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Transcript of Globalisation Pro(ECONOMICS)
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In The Partial Requirement For The Course Of
MRS. TEJAL GADE
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You can, if you think You Can. Put efforts solemnly, steadily and
seriously. Have faith in God, and gain grace of Him. Confidence in
oneself and faith in Superself are keys to the success.
Welcome to the world of Globalisation. As we enter the 21 st
century with hopes and new expectations, it is imperative
that we appreciate the world around is changing rapidly,
throwing open great challenges and innumerable
opportunities.
Survival and success depends on the ability to be creative,
flexible and adaptable and even in that there are no definedmodels that can be followed. The best course is to simply
trust your own instinct, stay away from conformity, set
your own rules and accept challenges.
It gives me immense pleasure to present the latest and
updated project on GLOBALISATION for the subject of
MANAGERIAL ECONOMICS.
I am thankful to Mrs. Tejal Gade, lecturer of Managerial
Economics, without her painstaking efforts this project
would have never seen the light of the day.
Suggestions and improvements from readers are greatly
appreciated.
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INTODUCTION
MEANING OF GLOBALISATION
DIMENSIONS OF GLOBALISATION
MODERN GLOBALISATION
DEVELOPMENT SUPPORT GLOBALISATION
MENIFESTATION OF GLOBALISATION
MEASURING GLOBALISATION
GAINS OF GLOBALISATION
EFFECT OF GLOBALISATION
PROBLEMS OF GLOBALISATION
PICTORIAL ILLUSTRATION
BIBLOGRAPHY
INTRODUCTION
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The term "globalization" has been used by economists since the 1980s
although it was used in social sciences in the 1960s; however, its concepts
did not become popular until the latter half of the 1980s and 1990s. The
earliest written theoretical concepts of globalization were penned by an
American entrepreneur-turned-ministerCharles Taze Russell who coined the
term 'corporate giants' in 1897.[7] Globalization is viewed as a centuries long
process, tracking the expansion of human population and the growth of
civilization, that has accelerated dramatically in the past 50 years. Early
forms of globalization existed during the Roman Empire, the Parthian
empire, and the Han Dynasty, when the Silk Road started in China, reached
the boundaries of the Parthian empire, and continued onwards towards
Rome. The Islamic Golden Age is also an example, when Muslim traders
and explorers established an early global economy across the Old World
resulting in a globalization of crops, trade, knowledge and technology; and
later during the Mongol Empire, when there was greater integration alongthe Silk Road. Globalization in a wider context began shortly before the turn
of the 16th century, with two Kingdoms of the Iberian Peninsula - the
Kingdom of Portugal and the Kingdom of Castile. Portugal's global
explorations in the 16th century, especially, linked continents, economies
and cultures to a massive extent. Portugal's exploration and trade with most
of the coast of Africa and the territory of India was the first major trade
based form of globalisation. A wave of global trade, colonization, and
enculturation reached all corners of the world. Global integration continued
through the expansion of European trade in the 16th and 17th centuries,
when the Portuguese and Spanish Empirescolonized the Americas, followed
eventually by France and Britain. Globalization has had a tremendous
impact on cultures, particularly indigenous cultures, around the world. In the
17th century, globalization became a business phenomenon when the British
East India Company, which is often described as the first multinational
corporation, was established. Because of the high risks involved with
international trade, the British East India Company became the first
company in the world to share risk and enable joint ownership of companies
through the issuance of shares of stock: an important driver for
globalization. Globalisation was achieved by the British Empire (the largestempire in history) due to its sheer size and power. British ideals and culture
were imposed on other nations during this period. The 19th century is
sometimes called "The First Era of Globalization." It was a period
characterized by rapid growth in international trade and investment between
the European imperial powers, their colonies, and, later, the United States. It
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was in this period that areas of sub-saharan Africa and the Island Pacific
were incorporated into the world system.
The term globalisation was used by Theodore Levitt in an article he wrote 20
years ago in the Harvard Business Review. He used it in a limited sense
as a synonym for standardization of a brand for international markets. In
terms of quality, appearance, and every other factor governing the product, it
will correspond to identical standards in whichever part of the world it may
be manufactured or marketed by the parent company, or its franchisee.
Today, the word has acquired a much wider connotation and significance.
