The paper "The Current Era of Globalisation with the First Age of Globalisation" is a good example of a macro & microeconomics essay. Globalization is the process whereby various economies of various countries in the world become more connected to one another (Martin 2005). Martin 2005, further argues that; globalization is where many business enterprises are carried out in many different locations across national boundaries. Globalization is a continuous process through which different traditions and cultures, societies, and economies integrate with one other on a global scale through the interchange of ideas and communication. Current era globalization came into existence after World War II.
One of the main contributing factors for this was the plan by the world leaders to break down the borders to foster trade relations between neighboring nations and beyond. It was also in this period that countries like India, Indonesia and Sri Lanka and some countries in South America gained independence. Thus, these countries started having their own systems of economic and established trade relations with the rest of the world. In this regard, the United Nations Organization (UNO) was established (Abdul-Rashid, 1993, p.
122). The economic scenario of the world gradually strengthened this lead to better trade relations and communication between these countries. Other factors which put a positive impact on globalization include; promotion of free commerce and trade, creation of global corporations, reduction of transport cost, development of infrastructure, blend of culture and tradition across the countries, the abolition of various double taxes, tariffs and capital controls, development of global financial systems and increased role played by international organizations such as WTO and IMF that deal with international monetary transactions.
The creation of the World Trade Organization was a major contribution to globalization as it led to the establishment of a uniform platform used to settle trade and commercial disputes between countries.
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