Topic: Market Globalization
My instructor gave me the follow feedback to my abstract below in which the research paper should be based. “Narrow the focus of the paper because it appears to be a broad review of most things general in the global arena. Focus will help you in your investigation in international finance to the writing of your paper. Don’t forget to include the finalized version of your Abstract in the final version of your research paper, and emphasize the secondary authors you will be included in your final effort.”
As defined by Business Dictionary, globalization is the worldwide movement toward economic, financial, trade, and communications integration. Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately. It can be argued globalization brings about much increased opportunities for almost everyone, and increased competition is a good thing since it makes agents of production more efficient. The two most prominent pro-globalization organizations are the World Trade Organization and the World Economic Forum. On the contrary, it can be argued that certain groups of people who are deprived in terms of resources are not currently capable of functioning within the increased competitive pressure that will be brought about by allowing their economies to be more connected to the rest of the world. Important anti-globalization organizations include environmental groups like Friends of the Earth and Greenpeace; international aid organizations like Oxfam; third world government organizations like the G-77. This paper will examine both arguments effects on globalization and international finance.
Market globalization means access and expansion of the business world over, to meet the needs of international customers. Market globalization has risen to be one of the most fascinating developments that have an impact on social, economic, cultural and political set up of the countries around the world. Globalizing the world market involves increment in the varieties of cross border transactions in services and goods and flow of capital internationally. The key pillars of market globalization are the rapid movement of capital, international trade, financial market integration and the role played by human migration. It can be argued that market globalization has brought about increased competition, which is very healthy for the production of quality goods, and has created more opportunities for big corporations to grow and extend their customer base. Market globalization has, however, not come without criticism. The anti-market-globalization movement has emerged stemming from labour movements and other social activists. These opponents hinge they opposition on arguable threshold, that market globalization promotes unfair trade, destroys local firms, creates unemployment and causes disequilibrium in the sharing of resources. This study will candidly, review the arguments presented and critically evaluate their reliability and appropriateness, in as far as international market is concerned.