Globalization Theory And Its Impact On The World Trade

2396 Words May 8th, 2016 10 Pages
Introduction
Globalization has been imperative for sustenance of the companies and countries across the spectrum. Growth of free trade has caused changes not only in one aspect. It has brought changes in all the endeavors of people across society. It has been said that globalization is the process of international integration that arises from interchange of world views or products or others aspects of culture (Alon, Jaffe, and Vianelli, 2013). It cannot be delineated to any one aspect. It has caused a number of positive growths across the countries and has caused improvement in the quality of life of the people. However this aspect of globalization is not perfect. There are some inherent gaps and vulnerability to this aspect of globalization. Globalization theory provides insight about the various aspects related to globalization (Beck, 2015). In the global markets the financial crisis of China in 2015 was found to resonate with countries across the spectrum.
The purpose of this analysis is to look into globalization theory and explain in detail about the Chinese economy impact on the world trade and other economies of the world. For this analysis there is definition of globalization that is provided along with empirical data to explain about the nuances of this situation.

Definition of Globalization: With respect to the Analysis of product and consumption

Globalization can be defined as the process that embodies transformation in the social, economic relations that is…
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