World Economy

Masters
Essay
Business
Pages 6 (1506 words)
Download 0
There is no gainsaying the fact that within the last thirty years, there have been gradual but steady shifts in the world economy. The key words have been globalization and convergence. Economies are no longer dependent on their own governments' macro and micro policies, but are now influenced to a large extent by the economies of the outside world…

Introduction

Certain pressures are being exerted on nation- specific factors by this global phenomenon, and left in its trail are transformations in the economy. Any organization that wishes to compete globally and maintain its relevance in the international scene must necessarily be involved in strategic planning.
It is also a truism that there has been a rise in the importance of worldwide relations both in quantitative and qualitative terms. These global factors have led to an increase in the flow of information, knowledge, commodities and capital among nations. Liberalisation is another way of defining these shifts in the global economy, many economies of the world today have opened up their economic space rather than being conservative, as was the practice in the pre-globalization years. Governments are reviewing their economic system in line with today's global realities. In a bid to be relevant in today's world, alignments and re-alignments have taken place and continue to take place globally. The evolution of the European Union is one major reference point in this regard.
It is important to note that in a capitalist economy, also known as a free-market economy; where the means of production belongs to private individuals or firms; there has been a dramatic change in the mode of operation of these firms.
Ordinarily within a domestic economy, organ ...
Download paper
Not exactly what you need?

Related papers

GCC economies and their role in the world economy
The Gulf Cooperation Council (GCC) was formed on May 26, 1981. The GCC is an organization specifically formed to unite the Arab oil producing countries. Its major operation angle is to the southern regions of Asian continent. GCC is made up of six active Arabian countries that involve the Saudi Arabia, United Arab Emirates, Kuwait, Oman, Bahrain and Qatar. However, some new applications for…
How Have Changes In The World Economy Since 1945 Affected Room For Manoeuvre Of Multinational Firms?
The end of the Second World War brought about a variety of global changes, from the political, to the economic, the social, and the cultural. These changes helped the global recovery of many countries which were damaged by the war. Significant investments to industries and rebuilding activities were made by various corporations soon after WWII and these activities were spread out in various parts…
Te major Effects of the Recent Japanese Earthquake and Tsunami on the World Economy
This study aims at gaining insights into the impacts of Japanese tsunami and earthquake upon the global economy especially the East Asia (Isidore, 2011). The Main Focus It is noted that Japan was facing certain kinds of structural pressures before the earthquake and the tsunami took place. The main problem with the country was related to the ageing workforce and the nonexistence of the immigration…
How Have Changes in World Economy Affected Room for Manoeuvre of Multinational Films
In the arguments by analysts in the business world, the ongoing crisis facing the globe cannot be confined to a discussion of how the countries should survive in the tough times, since the crisis has a long way to go to find lasting solutions. However, they advocate for an understanding of the variances between the countries and the policies that would have a long term solution to the crisis as…
What direct global impact did bailing out the U. S. banks have on the world economy?
Yet, it was also a fact that the economic meltdown was impacting the economies at a global level and threatened the livelihood of many in a world that is increasingly interconnected (Scott, 2008, p. 57). In that context it would be true to say that the US bank bailout was necessary to save the world economy and such a drastic approach was indeed ethical in its approach and ramifications. The…
The world trade organization - is it a positive influence on the world economy?
Decisions in the WTO are normally made through negotiation among all of its members and they are approved by the member countries’ legislatures.1 Trade conflict is handled through the dispute settlement system of the WTO where the emphasis is on making sure that trade policies of member countries comply with agreements. This paper argues that the WTO is a positive influence on the world economy.…
World Economy
Certain pressures are being exerted on nation- specific factors by this global phenomenon, and left in its trail are transformations in the economy. Any organization that wishes to compete globally and maintain its relevance in the international scene must necessarily be involved in strategic planning.…