The International Monetary Fund has defined globalization as "the growing
interdependence of countries worldwide through the increasing volume and
variety of cross-border transactions in goods and services, and of
international capital flows, and also, through the more rapid and widespreaddiffusion of technology."
MEANING OF GLOBALISATION
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Globalisation, also called as internationalization, means several things to
several people. For some it is new paradigm a set of fresh beliefs, working
methods and economic, political and socio culture realities in which the
previous assumptions are no longer valid. For developing countries, it means
integration with the world economy. In the simple economic terms,
globalization refers to the process of integration with the world economy. In
simple economic terms, globalization refers to the process of integration of
the world into one huge market. Such unification calls for the removal of all
trade barriers among countries. Even political and geographical barriers
become irrelevant.
At the company level, globasitation means two things (a) the company
commits itself heavily with several manufacturing locations around the
world and offers products in several diversified industries. (b) it means the
ability to compete in domestic markets with foreign competitors. In thepopular sense, globalization refers mainly to multi-plant operations.
A company which has gone global is called a multinational corporation
(MNC). An MNC is, therefore, one that, by operating in more than one
country, gains through Research and Development, leading to substantial
production, marketing and financial advantages in its costs and reputation
that are not available to purely domestic competitors. The global views the
world market as one market, minimizes the importance of national
boundaries, raises capital and markets wherever it can do the job best.
MODERN GLOBALISATION
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Globalization, since World War II, is largely the result of planning by
economists, business interests, and politicians who recognized the costs
associated withprotectionism and declining international economic
integration. Their work led to the Bretton Woods conference and the
founding of several international institutions intended to oversee the
renewed processes of globalization, promoting growth and managing
adverse consequences.
These institutions include the International Bank for Reconstruction and
Development (the World Bank), and the International Monetary Fund.
Globalization has been facilitated by advances in technology which have
reduced the costs of trade, and trade negotiation rounds, originally under the
auspices of the General Agreement on Tariffs and Trade (GATT), which led
to a series of agreements to remove restrictions on free trade.
Since World War II, barriers to international trade have been considerably
lowered through international agreements - GATT. Particular initiatives
carried out as a result of GATT and the World Trade Organization (WTO),
for which GATT is the foundation, have included:
Promotion of free trade:
o Reduction or elimination oftariffs; creation offree trade zones
with small or no tariffs
o Reduced transportation costs, especially resulting from
development ofcontainerization for ocean shipping.o Reduction or elimination ofcapital controls
o Reduction, elimination, or harmonization ofsubsidies for local
businesses
Restriction of free trade:
o Harmonization ofintellectual property laws across the majority
of states, with more restrictions.
o Supranational recognition of intellectual property restrictions
(e.g.patents granted by China would be recognized in the
United States)
Cultural globalization, driven by communication technology and the
worldwide marketing of Western cultural industries, was understand at first
as a process of homogenization, as the global domination of American mass
culture at the expense of traditional diversity. However, a contrasting trend
soon became evident in the emergence of movements protesting against
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globalization and giving new momentum to the defense of local uniqueness,
individuality, and identity. These movements used the same new
technologies to pursue their own goals more efficiently and to appeal for
support from world opinion.
The Uruguay Round (1984 to 1995) led to a treaty to create the WTO to
mediate trade disputes and set up a uniform platform of trading. Other
bilateral and multilateral trade agreements, including sections of Europe's
Maastricht Treaty and theNorth American Free Trade Agreement (NAFTA)
have also been signed in pursuit of the goal of reducing tariffs and barriers to
trade.
Global conflicts, such as the 9/11 terrorist attacks on the United States of
America, is interrelated with globalization because it was primary source of
the "war on terror", which had started the steady increase of the prices of oiland gas( due to the fact that most OPEC member countries were in the
Arabian Peninsula.
World exports rose from 8.5% ofgross world product in 1970 to 16.1% of
gross world product in 2001.
MEASURING GLOBALISATION
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Globalization has had an impact on different cultures around the world.
Japanese McDonald'sfast food as an evidence of international integration.
