Globalisation and Its Challenges for the Second Decade of the 21st Century

2532 Words11 Pages
Table of contents
1. Introduction - 4 -
2. Determination of globalisation - 4 -
3. Emergence of Globalisation - 4 -
4. Drivers of Globalisation - 5 -
4.1.1. Diminishing of Trade Barriers - 5 -
4.1.2. Technological Changes - 5 -
5. Impacts of Globalisation and its Challenges - 6 -
6. Conclusion - 8 -

Abbreviations
(1st ed.) First edition
(Ed.) Editor
(Eds.) Editors et al. And others
GATT General Agreement on Tariffs and Trade
(n.d.) No date
NAFTA North American Free Trade Area
(p.) Page
(pp.) Pages
USD United States Dollar
WTO World Trade Organisation

1. Introduction
The issue of globalisation is multifaceted and therefore a short overview is provided. The structure will lead through definitions of
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At this point changing governments and the unclenched regulations and policies concerning “(...) being freed from past levels responsibility vis-a-vis taxation, wages and employment conditions for workers” (O’Neill, Basu & Travaglione, 2007, p. 2) must be mentioned, as these transformations also stimulated international trade. The declining of barriers moreover increased the movement of funds, capital and money. Therefore the International Monetary Fund was established in 1944 in order to regulate international financial interactions and to give support to countries with monetary problems (Dowling et al., 2009, pp. 10-12; Hill, 2009, pp. 21-22).
4.1.2. Technological Changes
Technological change and advancement can be concluded as a further driver as it was a re-emerging catalyst discussed in the literature (Dowling et al., 2009, p. 11; Hill, 2009, p. 15-24; O’Neill et al., 2007, p. 2; Streeten, 2001, pp. 8-9). The rapid development of technology affected globalisation at each period of its history and also in various ways. Transportation is one of the sections which had been influenced immensely by technologies. Most of the major inventions of transport, like the steam engine, ships, railways or even jet aircrafts, (Hill, 2009, p. 17, Dowling et al., 2009, pp. 15-16) have been facilitating factors for international trade and as a result for the expansion of globalisation. Barriers fell due to the changes in communication technology,

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