Globalization

Description:

Globalization is the growing interconnectiveness reflected in the expanded flows of information, technology, capital, goods, services, and people throughout the world (p.10 NIC report Mapping the global future???. Therefore the globalization of markets is the growing interconnectiveness of markets, like financial markets, labor markets, trade markets etc.

With this interconnectiveness of markets, several international agreements such as the General Agreement on Tariffs and Trade (GATT), had to be made to ensure harmoniousness among the different countries. Therefore intellectual property laws, harmonization of intellectual property laws across nations (generally speaking, with more restrictions), and supranational recognition of intellectual property restrictions (e.g. patents granted by China would be recognized in the US) were necessities.

Enablers:

• Increase in technology especially information technology
• Increasing participation of China and India in the global markets
• Decreasing power of communism
• Increasing power and number of global companies.

Globalization is caused by four fundamental capital flows are:[1]

• Human Capital (i.e. Immigration, Migration, Emigration, Deportation, etc.)
  
• Financial Capital (i.e. Aid, Equity, Debt, Credit & Lending, etc.)
  
• Resource Capital (i.e. Energy, Metals, Minerals, Lumber, etc.)
  
• Power Capital (i.e. Security Forces, Alliances, Armed Forces, etc.)
  

Inhibitors:

• Increasing disparity of poor and rich
• Increasing difference between islamic and non-islamic countries.
• Pandemic disease
• Cultural differences
• Diminishing of SMEs

Paradigms:

Laws and regulations should be made on a global basis.

Possible decreasing power of governments and increasing power of companies, which set a totally different political and economic arena. The rules to adhere to in this situation has yet to be created.

Web Resources:

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