Looking specifically at economic globalization, demonstrates that it can be
measured in different ways. These center around the four main economic
flows that characterize globalization:
Goods and services, e.g. exports plus imports as a proportion of
national income or per capita of population Labor/people, e.g. net migration rates; inward or outward migration
flows, weighted by population
Capital, e.g. inward or outward direct investment as a proportion of
national income or per head of population
Technology, e.g. international research & development flows;
proportion of populations (and rates of change thereof) using
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particular inventions (especially 'factor-neutral' technological
advances such as the telephone, motorcar, broadband)
As globalization is not only an economic phenomenon, a multivariate
approach to measuring globalization is the recent index calculated by the
Swiss think tankKOF. The index measures the three main dimensions of
globalization: economic, social, and political. In addition to three indices
measuring these dimensions, an overall index of globalization and sub-
indices referring to actual economic flows, economic restrictions, data on
personal contact, data on information flows, and data on cultural proximity
is calculated. Data is available on a yearly basis for 122 countries, as
detailed in Dreher, Gaston and Martens (2008). According to the index, the
world's most globalized country is Belgium, followed by Austria, Sweden,
the United Kingdom and theNetherlands. The least globalized countries
according to the KOF-index are Haiti, Myanmarthe Central AfricanRepublic and Burundi.
A.T. Kearney andForeign Policy Magazine jointly publish another
Globalization Index. According to the 2006 index, Singapore, Ireland,
Switzerland, the U.S., theNetherlands, Canada and Denmarkare the most
globalized, whileIndonesia, India and Iran are the least globalized among
countries listed.
EFFECTS OF GLOBALISATION
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Globalization has various aspects which affect the world in several different
ways such as:
Industrial- emergence of worldwide production markets and broaderaccess to a range of foreign products for consumers and companies.
Particularly movement of material and goods between and within
national boundaries.
Financial- emergence of worldwide financial markets and better
access to external financing for borrowers. Simultaneous though not
necessarily purely globalist is the emergence of under or un-regulated
foreign exchange and speculative markets.
Economic - realization of a global common market, based on the
freedom of exchange of goods and capital.
Political- some use "globalization" to mean the creation of a worldgovernment, or cartels of governments (e.g. WTO, World Bank, and
IMF) which regulate the relationships among governments and
guarantees the rights arising from social and economic globalization.
Politically, the United States has enjoyed a position of power among
the world powers; in part because of its strong and wealthy economy.
With the influence of globalization and with the help of The United
States own economy, the People's Republic of China has experienced
some tremendous growth within the past decade. If China continues to
grow at the rate projected by the trends, then it is very likely that inthe next twenty years, there will be a major reallocation of power
among the world leaders. China will have enough wealth, industry,
and technology to rival the United States for the position of leading
world power.
Informational- increase in information flows between geographically
remote locations. Arguably this is a technological change with the
advent of fibre optic communications, satellites, and increased
availability of telephony and Internet.
Language - the most popular language is English.
o About 75% of the world's mail, telexes, and cables are inEnglish.
o Approximately 60% of the world's radio programs are in
English.
o About 90% of all Internet traffic is using English.
Competition - Survival in the new global business market calls for
improved productivity and increased competition. Due to the market
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became worldwide not specific area, there are many industries around
the world. Industries have to upgrade their products and use
technology skillfully for facing the competition and increasing their
competitive.
Cultural- growth of cross-cultural contacts; advent of new categories
ofconsciousness and identities which embodies cultural diffusion, the
desire to increase one's standard of living and enjoy foreign products
and ideas, adopt new technology and practices, and participate in a
"world culture". Some bemoan the resulting consumerism and loss of
languages. Also see Transformation of culture.
Ecological- the advent of global environmental challenges that might
be solved with international cooperation, such as climate change,
cross-boundary water and air pollution, over-fishing of the ocean, and
the spread of invasive species. Since many factories are built in
developing countries with less environmental regulation, globalismand free trade may increase pollution. On the other hand, economic
development historically required a "dirty" industrial stage, and it is
argued that developing countries should not, via regulation, be
prohibited from increasing their standard of living.
Social(International cultural exchange) - increased circulation by
people of all nations with fewer restrictions.
o Spreading ofmulticulturalism, and better individual access to
cultural diversity (e.g. through the export ofHollywood and
Bollywood movies). Some consider such "imported" culture a
danger, since it may supplant the local culture, causing
reduction in diversity or even assimilation. Others consider
multiculturalism to promote peace and understanding between
peoples.
o Greater international travel and tourism
o Greaterimmigration, including illegal immigration
o Spread of local consumer products (e.g. food) to other countries
(often adapted to their culture).
o World-wide fads and pop culture such as Pokmon, Sudoku,
Numa Numa, Origami, Idol series, YouTube, Orkut, Facebook,and MySpace. Accessible to those who have Internet or
Television, leaving out a substantial segment of the Earth's
population.
o World-wide sporting events such as FIFA World Cup and the
Olympic Games.
