I believe we have underestimated its fragility” (Annan 1999). In many parts of the world, globalization

Globalization is one of the most discussed and controversial terms in modern history, while many people believe free trade drive global economic growth, create jobs, and lower prices for consumers. Contrary, others argue global cooperation mainly abuse, underpaid their employees lastly benefits from tax havens. Regardless of someone’s personal view, globalization is an ancient and profound system based on international strategies of which economic, political, and sociocultural relations are interconnected across long geographical boundaries. This Integration occurs as technological advances simplify and facilitated the trading of goods and services, the flow of capital, and migration of people across the globe. Lughod Provides a comparative

One global change is intensifying worldwide social exchanges. This change has made it so that trading and economic exchange can be done among individuals, corporations, and states in different

A process known as globalisation links different countries around the world together through different ways such as trade, investment, migration, internet, social media etc. Global trading is a major aspect of globalisation where different countries import and export goods and services with other countries. Globalisation has significantly changed over the past 30 years. Economies of scale has led to an increase in the production of goods, thus, created the need for expansion of markets beyond domestic boundaries. In addition to merchandise, various types of services are rendered to customers globally. This includes IT support, tourism, financial services etc. Globalisation has led to an upsurge in trade, multinational corporations, greater dependence on global economy, and easier movement of capital, goods and services and

Globalization through free foreign trade allows for specialized goods to circulate on a global scale. This type of economic integration calls for lower tariffs, creating an economy without borders where more consumers and other markets can be easily accessed. Despite obvious economic benefits of globalization, the expansion of foreign trade clearly harms local and domestic economies. With international agreements and organizations such as the North American Free Trade Agreement (NAFTA) and the World Trade Organization (WTO), the economies become highly competitive, often disturbing the local agricultural farmers that are unable to compete with better and cheaper goods from abroad. Consequently, without taxation, large businesses are more likely

Globalization is difficult to simply define due to the variety of changing definitions that have been established over previous decades. Hamilton and Webster (2012) suggest that globalization is the connection between nations, defining globalization as a process in which barriers are reduced in order to encourage exchanges between countries. This view proposes that globalization refers very much so to the trade barriers and the improved communications between countries in order to ensure the world is unified. Globalization increases economic activity across the world and opens up markets for foreign investment.

International trade has been a staple of the world economy even before sailors ventured out into the ocean. Presenting fantastic articles of cloth, precious minerals, exotic art, strange foods and other amazing merchantable items for sale at markets abroad was a merchant's gold mine. Even brought him and his family fame and fortunes. Today the world’s economy depends on international trade.

If we want to fully understand the importance of globalization and its effects on the world’s economy and society now and its potential for the future, it is vital that we study its past and how it has originated. The history of Globalization is broad and diverse therefore it is only possible to outline some of the main areas. Globalization isn’t just a modern day phenomenon. Trading activities date from the very earliest of civilizations, but it was the Middle Ages in Europe that initiated systematic cross-border trading operations carried out by institutions of a private corporate nature. By the end of the 14th century it is estimated that there were as many as 150 Italian banking companies already operating multinationally. (Dunning, 1993) This is not exactly globalization, it is however international trade. International trade is one of the main concepts behind globalization.

The flow of people and goods across national borders has become an integral part of the global economy, as well as part of our personal lives. People have built businesses that rely on the ability to trade globally - from online businesses, to large companies that export their goods to many different countries - and people have become used to the freedom of movement around most of the world that has been afforded to us by globalisation - through the spread of technology, and the spread of ideologies such as human rights, which allows us to travel to most countries in acceptable safety.

Globalization refers to a shift towards a more integrated and interdependent world economy. (Hill & Jain, 2014, p.5). International trade has changed its course due to the enhancements and innovations of globalization. To meet the competitive world many countries, developing as well as developed form agreements with each other to remain competitive and strive to higher levels.

The practice of world trade amongst countries has taken over the rate of domestic production. It has led to the free flowing of money across national borders, which opens doors for companies and investors to seek for best rates for financing anywhere across the globe. Such trend is known as globalization and Cullen & Parboteeah (2008) defines globalisation as the worldwide trend of borderless and interlinked world economies, and companies no longer restrain by domestic boundaries and possibly conduct any business activities throughout the globe.

Advancements in the past thirty years have had a profound impact on globalization. Advances in technology, including the internet, have helped facilitate decreased transaction costs, increased access to international financial markets, and lower transportation costs. International deregulation of financial markets has increased the ease cross-border flow of capital, which has increased foreign direct investment and facilitated currency exchange. Multilateral trade agreements, including the 1986 GATT for trade in goods, and the 1995 GATS for services, have facilitated cross-border trade of goods and services among most countries. (Lecture 3/11). All of these advancements helped change

Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was