Economics of Globalization Oz Assignments

Economics of Globalization Oz Assignments

Economics of Globalization Oz Assignments

Introduction

In the article, Globalization in the age of Trump written by Pankaj Ghemavat the author has share information related to the globalizations to financial depression in the modern era of business work operation. It can be said that the author has focused on various International business facts that shed lights upon the Globalization reversal and statement made by various scholar in the globalization context. The author has also discussed about emerging trends in globalization and has defined globalization in a modern way. The author has specifically stated that protectionism will change the strategies and ways in which companies approach their business activities.

Analysis of the problem verified in the article

The main problem that has been detected in the article is about the how there were change in sentiments related to globalization and how the anti globalization elements emerge in the market that have affected the globalization process in countries like America, and Europe. The leaders in business are now covered with how to deal with such anti globalization sentiment on what should be the strategy whether the globalization should be reversed or the approach to globalization should change. One of the major elements which the author has defined in the article is that majority of the business is not globalized as most people think it is where as tradewar can be ignored as international trade will still be very huge to be affected from two countries involved in a trade war. This sets out a question that whether there are any sentiments of globalised or borderless business left in the world. The author has stated that the long myth borderless business has come to end with evolution of events like trade war. The ter, hoderless business mean that very company in any country can early trade with other company in accordance to the WTO guidelines. However events like Trade war have now defined thesis borderless trading and have turned in a warfare trade in which companies in one country will not trade with other in which the country are indulge in trade war. It can be said that the events of Brexit is a very vivid example that can be seen in the age of globalization s where there should be strength added to a organization like European union meant to promote international trade and business. However, by defying the odds UK exited the faction that left with the question in anti globalization segment of the country. It seems hat in age where everyone is supporting international trade and globalized business environment events Like Brexit have shows that there is growth in anti International trade sentiments. The trade war between America and China can also be regarded as clear experience on the trade war going on the international market. The author has clearly stated that sentiment of globalized working environment will tend to only affect the real approach which the company should have in their global operations. The major problem that has been identified in the article is that every national economy will get hampered through the events of trade wars. The author of the article also identified the inefficiency of many company to compete and operate on the global stage.

Critical evaluation of the problem

Critically evaluating the problem that has been stated in the above stated article it can be said globalization and anti globalization sentiment has been the key elements of such problems. The approach of two different companies might be different for globalization that may lead to such contradiction. Whereas on one hand companies are looking to trade internationally country’s like US and UK have engaged themselves in trade wars which will ultimately have affected the globalization of the company. It cannot be said that going into trade war with one company can lead in stoppage of the company's over international trade but its can defy the term globalization and borderless trade which has been set by all these country pre globalization and financial depressions (Costinot & Rodríguez-Clare, 2014). The author has stated correctly that in the modern day globalization has become a word as there is no proper strategy to it for competing against non or anti globalization elements in the world. Globalization is not easy brim gimng form on an international scale to trade is not easy but competing with anti globalization elements oppostn free flow of trade between any country is harder to tackle. It can be considered as main problem to the company. The other problem that the author has pointed out in the article is the world is still not accepting the fact that globalization as well as international trade of companies are under serious threats which could lead to further problem situations. It can be said that the author has prominently displayed the problems in managing anti globalization elements from the organization that can lead to end of Global trade and globally accepted business activities. The borderless trade and anything related to the same will start to diminish. This is serious problem for the firm wanting to grow on global circuit and wanting to grow their business in different countries and globalization will lack the essence of being a tool through which companies go for international trades. It can also be sated that the author pointed put the problems in the company going out for globalizing themselves in the market. The author pointed out that companies have been in scrambled operations while globalization themselves on the market. The author mentioned correctly that most of companies want people in different country to accept what they produce without any modifications this is why the fail globally and many countries do not enter the global context of trade and business. The other problem which author stated was that the companies have low research before entering a foreign trade and foreign market due to which they fail to provide effect in operating in global context failing to have a good run in global circuit although they are doing well in local and domestic market (Altbach, 2015).