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o Incorporation of multinational corporations in to new media. As
the sponsors of the All-Blacks rugby team, Adidas had created
a parallel website with a downloadable interactive rugby game
for its fans to play and compete.
Technical
o Development of a global telecommunications infrastructure and
greater transborder data flow, using such technologies as the
Internet, communication satellites, submarine fiber optic cable,
and wireless telephones
o Increase in the number of standards applied globally; e.g.
copyright laws,patents and world trade agreements.
Legal/Ethical
o The creation of the international criminal court and
international justice movements.o Crime importation and raising awareness of global crime-
fighting efforts and cooperation.
Whilst it is all too easy to look at the positive aspects of Globalization and
the great benefits that are apparent everywhere, there are also several
negative occurrences that can only be the result of or major motivating
factors that inspire some corporations to globalize.
Globalization the growing integration of economies and societies around
the world has been one of the most hotly-debated topics in internationaleconomics over the past few years. Rapid growth and poverty reduction in
China, India, and other countries that were poor 20 years ago, has been a
positive aspect of globalization. But globalization has also generated
significant international opposition over concerns that it has increased
inequality and environmental degradation.
Sweatshops
It can be said that globalization is the door that opens up an otherwise
resource poor country to the international market. Where a country or nation
has little material or physical product harvested or mined from it sown soil
there is seen the opportunity by huge corporations to take advantage, in
some ways even exploit the export poverty of such a nation. Where the
majority of the earliest occurrences of economic globalization are recorded
as being the expansion of businesses and corporate growth, in many poorer
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nations globalization is actually the result of the exploitation of that state of
poverty.
One particularly disturbing practice is the use of Sweatshops by
manufacturers. According to Global Exchange a non-profit organization
based in San Francisco, CA, these Sweat Shops are widely used by sports
shoe manufacturers and mentions one company in particular Nike. As a
leading retailer of sports equipment and apparel Nike, which is an American
based corporation, is maintaining huge profit margins by producing its
products at the very extreme end of minimal cost. There are factories set up
in the poorest of Asian countries where employees work for barely enough
to survive and even children are being put to work. Then as labor laws alter
in those countries and stricter rules govern the manufacturing process the
factories are closed down and relocated to other nations, less likely to have
such strict laws and enforcement.
There are several agencies that have been set up worldwide specifically
designed to focus on anti-sweatshop campaigns and education of such. The
Decent Working Conditions and Fair Competition Act is a legislation
passed by theNational Labor Committee in the USA. The legislation now
suggests that companies are legally obligated to respect human and worker
rights by prohibiting the import, sale, or export of sweatshop goods. There
are very strict standards set out by the International Labor Organization and
any violations shall be banned from the US market.
Specifically, these core standards include no child labor, no forced labor,
freedom of association, right to organize and bargain collectively, as well as
the right to decent working conditions.
Tiziana Terranova has stated that globalisation has brought a culture of "free
labour". In a digital sense, it is where the individuals (contributing
capital)exploits and eventually "exhausts the means through which labour
can sustain itself". For example, in the area of digital media (animations,
hosting chat rooms, designing games), where it is often less glamourous than
it may sound. In the gaming industry, a Chinese Gold Market has been
established.
