Globalization in the Economy and its Consequences Essay - 550 Words

Globalization in the Economy and its Consequences (Essay Sample) Content: Globalization in Economics and its Consequences The growth of global networking in the sectors of communication, transport, and trade has led to an amalgamation of production and consumption processes in the international market. Consequently, the modern world has become more integrated both culturally and economically. Bhagwati (2004) defines economic globalization as the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology (p. 5). In simple terms, globalization can be equated to making the entire world function as one country. The quest for economic growth through globalization has had both positive and negative consequences on different national economies. Many economic benefits have been realized through globalization. Reduction of barriers in several countries, economically and politically, has been beneficial to global organizations in acquiring discounte d labor and unprocessed materials not available in their home countries. A good example is China, which reduced its tariff rate by almost 13 percent after joining the World Trade Organization (Milanovic, 2002). Globalization has led to a rise in the production ability of many global firms and provided them with a global customer base. The growth in industrialization has resulted in creation of employment opportunities, growth of Gross Domestic Product (GDP), and an overall improvement of living standards worldwide (Garret,2000). In the fiscal sector, globalization has integrated financial markets, leading to improved provision of financial services. For instance, external financial borrowing has significantly improved because of globalization. Countries such as Japan and Malaysia have had rapid development due to external financial borrowing (Vogel,1991). Technological advancements in satellites, the internet, and fiber-optic communication have significantly reduced costs of commu nication and improved trading across borders and other business activities. For example, it is now possible to outsource labor, buy products, and organize shipment through the internet. In as much as globalization has led to economic growth in most countries, the process has also had negative consequences in some national economies, especially in the third world. Longworth (2007) describes a quality of life indicator called the Human Development Indicator (HDI), which measures changes brought about by globalization. According to the HDI, the worlds richest countries have experienced increased development as a result of globalization, while the poor nations have had a slow growth rate. This has made globalization a process through which rich and powerful economies continuously plunder poor and weak nations. The benefits of globalization are realized by countries that can compete effectively in the international market. Poor nations lack this ability and power and have to negotiate w ith the rich nations on unequal terms. Furthermore, the forces of globalization do not take into account social injustices such as Asian and South American sweat shops, where underpaid citizens of poor nations face labor-related injustices in producing goods for the first world market. Glob... Globalization in the Economy and its Consequences Essay - 550 Words Globalization in the Economy and its Consequences (Essay Sample) Content: Globalization in Economics and its Consequences The growth of global networking in the sectors of communication, transport, and trade has led to an amalgamation of production and consumption processes in the international market. Consequently, the modern world has become more integrated both culturally and economically. Bhagwati (2004) defines economic globalization as the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology (p. 5). In simple terms, globalization can be equated to making the entire world function as one country. The quest for economic growth through globalization has had both positive and negative consequences on different national economies. Many economic benefits have been realized through globalization. Reduction of barriers in several countries, economically and politically, has been beneficial to global organizations in acquiring discounte d labor and unprocessed materials not available in their home countries. A good example is China, which reduced its tariff rate by almost 13 percent after joining the World Trade Organization (Milanovic, 2002). Globalization has led to a rise in the production ability of many global firms and provided them with a global customer base. The growth in industrialization has resulted in creation of employment opportunities, growth of Gross Domestic Product (GDP), and an overall improvement of living standards worldwide (Garret,2000). In the fiscal sector, globalization has integrated financial markets, leading to improved provision of financial services. For instance, external financial borrowing has significantly improved because of globalization. Countries such as Japan and Malaysia have had rapid development due to external financial borrowing (Vogel,1991). Technological advancements in satellites, the internet, and fiber-optic communication have significantly reduced costs of commu nication and improved trading across borders and other business activities. For example, it is now possible to outsource labor, buy products, and organize shipment through the internet. In as much as globalization has led to economic growth in most countries, the process has also had negative consequences in some national economies, especially in the third world. Longworth (2007) describes a quality of life indicator called the Human Development Indicator (HDI), which measures changes brought about by globalization. According to the HDI, the worlds richest countries have experienced increased development as a result of globalization, while the poor nations have had a slow growth rate. This has made globalization a process through which rich and powerful economies continuously plunder poor and weak nations. The benefits of globalization are realized by countries that can compete effectively in the international market. Poor nations lack this ability and power and have to negotiate w ith the rich nations on unequal terms. Furthermore, the forces of globalization do not take into account social injustices such as Asian and South American sweat shops, where underpaid citizens of poor nations face labor-related injustices in producing goods for the first world market. Glob...

