Topics: International trade, Globalization, International economics Pages: 3 (905 words) Published: March 9, 2013
Coursework by Aleksandr Bakharev

Globalization can be defined as the process of integration and interaction among the governments, companies, and people of different countries. It is a process which is driven by investment and international trade. It is aided mainly by information technology. Globalization has the effect on a number of things, some of which include culture, environment, economic development, political systems and the general human physical well-being among the societies in the world. Globalization can also be thought as a process which leads to significant variance in businesses and markets. For instance; an expansion of services and goods between countries, shifts in consumption and production, among others. Internationalization can be referred as the economic relations between different nations in order to keep sovereignty over their own territories. It can also be a process leading, identifying and entering international markets. This may involve the process in which a product is generalized in order to handle various languages and various cultural conventions without redesigning. Internationalization and globalization are thought by many as one and the same thing, but they are, in fact, very different things. Internationalization deals with the increasing need for international relations, international trade, alliances, treaties, etc. Inter-nation refers to between different nations. Globalization, on the other hand, can be referred to as the global economic integration of economies of various nations which were formerly independent into one global economy. This is to facilitate free capital mobility and free trade via uncontrolled or easy migration. Globalization contributed to China’s three key areas. These are; trade, foreign investment and service sectors. There was a rise in China’s trade dependence to 36.7% in 1997 from 17.8% in 1982. GDP growth has also been witnessed to rise from 20.3% in 1997 to over 35%. China...
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