2. Meaning of Globalisation
1.3 Driving Forces of Globalisation
1.4 Dimensions of Globalisation
1.5 Stages of Globalisation
1.6 Introduction to Theories of International Trade
1.6.1 Absolute Advantage Theory
1.6.2 Comparative Cost Advantage Theory by David Ricardo
1.6.3 Factor Endowment Theory (Heckscher-Ohlin Thesis)
1.7 Trading Environment of International Trade
1.7.1 Tariff and Non-tariff Barriers
1.7.2 Trade Blocs – Regional Economic Integration
1.7.3 Raising of New Economies
1.8 Self Assessment Questions
1.10 Case Studies
Globalization describes an ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of exchange. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. However, globalization is usually recognized as being driven by a combination of economic, technological, socio-cultural, political, and biological factors. The term can also refer to the transnational dissemination of ideas, languages, or popular culture.
Looking specifically at economic globalization, demonstrates that it can be measured in different ways. This center around the four main economic flows that characterize globalization:
• Goods and services, e.g., exports plus imports as a proportion of national income or per capita of population
• Labor/people, e.g., net migration rates; inward or outward migration flows, weighted by population
• Capital, e.g., inward or outward direct investment as a proportion of national income or per head of population
Technology, e.g., international research & development flows; proportion of populations (and rates of change thereof) using particular inventions (especially... [continues]
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