Economics and Globalisation Essay

Submitted By Nishilkaytee
Words: 2462
Pages: 10
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Paper Number: 152.261 International Business

Question NUMBER; 1, Major shifts caused by globalisation.

Due DATE: 10/08/2015, 4:00 p.m.

Student’s Name: Tanwani, Nishil

student ID: 15254262

Student’s contact: Phone; 0211601622, E-mail ID: nishil.tanwani@gmail.com

Lecturer’s NAME: dr. yuanfei kang

“Globalisation” is a term used for a process in which people of the world are unified into a single society to function together. It is the integration of the globe into the international economy through international trade, FDI, FPI, and immigration. The decline in barriers between the countries for international trade and investment has made all countries interdependent.

Globalization offers an opportunity for a business to develop their trade all over the globe. Globalisation not only gives an opportunity to the businesses but also to the people by creating more jobs and giving the national economy an edge by investing on the national resources. By immigration and offshoring jobs globalisation has created an impact differently on different parts of the world. For an instance, by off-shoring services or outsourcing jobs countries like India, Pakistan, Philippines and Sri Lanka.

According to International Monetary Fund “Globalisation refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. There are also broader cultural, political, and environmental dimensions of globalization. The term ‘globalization’ began to be used more commonly in the 1980s, reflecting technological advances that made it easier and quicker to complete international transactions—both trade and financial flows.”

No one can Identify the origin of globalisation according to several scholars, humans have interacted for several years but according to some globalisation is a term introduced in the modern era. In the 19th century the world saw globalisation approaching its modern form. We saw the British emerging as a super power and introducing industrialisation to the world, Britain became the first superpower, because of their superior manufacturing technology.

Major shifts of the world economy caused by globalisation.

The term superpower is used for a country that has the biggest economic and military strength. It has an influence all over the world whether it is global economy or the armed forces of the world. The United states of America continues to be called the “superpower” of the globe. The basic components on which a superpower is measured: Military and economy.

Britain is believed to be the first superpower of the modern era. However, after the end of world war-II Britain’s reign as a superpower came to an end. The British proved themselves as the greatest global leaders and proved to be capable of global dominance. They had an immense political power and economic stability. They were one of the first countries to start industrialization and global trade in the modern era. They ruled all over the world because of their great economic strength and global influence.

After world war-II they were three global leaders: Britain, Russia and The United states of America. After 1956, Britain was Financially weakened because of the two world wars and the Suez Canal crisis. The United States did not suffer any destruction or losses because of the world wars, which helped them gain the title of the superpower. The Soviet Union and the united states had a completely opposite economic Ideology. The Soviet Union promoted communism whereas the United States promoted democracy. Both the countries had great global influence, both were the largest economies of that time and had and had the highest defense expenditure in the world. After 1991, when the cold war came to an end USA came out to be the
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