The paper "Growth and Importance of International Trade, Migration, Investment, and Technology" is a perfect example of a business assignment. Globalization is the propensity of businesses, technologies, or philosophies to stretch to the whole world or the course of making this occur (Pelez, 2009). Also, it is the process of interaction and incorporation among companies, persons, and governments of various countries- a process triggered by international trade and investment and assisted by information technology. Globalization has an impact on culture, environment, political systems, and economical development, and people’ s well-being the world over (Graham, Gilly & Cteore, 2010).
Technological developments have stimulated cross- border trade, investment and migration. For instance, the costs of transport, costs of travel, and costs of communication have tremendously been reduced as a result of the presence of fax, internet, email, world-wide-web, personal computers, satellites, and cell-phones(Pelez, 2009). All these systems are cheap and accessible to people, and they have dramatically transformed economic life. As a result of that, consumers, investors, and businesses have the ability to identify economic opportunities, involving quick and more informed analyses of trends of economy, manageable transfer of assets, and collaboration with business partners around the world. Growth and Importance of International Trade, Migration, Investment, and Technology Foreign trade, investment, migration, and technology advancement have developed globally enhancing the movement of goods and services around the world.
After the Second World War, international trade has been advanced by the establishment of international agencies like the European Union(EU), World Trade Organization(WTO), and the North Atlantic Free Trade Area(NAFTA)- a Union between Canada, the US and Mexico(Helpman & Krugman, 1989). The EU represents 40% of the world trade and 68% of trade between member states).
NAFTA represents 18 % of the world trade and approximately 56% of trade among the three-member countries.
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