What Is Globalization Critical Issues For International Trade Term Paper

What Is Globalization Critical Issues For International Trade Liberalisation - Term Paper Example RY In the book â€Å"A History of the World in 6 Glasses† Tom Standage described the continuous cyclical changes in the world through the different ages. He pointed out that the process of globalization has been a 20th century phenomenon which has certainly facilitated the globally operating companies to entertain major financial returns by becoming globally recognized brands. In this regard Standage highlighted that hunger can be less deadly than the thirst. A person may survive without taking food for a few weeks. But without taking liquid he/she cannot survive. Human generates drinking habits to live. Thus, in order to leverage this benefit entrepreneurs or inventors invented six different drinks for the human beings. According to the author, the invention of these drinks primarily caused the advent of globalization. These drinks include beer, wine, spirits, coffee, tea and cola. Among them caffeine contained in three drinks and alcohol contained in three. Initially, beer w as made in 3000 BC. In the ancient Greece, wine was the main exportable product. After the invention of spirits coffeehouses were the main centers for the intellectual exchange. After 100 more years, the Chinese started taking tea which became quite popular in Britain in following years. Finally, carbonated water was invented for the very first time and Coca-Cola was the inventor. Cola started the flow of globalization. From the above discussion, it can be said that six different glasses started the age of globalization (Standage 1-100). In his book ‘Ways of the world: A brief global history Volume 2 since the 15th century’ Robert W. Strayer described how global economy has accelerated since 1945. The pace of globalization increased after the era of Second World War. Most commonly, it signifies...It is a kind of international integration to exchange the products, ideas and views of the participating countries. Exchanges of cultural and national resources can be done wit h the advent of globalization. Globalization has further facilitated in enhancing the amount of cross-cultural trade activities which in turn has made the world to be regarded as a global village. This has enabled to reduce cultural barriers by a considerable extent. In this context, the International Monetary Fund (IMF) has propounded four basic kinds of aspects related to globalization. This can be distinguished as migration along with movement of people, investment and capital movements, trade and transactions and lastly diffusion of knowledge. Globalization generally refers opening up or liberalization of the countries. It generally includes deregulation of markets and privatization of the assets, the integration of capital markets and the inter-national distribution of the manufactured production also known as foreign direct investment. Globalization facilitates to keep the life of the people healthy. It broadens the chance to build an industrial segment which leads to create more and more jobs. As incomes are being generated at a more rapid pace, thus the gap between the poor and the rich is also diminishing.