Globalization Of Markets CSS Essay

Globalization Of Markets CSS Essay

An Analysis Of The Concept Of Globalization Of Markets

Globalization is the integration and interaction among people from all over the world. Globalization of markets mean the integration of markets worldwide where sellers can sell their goods and services to conventional customers in open competition. Integration of markets may have both beneficial and adverse consequences particularly for the small economy states. It may on one hand increases the outreach of people to international products and goods but on the other hand may destroy local industry and producers. A thorough analysis of the globalization of markets has been given in below paragraphs.

Is Globalization of Markets Beneficial?

• Increased the outreach of people to international products and goods.
• Multi-national Corporations (MNC) gained enormous wealth.
• Increased the pace of modernity. Brings modern goods, services and products.
• Amalgamation of custom and traditions (pizza, Western music, Chinese food etc)
• Promote the establishment of multinational Treaties to govern the global business system. Examples include; general agreement on tariffs and trade (GATT), World trade organization (WTO), International Monetary Fund (IMF).

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Is Globalization of Markets Detrimental?

• The globalization of markets has greatly increased international competition. Only the fittest will survive in open competition.
• The firms have to face the challenges of managing human, technological and physical resources in the foreign markets.
• Drained wealth out of small, developing states. Rich states are getting richer and poor poorer. Imbalanced system.
• Multinational Corporations (MNCs) affect state and regional politics.
• Undermine the principle of true independence.
• Destroy social inheritances gradually (pizza, jazz music, Chinese food).

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Final thought

• Has both advantages and disadvantages.
• Should try to maximize its benefits.
• Should balance its benefits for both poor and rich states.
• Priority should be given to poor states to develop its economy.

Globalization Of Markets CSS Essay, Globalization Of Markets CSS Essay.