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Evolution Within a People in A Dolls House and An Enemy...

Evolution Within a People in A Dolls House and An Enemy of the People by Henrik Ibsen In all cultures it is easy to see the effects of change. Change can be a revolution, a new form of thought, or a new idea surfacing. No matter what these changes are, they often emerge from the minority. In several cases this results an uprising, turning the social system on end. Simple examples of this type of change can be seen in the French or American revolutions, and even in the hippie movement of the 1960s. These changes depict how an idea shared only by a select few can snowball into the mindset of thousands. Within A Dolls House and An Enemy of the People, Henrick Ibsen shows his standpoint on the benefits of social change, and†¦show more content†¦She discovers how selfish her husband truly is when she is momentarily caught into a scandal. Though she would do anything to protect him, he would not raise a finger to assist her if it meant tarnishing his social standing. Upon discovering this, Nora stands up for herself and leaves all that she has known in orde r to find her true identity, and save her children from a similar fate. This evolution of character embodies a revolution within the female half of the population. Nora represents a faction of the population which was widely unrepresented, and generally considered the lowest minority. Through A Doll?s House, Ibsen shows his love of social change. An Enemy of the People presents a very different form of change. In this instance a very important figure in the society, Dr. Stockholm is the minority. He finds an error in a recently built bath house that is currently funding a large portion of the city. Stockholm immediately notifies everyone possible, and begins the process to correct the error. His brother, the mayor (representing the majority), tries to hush up the whole problem in order to search for a method that will allow for financial gain to continue from the baths, while fixing the problem. Dr. Stockholm refuses to be quieted and continues to barrage the people with his drive to work his solution. The mayor quietly reminds the people of the monetary issue, and the turn against the doctor, calling him an enemy of the people.Show MoreRelatedThe Changing Relationship Between Individual and Society in Modern Drama3272 Words   |  14 Pagesmankind; theirs is the role of observing, criticising and evaluating. A common theme visited by playwrights in modern drama, was the question of the relationship between the individual, and the society in which he lived. The Norwegian playwright, Henrik Ibsen, who wrote in the last half of the 19th Century, broached the subject from a rather feminist angle, stipulating that it was wrong to view an individual woman as a nonentity without rights outside the role of motherhood or marriage; In the 1930sRead MoreRhetorical Analysis Of Harold Pinter s The Room 9709 Words   |  39 Pagesnot realism† (Pinter, Harold Pinter: Plays, 2 ix) Widely acknowledged as one of the great post-war generation dramatists, Harold Pinter’s fame rests on not only his popular dramas but also on his political activism which is rooted in his concern for people and their condition in realms which can be termed as social, professional or political. In fact it can be said that many of his works starting from the early comedies of menace to the later overtly political plays run parallel to his political activism