PROBLEMS OF GLOBALISATION
http://en.wikipedia.org/wiki/Sweatshopshttp://en.wikipedia.org/wiki/Global_Exchangehttp://en.wikipedia.org/wiki/Nikehttp://en.wikipedia.org/wiki/National_Labor_Committeehttp://en.wikipedia.org/wiki/International_Labor_Organizationhttp://en.wikipedia.org/wiki/Child_laborhttp://en.wikipedia.org/wiki/Forced_laborhttp://en.wikipedia.org/wiki/Freedom_of_associationhttp://en.wikipedia.org/w/index.php?title=Tiziana_Terranova&action=edit&redlink=1http://en.wikipedia.org/wiki/Sweatshopshttp://en.wikipedia.org/wiki/Global_Exchangehttp://en.wikipedia.org/wiki/Nikehttp://en.wikipedia.org/wiki/National_Labor_Committeehttp://en.wikipedia.org/wiki/International_Labor_Organizationhttp://en.wikipedia.org/wiki/Child_laborhttp://en.wikipedia.org/wiki/Forced_laborhttp://en.wikipedia.org/wiki/Freedom_of_associationhttp://en.wikipedia.org/w/index.php?title=Tiziana_Terranova&action=edit&redlink=1 -
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The current trade system has adopted a principle of minimum
interference, in the form of tariffs and subsidies, and maximum
growth. It sees economic growth and increasing consumption as endsin themselves and pursues growth at all costs. The problem withuncontrolled growth is that it is depleting the natural capital, the
environment on which the global economy is based, faster than it can
be replaced.
There are major contradictions between the objectives of the WTO,
IMF, World Bank and the types of projects that they fund. They pay
lip service to the problems of poverty, ethical development and
environmental protection but do very little to fix them.
The goals of the trade organisations, corporations and lobbyinggroups are commercialisation, privatisation and deregulation of the
world's domestic economies.
ENVIRONMENTALAGREEMENTS
Our current trade system is oppressive, unfair and is destroying our
environment.
Several of the more recent agreements brokered by the WTO werenotable for their exceptional bias towards big business and wealthy
countries - specifically, the Agreement on Agriculture (AOA) and theTrade Related Intellectual Property Rights (TRIPs) Agreement.
Multilateral environment agreements that govern trade in the productsof biodiversity, protect endangered species or habitats, or control the
movement of toxic waste around the globe could be undermined by
trade agreements. These agreements include the Montreal Protocol,the Convention on International Trade in Endangered Species(CITES), the Convention on Biological Diversity, and the Basel
Convention on Trans-boundary Movement of Hazardous Waste.
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Another problem with the free market economic system is that it is
over simplistic. Many of its supporters believe that economics works
according to laws of physics, biology or nature and if it is left alone,
will eventually regulate itself for the benefit of all humanity. There is
an almost religious faith in the theory of free trade extending back tothe 18th Century. Because free trade is seen as more efficient it is
considered better generally. Massive destruction of human cultureand the environment is seen as just collateral damage to economists
dedicated to the idea of a free market.
Those advocating the free market system claim that eventually the
poor in developing countries will benefit from deregulation. The theory
is known as 'trickle down effect', because over time the wealth
generated by liberalisation is supposed to trickle down from the richto the poor. So far the world trade system has increased the wealth of
a small minority of people, mostly in developed countries but the poorhave become poorer.
It is taken for granted that constant economic growth is desirable
even if we are depleting our resources faster than they can be
replenished.
STATISTICS
World cross-border global transactions have grown from $3 trillion in1990 to $10 trillion in 2007 and are expected to increase to over $70
trillion by 2025. About 84% of this was merchandise and 16% is
services. About 75% of the value of world merchandise trade is from
manufactured goods, mainly transport, machinery and electronic
equipment. Minerals and agriculture, which form the main source of
income for the developing world, make up 22% of merchandise trade.
About 40% of international trade occurs through transnationalcorporations.
Some transnational companies are so big that they have greater
sales than the total sales of many developed countries. The
combined sales of the world's largest 350 multinationals total one
third of the combined GNP's of all industrialised countries, and
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exceed the individual GNP's of all developing countries. The GDP of
the poorest 48 nations (i.e. 1/4 of the world's countries) is less than
the combined wealth of the world's 3 wealthiest individuals. So
extreme is this discrepancy in ownership that In 2004, approximately
0.13% of the world's population controlled 25% of the world's assets.
In 1960, 20% of the world's population living in the richest countries
were 30 times richer than the poorest 20%. By 1997, they were 74times richer. Between 1975 and 1997, GDP increased about 50% in
the most developed countries and fell by about 15% in the least
developed countries (United Nations Development Program Figures
1999).
After fifty years of free market economic or economic rationalism,more people in the world than ever are poor, hungry, sick or dying
and the environment is getting worse. While more people are getting
richer, more people are becoming poorer. The gap between rich andpoor is getting wider and the quality of life for all people is decreasing.
