Globalisation is the tendency for businesses to move beyond domestic borders to other markets around the Globe.
Historically it started a long time ago; it dates back first to the infamous 16th century slave trade, the 18th century’s industrial revolution and then to the post World War II era.
After 1945, it was thought that the much needed growth would be favoured by a globalised economy.
But it is only in the last 20 years that things have evolved rapidly and the bipolar world dominated by USA, Europe and Japan has become the multi-polar world with many centers of economic power and activity.
I) The features of globalisation
1) It has been boosted by the development of information and communication technologies as well as transport.
2) The liberalisation of trade is said to be the engine of globalisation, which has been facilitated by the WTO agreements and lower tariffs and non tariff barriers.
Since 1995, world trade in manufactured goods has increased by more than 100 times.
3) Globalisation is linked to the growth of multinational and transnational corporations operating across borders.
4) People living in different parts of the world inter-connect with one another and share the same experience in terms of economic, political, environmental and cultural events.
5) Globalisation is controversial, a vexed issue, for some people it means a rise in living standards, whereas for other people it is a race to the bottom for the companies that outsource their production in developing countries.
II) The pros of a globalisation economy
1) Companies benefit from cheaper workforce, raw materials and technologies through relocation, which means larger returns on investment.
2) Greater freedom of choice is given to consumers with cheaper products made in far away places at a low cost.
3) Globalisation has brought about unprecedented prosperity in many formerly poor countries such as China, India…
4) Developing economies have