Impact of Globalization on Trade and Commerce: Critical Study
Globalization is described as an extension of the broader local and nationalist view of interconnected global markets with an unlimited flow of cross-border capital, products, and services. Alternatively, globalization can be characterized as the shrinking of the world or the greater unification of the global economic system by removing trade barriers such as tariffs, import quotas, and export taxes. Globalization does not impede the liquidity of the free market. However, when applied to a fragile economy, it can be harmful. When done correctly, globalization leads to a more equitable world order in which wealth is shared equally between the rich and the poor. On the contrary, if the weak are conquered and the strong remain strong, it can have a significant impact on the international order.
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