TRANSPORTANDENVIRONMENT
The trade system promotes increasing consumption even when it
involves the loss of natural habitats and biodiversity, the naturalcapital on which the global economy is based. More trade means
more transport and this means more roads, noise and more airpollution. A rise in levels of global transport has also resulted in
increased transmission of alien species from one country to another,
for example in the ballast of ships. The introduction of these species
into sensitive ecosystems results in disaster for some environments.
One economic theory promoted by free market economists, the
theory of comparative advantage, is that nations should specialise inproducing that at which they are best. This runs against the views
held by most environmentalists that it is better to produce locallybecause it reduces transport costs.
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There are limits to the capacity of ecosystems to absorb pollution
both in terms of the rate and the total of amount pollution, but there
are no defined limits for trade, industrialisation and growth.
Growth driven economics has resulted in the production of timberfrom unsustainable sources and the loss of the world's tropicalforests. Marine fisheries have been over-exploited and fish stocks are
in serious decline.
Where national laws intended to protect the environment challenge
WTO rules on trade, the result has nearly always been that WTOrules have had precedence over the nation's laws.
There is no place for the precautionary principle in WTO rules. WTO
free trade rules have been used to oblige Europe to import hormone-
treated beef, and to prevent countries from choosing to import
shrimps which are caught using special nets which do not trap and kill
turtles.
LABELLING
Over the past twenty years there has been a movement to give goods
and services that are environmentally and socially acceptable a label
to distinguish them from other goods. The WTO see such labelling asa barrier to trade and therefore illegal. Examples include organic food
or timber from sustainable sources, and products that have beenproduced by people who have been paid a fair wage.
DEMOCRACY
The WTO is not a democratic institution. It is dominated by a few
powerful Western governments acting on behalf of the corporations.
Influence at the WTO is bought with a donation of a few hundredthousand dollars to a leading political party. This 'donation' will givethe company access to key negotiators at a conference.
The WTO is not transparent and is not accountable to anyone.
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As the corporations increase their control over the economy, society
and the environment, democracy is weakened.
The WTO has a one-country one-vote structure but wealthy
companies and powerful countries wield most influence. The morepowerful groups exert leverage over governments in poorer countriesto conform and often determine the agenda of negotiations.
Access for the public to information about the activities of the WTO islimited. Even members of governments are unable to get answers to
queries about trade negotiations. Disputes are settled through theAppellate Body and are conducted in closed sessions. There is no
public input permitted.
The larger trading countries like the US and trading blocks like the
EU, determine the agenda of negotiations and pursue self-interests
and the interests of their transnational corporations.
BIAS
Governments are obliged to inform the WTO of changes that are
made to its national laws that may relate to trade. Once trade rules
are in place, a government cannot change their national laws if they
directly counter the trade rules.
Disputes between members are mediated by the Dispute Settlement
Body (DSB).
The WTO have increased levels of poverty for the majority of the
world's peoples, facilitated a concentration of wealth in the hands of afew rich people, allowed growing inequality within and between
nations, and facilitated unsustainable patterns of production and
consumption.
COMPETITION
Currently there is the tendency for more power to be concentrated
globally in the hands of fewer businesses. Transnational corporationsare merging or acquiring smaller companies. Monopoly capitalism is
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not good for consumers and the environment because it increases
authoritarianism and decreases competition. Small business cannot
be expected to compete with large corporations because large
corporations are able to reduce costs. Large corporations can even
drive down prices and because their large size buffers them againstlosses, they can eventually force small companies out of business.
SPECULATION
The current trade system has promoted deregulation of the
investment sector of the financial market. This has stimulatedincreasing movement of large amounts of short-term capital, which
has resulted in increasing economic instability and insecurity indeveloping countries. Speculators have been able to withdraw their
investments at short notice and undermine economies, particularly in
countries which have a relatively immature financial market. This has
precipitated economic crises in some South East Asian countries and
increased the number of people in poverty. In Malaysia in 1997, for
example, capital flowing out of the country resulted in the Malaysianstock market losing 40% of its value in six months. Furthermore
deregulation has resulted in fluctuating commodity prices in global
markets, which has added to increasing economic insecurity.
Sustainable development is not possible in a boom and slump
economic system fuelled by speculative investment.
LABOURLAWS
The increase in the mobility of capital and companies globally hasresulted in companies moving to countries where labour laws areweakest and wages lowest.
