Essay about Globalization And The Global Financial Market

1129 Words Sep 11th, 2016 5 Pages
In recent decades, it is clear to see that globalization has been a part of a worldwide economic transformation. Businesses and governments are connecting globally and expanding production through operations that essentially increases exports and imports. Globalization did not happen overnight, there have been many key drivers in this economic procedure and since 1970, international business has slowly risen to the powerhouse which it is in our 21st century today.
What we do know is that globalisation was driven and is still being driven by the advancements in technology, transportation and the global financial market. Lowered costs, upgraded digital communications and the accelerated use of cargo ships has helped the expansion immensely and governments around the world are happy. Hill, Cronk and Wickramasekera (2013), noted that not only are international businesses key facilitators of this trend, but also the consumer; a factor which I consider to be relevant, because without the “wants” of consumers businesses wouldn’t be where they are today.
Furthermore, Hill, Cronk and Wickramasekera (2013), identified that another key feature of globalisation is the role of global institutions. These global institutions such as, General Agreement on Tariffs and Trade (GATT), World Trade Organisation (WTO), International Monetary Fund (IMF) the World Bank and the United Nations (UN), are some of the most well-known institutions worldwide and they play an important part in the function…

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