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Impact of Globalisation and Innovation on the Business Operating Strategies of International Financial Institutions and Systems-
Finance & Accounting
Pages 12 (3012 words)
Globalization Globalization is a process that has evolved over the past few decades. It is a mechanism through which the connectivity and linkage between world’s markets and businesses increases (Investor Words). Thus, foreign exposure, communication and transportation have become easy…
This has not only increased international trade but has also nurtured human resource development. Thus, the globalization theories set perfect on the principles of “Ricardo’s Comparative Theory.” Although, globalization has revolutionized today’s world, there exist opponents of this trend. This includes aid organization such as Oxfam and the G77 countries (Investor Words). History of Globalization The Industrial Revolution seemed to sow the seeds of the globalization that was to come years later. The concept of globalization has gone through several ups and downs. The globalization came to an end after the World War 1 when more countries planned on practicing isolationism (Globalization, Encyclopedia of Business). There were several rules and regulations imposed regarding foreign trade and so treaties were signed that assured barriers to foreign trade in the form of duties and tariffs. The Smooth Hawley Tariffs of 1930 is a famous one (Globalization, Encyclopedia of Business). However, after World War II, Bretton Woods resulted in the formation of World Bank, International Monetary Fund and General Agreements on Tariffs and Trade (Globalization, Encyclopedia of Business). This was the beginning of a new phase of globalization. ...
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