THIRDWORLDFARMERS
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Many small-scale farmers have no choice but to work with poor soils
and in difficult climatic conditions. Free market principles do not allow
for compassion. Support for small-scale farmers is less likely with
trade liberalisation. Hard economic policies may force more Third
World farmers to sell up and move off their land.
Many developing countries that oppose trade agreements are forced
to accept them or risk being isolated in the global economy.
Countries that are massively in debt to the World Bank have been
more compliant in adopting trade liberalisation and many have beenobliged to increase exploitation of their natural resources and
adopted unpopular austerity measures, which have hit the poor
hardest. Countries in debt have been manipulated into restructuringtheir economy towards producing goods for export markets. In theory
greater exports means people are able to afford more imports and
consumerism stimulates growth. When countries are forced to turnover most of their land to grow cash crops or expand mining
operations, the effects on the environment and local communities are
usually negative. Producing exports does not necessarily lead to
development. World market prices for exports may be low for many
years or wildly fluctuate and sometimes they collapse. Among fields
of tobacco, coffee or cocoa the poor frequently go hungry throughlack of adequate nourishment.
PANTETING
Indigenous peoples in developing countries have accumulated
knowledge in areas such as plant breeding for hundreds or
thousands of years. Under the rules of free trade agreements
transnational companies can expropriate this knowledge and claim
traditional plant varieties or plant uses as their own.
GENERALPROBLEMS
Over a quarter of the developing world live in poverty and millions of
people in the developed world live below the poverty line. Over one
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billion people still live on less than one dollar a day. The current trade
system has been unable to reduce poverty.
PICTORIAL ILLUSTRATION
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DIMENTIONS OFGLOBALISATION
Specifically, globalization can be viewed as a four-dimensional construct based
on the premise that an enterprise can be more or less global along each of four
major characteristics:
(i) Globalisation of Market Presence: The first dimension-globalisation ofmarket presence-refers to extent to which company targets customers in all
major markets within its industry throughout the world. On the basis count the
presences of the companies vary from low to high. For example, in 1933, NTT
of Japan had no presence at all either in N.America OR IN Europe. In
comparison, IBM, Sun Microsystem and Cannon were the most globalised
firms.
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N.America Europe Asia
IBM 41 33 16
Fujitsu 06 26 65
HP 51 34 09
NEC 06 04 88Compaq 45 38 05
Canon 30 29 37
Sun Microsystem 51 24 25
NTT 00 00 100
Microsoft 56 30 09
Percentage regional distribution of IT sales for selected companies in 1993
(Source: The Economic Times, December 26, 2003)
(ii) Globalisation of Supply Chain: Internationalisation of supply chain refers to
the extent to which the company is accessing the most optimal locations for the
performance of various activities in its supply chain. It may be possible for a
firm to have a fairly local or regional market presence and yet have a highly
globalised supply chain, or vice-versa. For example Toyota has a good supply
chain. In 1995, Toyota produced about thirds of all its cars in Japan; the
remaining one-third were produced in affiliates spread over 25 countries in
America, Europe and Asia.
(ii) Globalisation of Capital: This refers to the extent to which the company is
accessing optimal sources of capital on a worldwide basis. The Hong Kongbased Internet Service Provider China com presence as well as supply chain,
and yet have a highly globalised capital base. In 1999, China Coms market
base and operations were centered primarily around Hong Kong and China.
Yet in the same year the company got listed itself on the US based Nasdaq.
(iv) Globalisation of Corporation Mindset: Last but most important dimension
is the globalization of corporate mindset. This dimension refers to the ability of
the company to understand and integrate diversity across cultures and markets.
General Electric Services is a good example of a firm with an increasingly
global mindset. The human capital of GE is highly globalised, it has strong
worldwide corporate culture; and the composition of the leadership is
increasingly diverse in terms of nationalities.
A true Global company is the one which scores high on all the four dimensions
discussed above.
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DEVELOPMENT SUPPORT AND
STRATEGIESGlobalisation is not a new phenomenon. Trade across the countries is as old as
business itself. However ,the volume of international business and the number
of players in it have increased dramatically over the last decade. Today every
nation and an increasing number of companies buy and sell goods and servicesin the international market places. A number of development around the world
has fuel this activity.
