International Trade Management Lecture Notes Essay

Globalisation is such a complex and broad topic with numerous aspects that it is described by academics in a large variety of ways although most of which overlap in one way or another. However, Stief (2014) simply describes it as a process that presents a connection and interaction between countries and nations particularly in economic, cultural and political aspects amongst others, with Trans National Corporations (TNC’s) such as McDonalds being increasingly present in Asia, or Spanish films being shown in New York as well as groups of countries coming together to create organisations such as the United Nations and European Union. Key characteristics of globalisation include improved technology, Non-Governmental Organisations, spreading of knowledge and importantly the movement of people and capital which this report will be focusing on. It is argued that globalisation would not be able to occur without the ease of movement of both capital and people between countries, but it is important to understand what effects globalisation has had on this integrated movement. European Union is an organisation that can be looked at when trying to find this as it is a closely integrated group of countries in Europe where the effects of globalisation are seen on a daily basis in almost all sectors of the member countries from education to healthcare. One of the numerous policies and agreements within the EU is the ability for both people and goods to move freely between

Globalisation is the growing collectiveness of our world economy, tending towards functioning as a singular entity opposed to multiple separate constituents (Longman,2002). Globalisation is not a modern process, and has been taking place for a considerable length of time as stated by Ellwood (2001:12) ‘Globalisation is a new word which describes an old process’. The process itself is fuelled by human innovation and technical progress, this in turn is spearheaded by sizable companies referred to as multinational or transnational companies (MNCs or TNCs), in an effort to expand their operations these businesses expand their global reach in search of new business opportunities, resulting in an interconnectedness between an expansive range of economies. This essay aims to assess the causes of globalisation as well as analysing its effects, not just economically but on a cultural and political level.

Globalisation is expressed in transcontinental flows and networks of activity, interaction and power between countries, irrespective of geographic distance. It establishes and maintains economic, political and socio-cultural relations. This interaction helps economies through growth in international trade, investment and capital flows. Some factors that have acted as the driving force of globalisation include technological innovation as it had made transport and communication around the world easier, capitalism and trade have also played an important role in encouraging globalisation. Trade

Globalisation is the process of integration of national economies through international trade of markets in goods and services, international trade in assets, and international spread of ideas, from consumer tastes to intellectual ideas (Frankel, 2006).

Globalisation is the internationalization of trade and often forces businesses to adopt new strategies for operations to suit different cultures and economies. The often easily saturated domestic market has triggered many large

It is not a new phenomenon but it is arguably the most significant, yet problematic and controversial change in the modern era. The report will analyze globalization by first scratching the surface and examining the positive claims associated with globalization and the way in which it has cemented economies and countries like Australia and China. The report will focus on three main claims: (1) Globalisation is about the liberalization and global integration of markets (2) Globalisation benefits everyone; and (3) Globalisation furthers the spread of democracy in the world. However, through the discussion will come to light that Globalisation is a doubled edged sword comprising of negative consequences, which at times may question the validity of this

Globalisation is a force that became the buzzword of the 1990s. Various countries around the world have experienced a thrilling increase in trade, innovation transfer and cross-border investment flows in recent years. The effects of globalisation and the evolution of the most developed economies are difficult to separate and a few authors believe the effects of multinational enterprise to be a defining feature of globalisation (Strange, 1986).

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

Globalisation is the process of allowing goods, financial and investments markets to operate across national borders due to deregulation, improved communications, infrastructure and technology.

Globalisation completely is not a new phenomenon in the present age. It is admitted that it has been playing a significant role in the economic development of many countries in the world as well as creating more opportunities for markets and a range of businesses to exchange their products and participate in the global competition. As a result, globalisation brings a huge benefit distributing to the economic growth all over the world, but it unfortunately contains some disadvantages that all countries should consider carefully when being a part of this process. This report’s aim is to give a clear definition of globalisation and explains it with an example. Particularly, Australia is an evidence of how globalisation impacts positively on its economic development and what it mainly harms for.

How many other formal economic relationships does the country have at present and with which other countries (i.e. trade agreements or other forms of economic integration)? Are there any others being negotiated? Note that you may include your answer to Question C if you wish.

In today’s America, international trade is a crucial part of the U.S. economy. In 2012 U.S. exports of services exceeded U.S. imports of services by $196 billion. Efficient production of various goods requires different technologies and certain endowments of resources, and not all nations have the same level of technological expertise and resources (McConnell, 2015). Trade deals allow countries to benefit from the technology and resources of other countries. The Trans Pacific Partnership also known as TPP is a proposed trade deal and would be the biggest of its kind. Originally TPP had both support of democrats and republics during the Obama administration with little opposition, but recently the TPP has been a hot-button issue in the 2016 presidential election. Donald Trump, being one of the biggest critics of TPP called it unfair and a potential disaster for our country that would cost American jobs. Donald Trump isn’t the only presidential candidate opposed to TPP though; Hillary Clinton has said that TPP could lose American jobs to the manipulations that countries particularly in Asia have engaged in. While many politicians have concerns for TPP, an in depth look at the trade deal from both sides of the argument will help identify many issues with TPP; both good and bad. This examination of the Trans-Pacific Partnership is an attempt to answer two basic questions about TPP; those questions being:

For the last two decades, globalisation has been the main concern for many countries in the world, but it is not simply a process that started two decades ago, many studies suggested that globalisation is an essential part in mankind economic history that has stretched for thousands of years (C.R., 2013). Globalisation, as proposed by Al-Rodhan and Stoudmann (2006), can be defined as follows:

However, would the idea of mercantilists who emphasize the only national benefits, productivity, or competitiveness fit to the current globalised world? Krugman (1996) denies the idea of mercantilism as they do not fully understand the meaning of comparative advantage. Comparative Advantage is an economic law made by David Richard in 1817 who expanded Adam Smith’s Wealth of Nations. Comparative Advantage law encourages free trade that stimulate market competition and industry specialization to a country to export. As the scale of economy works in specialization, it would make production of goods more efficient and thereby reduces the aggregate cost within the framework. Therefore all the citizen could receive the benefit (Todaro 2014).

The concept of globalization has become a prevalent phenomenon in the past two decades because of the changes it has brought and the adoption of its strategies by multinational corporations or companies. The economic changes of globalization include the strengthening of economic inter-dependence, internationalization of production, and enhanced mobility of transnational corporations. On the other hand, trade liberalization, privatization, and deregulation are the ideological changes emanating from this concept.