Reflect of Globalization on International Business Essay
With the intention to benefit international communities on equal footing, various institutions were created. Among others, UN, ILO, WTO, GATT and IMF are the most influential ones. These institutions set certain preconditions that states shall fulfill to get membership. Beyond that, a number of laws are issued to liberalize international business transactions. By this, it is sought that regional cooperation in trade and finance could increase stability.
As it is mentioned above, globalization can have both direct and indirect impact on states. It would also inevitably affect the laws of international business transactions either negatively or positively. As to the former, the challenges against globalization may dictate the revision of these laws in a manner which may equally benefit the poor and the rich. The question that must be capitalized is whether these laws are in positions to treat the north and the south as there is unbridgeable gap between them. If states are to be benefited from the globalization, most argue that there must be fair laws which