(i)The emergence of N.America Free Trade Agreement (NAFTA),comprising United States, Canada and New Mexico, has created a huge North
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American market. Movement of goods and services among these countries is
easy as all trade barriers have been removed.
(ii) The European Union (EU) is now well on its way to creating marketthat may be described as United States of Europe. The group consist of 25
nations. All these countries have not only removed trade barriers among them,
but have also adopted a single currency, called the EURO.
(iii)The most recent change of the General Agreement ofTariffs and Trade(GATT) are stimulating increased world trade. Under thisagreement, tariffs will be reduced world wide by 38%, and in some cases,
eliminated completely. GATT itself has been relaced by World Trade
Organisation (WTO), which came into existence on January 1, 1995.
(iv)There is also recent economic progress among lessdeveloped economies. A good example is India, which for years, has hada love-hate relationship with multinational business. The Government of India
has been known for its slow-moving bureaucracy and this has been a major
stumbling block in attracting foreign capital. Over the last few years, however,
there has been a dramatic turn-around in government policy, nad a growing
number of multinationals recently have been attracted due to the current Indian
governments willingness to reduce redtapism.
MENIFESTATION OF
GLOBALISATION
Globalisation manifests itself in many ways. The more important of them are:
1. Configuring anywhere in the world
An MNC can locate its different operations in different countries on the basis of
raw material availability, consumer markets and low-cost labour. World class
companies have located their manufacturing operations in low labour-cost
countries as their own based home based labour aither too expensive or militant.
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2. Interlinked and independent economies
In terms of economic-welfare, globalization refers to the unique economically
interdependent international environment. Each countrys prosperity is
interlinked with the rest of the world. No nation can any longer hope to lead an
existence of solitude and isolation in which only domestic industries, no matter
how inefficient, plod on merily.
3. Effect related industries and ancillaries
Globalization may also render many companies to go sick. Large scale
restructuring may result in closure or hiving-off oa a part or whole of their
operations. Many ancillaries units will laso be rendered sick in the process.
4. Increasing trend towards privatization
Governments everywhere are, to a certain extent, withdrawing from owning and
running business enterprises. Private entrepreneurs are given greater access andfreedom to run business units. The rolr of the government is reduced to the
provider of infrastructure for private business to prosper.
5. Infrastructural resources and inputs at international prices
Infrastructural inputs must be ensured at competitive prices, if the companies
were to compete globally. The advantages of cheap labour (and other inputs)
evaporate in the face of continous inflation and high infrastructural costs.
GAINS OF GLOBALISATION
Globalization wil help unleash the potential energies of creative and
enterprising people. Unfettered positive creativity and enterprise should be the
hallmark of a progressive people and a progressive system. Let us see as to how
this process will benefit one and all in the world.
1. Continous Improvement in economic efficiency:
In a flobalised economy, the pattern of production will be determined by the
market mechanism. Allocation of resources will be determined by consumers
choices and preferences. Rewards to the productive factors will be determined
by this contribution to the total product. Thus maximization of productive
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efficiency, distributive efficiency and allcative efficiency will be possible under
the conditions of a free market.
2. Continous improvement in factor payment:
Countries will be specialising in those products where they have the
competitive advantage over others. Among other things, the competitive
advantage of nation is determined by other factor endowments. Thus capital
abundant countries will specialize in the production of capital goods whereas
labour abundant countries will involve in the production of labour intensive
goods and services.
3. Benefits from human capital flows:
The movements of enriched human capital flows from the developing countries
to the developed countries imparts demographic stability to the developed
nations whose populations would otherwise be on the decline.Further,thedeveloped countries can enjoy the economies flowing from avaibility of
enriched immigrant human capital . The cost of human capital formation in the
developed countries is relatively much higher than the developing countries.
4. Borderless Financial capital and Wider Investment Opportunities:
Globalisation or opening up of the economy leads unrestricted flow of factors
across the national borders. Amongst the factors,financial flows are of great
importance particularly in the context of developing countries. Financial flows
are of two types, namely foreign direct investment and foreign portfolio
investment.
BIBLOGRAPHY
Google.com
Economic Times December 2003
Text book of BBM of Business Environment by K. Aswathappa and
G.Sudarshan Reddy (II Year)
Managerial Economics-II by Krishnan Nandela of BMS (III Semister)
Business Magazine of December 2005
India Today of june 2007
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