Speeding up the process of globalisation HARRIET BENNETT

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  • Speeding up the process of globalisation
    • increased technological progress
      • the internet & modern telecoms. have made it easier to communicate& transmit data.
      • Computers connects markets all around the world
      • Conference calls & video conferencing make face-2-face meetings less necessary & make it easier to do business
      • Lower aire fares make really necessary face-2-face meetings cheaper
    • The rise of offshoring
      • populous, low-wage & developing economies have become more open & accessible for outsourcing
      • China in particular, has undergone sweeping cultural, political & economic changes, which have seen it grow rapidly & become the 2nd largest economy
      • These countries have seen a large rise in the amount of FDI as many businesses see them as both a low-cost manufactu-ring base & a potentially lucrative market
    • Increased liberalisation
      • former eastern european economies made the change from restrictive centrally planned economies to free market capitalist economies during the 1990s
      • China joined the WTO in 2001 & ASEAN in 2010
      • India has become more open & receptive to doing business with other countries
      • other countries have been deregulating, de-restricting & freeing up markets & institutions. Shrinking public sectors can encourage competition
    • Increased harmonisa-tion of laws
      • growth of trading blocs has done much to encourage harmonisa-tion of the many rules & regulations surrounding trade, making it easier.
      • other countries have been aligning laws in such area as IPR & patents. the threat of not being able to protect your ideas & property in another country has been a considerationbarrier to trade in the past & can still be now
    • globalisation
      • increasing exports & imports in many countries
      • Foreign investment - funds coming from one country are used to finance projects in another
      • people migrate to places where there are job opportunities
      • governments collaborate by agreeing new trading rules, undertaking big infrastructure projects & co-ordinating policies


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