Partnership Vs Joint Venture-Free-Samples for Students-Myassignment

Question: Prepare a Consultative report that Critically analyses: The key features of a partnership as compared to those of a joint venture Legislation applicable to both the partnership and to the joint venture The differences between the two business structures The advantage and disadvantages of each method of business organisation Answer: Introduction In Australia, there are different forms of unincorporated business structures which can be selected by the parties, in order to carry forward their business. The two key options are that of partnership and joint venture. Making the decision between which one is the most suitable for the business of the person requires a comparison to be made between the available choices and to consider the different advantages and disadvantages of the two options. In the following parts, an attempt has been made to analyse which unincorporated business structure proves best for Xiaojing, Lance and Nick, particularly with regards to their herbal product business. Partnership vs. Joint Venture A partnership is a business arrangement which takes place between two or a higher number of parties, in order to carry on business in combined manner and to share the profits and losses in an equal manner. Joint venture on the other hand, refers to the business which is formed between two or a higher number of parties, but for a limited time period or for a specified purpose. Thus, joint venture can be deemed as a partnership undertaken for a limited time period or for undertaking only a particular task. This makes the ambit of partnership quite larger than that of a joint venture. A joint venture is formed where two different firms come together to run a common business for a limited time period; whereas a partnership is formed for carrying unified business as a going concern by different partners (Latimer, 2012). In Australia, each state and territory has their own partnership act, which applies over the partnerships undertaken in that jurisdiction. For instance, in the jurisdiction of New South Wales, the Partnership Act, 1892 is applicable; and for Victoria, the Partnership Act, 1958 applies (Australian Government, 2017). In Australia, a joint venture can be established in a contractual manner, as a corporate or in certain specified manners. The manner of formation of contract dictates the regulation of joint venture. When the same is formed in contractual manner, it is regulated through contract law; when it is drawn as a corporate, the Corporations Act, 2001 (Cth) applies; and depending upon the other form, the other laws apply (Handley, Knox, Davis, Caddy Zambotti, 2017). Hence, for joint ventures, there is no unified or particular law which applies, as is still present in cases of partnership, through different yet common partnership acts. In a partnership, the business of the partnership firm is carried on by the partners, whereas, in a joint venture, the business is carried on by the parties of the joint venture. A key feature of partnership firms is that minors can be partners in a partnership firm and thus, can obtain the benefits of the partnership firm. However, a minor cannot be a party to the joint venture. A partnership is formed with the aim of sustaining it for a long time and is deemed as a going concern; whereas the joint venture is made for a particular period (Gibson Fraser, 2014). The joint venture agreements usually cover a clause of the manner in which the joint venture is to be liquidated. It also provides the manner in which the profits (or losses) would be shared between the parties upon the completion of period of joint venture or upon the competition of the task for which the joint venture had been formed. So, a joint venture provides the manner of its end. The partnership on the other hand is e nded through dissolution of partnership firm, owing to the death of partners or a deadlock being the partners (Singh, 2015). It is important for a partnership to have a trade name, which is not an obligation for the joint venture. When it comes to the ascertainment of profits, the same is done in partnerships in an annual manner; and for joint ventures, it is done when the venture is ended or as per the term covered under the joint venture agreement. The valuation of the joint venture is done at its end, whilst the valuation of the partnership is done each time a new partner is added or an old partner leaves the partnership firm. It is obligatory to maintain separate books of accounts in cases of partnerships, whereas the same is not an obligation for the joint ventures. The aim of partnership is to earn profits, whereas in joint ventures, the key aim is to fulfil the venture which has been undertaken and simultaneously earn profits (Gabriel Marcus, 2010). Each form has its own advantages and disadvantages. In a partnership, the biggest drawback is that the partners have unlimited liability. This means that the partners can be made personally liable for the debts of the partnership. Apart from this, upon the death of all the partnership, the partnership comes to an end. Also, each partner is jointly and severally liable towards the partnership firm and the agency law makes the firm liable for the acts of the partners. However, there are a number of benefits of partnership in the sense that it is easy to establish and the cost of starting a partnership is very low; a higher resource availability is also attained both in financial and non financial terms, including the talent pool; there is a limit on external regulations; and the business of partners remains a private affair (Tasmania Government, 2017). A joint venture has benefits as it allows the capacity to be increased, allows new markets and distribution networks to be accessed, allows access to higher resources as two firms combine their resources; and also allows sharing risks and costs with the co-venture party. The drawbacks of joint venture include high cost of setting up; lack of clarity in responsibility; lack of proper leadership; and the lack of full interest of the parties owing to the same being carried on for a specified period (Invest Northern Ireland, 2017). Conclusion In the preceding parts, the discussion carried on highlighted the different aspects of partnership and joint venture. On the basis of the comparison carried on between the two forms, it is recommended to Xiaojing, Lance and Nick to opt for a partnership form for running their herbal product business, particularly due to the going concern status and the ease of formation of partnerships. References Australian Government. (2017). Partnership. Retrieved from: https://www.business.gov.au/info/plan-and-start/start-your-business/business-structure/business-structures-and-types/partnership Gabriel, J., Marcus, A. (2010). Financial Accounting. New Delhi: Tata McGraw Hill. Gibson, A., Fraser, D. (2014). Business Law 2014 (8th ed.). Melbourne: Pearson Education Australia. Handley, A., Knox, M., Davis, B., Caddy, M., Zambotti, L. (2017). Joint ventures in Australia: overview. Retrieved from: https://uk.practicallaw.thomsonreuters.com/0-616-8149?transitionType=DefaultcontextData=(sc.Default)firstPage=truebhcp=1 Invest Northern Ireland. (2017). Joint ventures and business partnerships. Retrieved from: https://www.nibusinessinfo.co.uk/content/joint-venture-benefits-and-risks Latimer, P. (2012). Australian Business Law 2012 (31st ed.). Sydney, NSW: CCH Australia Limited. Singh, S. (2015). Difference Between Joint Venture and Partnership. Retrieved from: https://keydifferences.com/difference-between-joint-venture-and-partnership.html Tasmania Government. (2017). Partnership advantages and disadvantages. Retrieved from: https://www.business.tas.gov.au/starting-a-business/choosing-a-business-structure-intro/partnership-advantages-and-disadvantages