Globalisation and Its Challenges for the Second Decade of the 21st Century

Topics: World Trade Organization, Globalization, International trade Pages: 8 (2526 words) Published: April 19, 2011
Table of contents
1.Introduction- 4 -
2.Determination of globalisation- 4 -
3.Emergence of Globalisation- 4 -
4.Drivers of Globalisation- 5 -
4.1.1.Diminishing of Trade Barriers- 5 -
4.1.2.Technological Changes- 5 -
5.Impacts of Globalisation and its Challenges- 6 -
6.Conclusion- 8 -

(1st ed.)First edition
et al.And others
GATTGeneral Agreement on Tariffs and Trade
(n.d.)No date
NAFTANorth American Free Trade Area
USDUnited States Dollar
WTOWorld Trade Organisation

The issue of globalisation is multifaceted and therefore a short overview is provided. The structure will lead through definitions of globalisation and its history. Subsequently drivers of globalisation as well as impacts thereof are presented. Conclusively all facts are reflected and challenges for the second decade of the 21st century will be revealed. 2.Determination of globalisation

Globalisation had become a significant topic in the last decades and due to the complexity of the term it has various definitions. The following chapter tries to determine those definitions, which seem to be adequate for the scope of this assignment. “The globalisation movement is the trend toward increasing interdependencies among world markets, and the diffusion of new ideas, technologies, resources, products, services and lifestyles through international markets” (Hill, 2009, p. 13). This definition could be seen as a clear and straight description of the process of globalisation. Another definition provided by the online ‘Business Dictionary’, should be added as it points out the changing perspectives in business: “Globalization implies opening out beyond local and nationalistic perspectives to a broader outlook of an interconnected and inter-dependent world with free transfer of capital, goods, and services across national frontiers” (Business Dictionary, n.d.). As Streeten states in his book, Globalisation, Threat or Opportunity?, not only business perspectives and values are changing, but also “The spread of universal ethical norm is to be welcomed, just as the encouragement and nurture of the diversity of local cultures should be celebrated” (Streeten, 2001, p. 8).

3.Emergence of Globalisation
The occurrence and the development of globalisation is as complicated to determine as an accurate definition of the term. The very first emergence of globalisation is subject to different discussions as there are multitudinous approaches and notions. Sklair (2002, p. 29) states in her book Globalisation: Capitalism & its Alternatives that globalisation is to be seen as a recent perception in social sciences even the media covered this topic already for a while. On the contrary Hill (2009, pp. 13-14) relates the appearance of globalisation to the history of business and trade and the technological developments in different eras. Schirato and Webb (2003, pp. 1-9) tried first to understand the term of ‘globalisation’ and the power behind naming a phenomenon, what made it existent for everyone. Also Albrow (2000, p. 21) indicates the complexity of defining a certain take-off for globalisation, but places it as a succession of modernization.

4.Drivers of Globalisation
As the intricacy had been stated clearly in the last paragraph and different perceptions and approaches were addressed, the further focus is to be set on the drivers of globalisation in order to reveal subsequently challenges globalisation had to face. In contrary to the dissension concerning the emergence of globalisation the literature mostly agreed about two main drivers of globalisation. 4.1.1.Diminishing of Trade Barriers

The diminishing of trade barriers through the regulation of international organisations like the former GATT or the WTO had as a consequence the vast increase of international trade and respectively the free flow of goods and services (Dowling, Liesch,...
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