The Economic Aspects Associated With Globalization

1467 Words6 Pages
Quoted by the Financial Times as the “integration of economies, industries, markets, cultures and policy-making around the world”, globalisation has thrived in recent years owing to developments in communication, transportation and trade, accompanied by the enhancement and increased use of information technology. Whilst at first glance this could be regarded as beneficial, it has nonetheless provoked a number of high profile and often violent protests of late. Notably the biggest anti-globalisation demonstration ever experienced was in Seattle in 1999 involving 40,000 activists (BBC News). Globalisation has a multitude of different facets, ranging from the worlds of research and health, to media and technology. This essay however, will look at the economic aspects associated with globalization and will seek to explore some of the reasons behind these protests. Contrastingly, it will also look at the benefits of this increase in interconnectivity examining how a rise in business wealth will allow others to share the benefits. One of the obvious benefits of globalisation is the increase in free trade throughout the world and the affect this has on consumers. Temin (1999) recognised that when the General Agreement on Tariffs and Trade (GATT) was initiated, it proved to be the initial trigger in the reduction and removal of barriers to trade. With increasing market access as a result of globalisation, Countries have taken advantage of specialization and traded in particular
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