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This world is moving away from a system of national markets

Isolated from one another by trade barriers, distance or culture, advances in technology and mass communication have made it possible, for people in one part of the world to watch happenings in far off places.

Theses are often used interchangeably but they refer to different processes. The process of integration on a worldwide scale of markets and production, has a single accepted definition used for it, globalisation.

For it, national boundaries are not important economically; free trade and movement of labour and other resources result in the breakdown of these boundaries and one big global marketplace.

On the other hand, referring to resources is internationalisation for which the increased links between nation states, with respect for trade and movement of this resources in participating and co-operating with other nation states to a common end.The regional trade agreements and regionalism are important in this process the EU is an example.

Hyperglobalisation – an extreme view process where the world market is a borderless global market.Consisting of powerless nation states and powerful multinational corporations.”

The process of globalisation brings changes in both the power of countries and companies and in national characteristics and culture, generally accepted in a view called transformationalism. The main international organisation concerned with globalisation are the World Trade Organisation, the International Monetary Fund, the World Bank and the OECD.

The OECD categories members into three bands high income countries, which include the EU, North America and Australia; middle income countries, which include East Asia and the Pacific Rim, and low-income countries, which include South Asia and Africa.

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