Analysis of the solutions produced by the author

From the above-stated problem the article provided a solution which was significant to mitigate the problems. Now it can be said that the problem of anti-globalization element can only be solved through efficient use of power which WTO has although the author feels that until now the Globalization phase of many company are alive although increase in trade wars and Events lIke Brexit will make life of globalization doubtful. The power like America and UK will have have proper globalization strategy to make the globalization process successful and help the reader to get away from situations like Financial depression in their future days of operations. The author has stated that enhancements of trade between every and any country will help the company in determining their strength and will ensure that worldwide trade is promoted through this. Keeping the national affair aside all the company should look forward to combined effort of promoting international marketing trade and business within different companies this will ensure high economy and GDP of countries involved in this economic trade. It was also recommended by the author that companies should avoid events like trade war and exiting some trade and business organization to ensure the integrity and promoting trade is maintained in significant manner (Puga & Trefler, 2014). It can be said that through the initial subject analysis of the author it was seen that international trade has gone down hence the author has suggested that countries have to come up and companies within the country have to come up in order to raise effective enhanced in the international trade of the company. The author also resembles companies to being the only elements in the international that can improve the current situation. The author has suggested that in order face the current situation effective steps are to taken by the new company which are entering the global circuit. The author has stated that companies entering in the global trade have to be more focused on research the taste and requirement of the countries in which they are trading in this will boost the sales and will increase the trade of the company. The research on tastes and preferences of the population and market demand of the place relating to the trade products should be, more researched by the company, as it will help the organization in operating fairly well in international trade. For this propose the author has suggest the companies wanting to go in international trade and globalized market to invest more in there research and development as this will help the form to present the good of the products as in the demand of the customers. Modification of products in accordance to the demand of the customer will eventually help in boosting trade as well to increase the overall globalized operation of the firm. This procedure will also help company’s in operating on the global platform efficiently and to boost up there trade. It can be said that through the use of effect marketing and research companies will be able to produce products accordance to the consumer’s demand increasing its sales in the foreign market and increasing the following in trading in a foreign market. Other this the author has laos recommended some solutions to the firm which will help the following in cross border trade and business the author recommend exploitation of economic scale in term, of labour cost, tax regimes and others to increase international operations of the firm. Hnec on this term globalization will be fully success and the companies will; be able to operate on a global context (Gilpin, 2018).

Limitations of article

Now there some limitations which were found in the article:

First of all the author considered that events like trade war and Brexit to be major reasons which can cause end of global trade. It can be said that though events like Trade war and Brexit are reasons to affecting globalization but they cannot be considered as sole reasons to the downfall of the globalization. Trade wars and Brexit play a huge role but they are not the only cause anti globalization sentiments are more than these two event which was not discussed by the article which ,limits the extent on discussion which the article made on the anti globalization elements. The author in this articles discussed about events like Brexit and Trade Wars but did not analyzed the roots causes to such events which again limited the extent of knowledge which was provided to enlighten on the procedure which are to be avoided by the countries to avoid conditions and situations leading upto a trade war. This also limited the knowledge regarding what are major dimension based on which trade wars and event like Brexit can be avoided. This would have even provided and better solution for boosting trade and international trade for future globalizations of various companies. It can be said that the article was also limited on giving accommodation for companies to enter in global market easily which would have helped the article to provide enhanced view on the ways t\international trade can be boosted. The article although stated the ways in which companies can succeed in foreign and cross border trade but lacked the essential information related to the strategies which companies should follow while entering in a specific cross border as well as foreign market.

Conclusion

Concluding in the light of above context it can be said that event like trade wars and Brexit can be a major contributor in downfall globalization or globalization reversal. It can be said that the anti globalization elements should be eliminated effectively to ensure efficient cross border trade. International trade should be made easier to make sure that every aspect of business is covered and that the company’s choosing to operate and a global context are able to operate effectively.

References

1. Altbach, P. (2015). Higher knowledge and education and the WTO: Globalization run amok. International Higher Education, (23).
2. Costinot, A., & Rodríguez-Clare, A. (2014). Trade theory with numbers: Quantifying the consequences of globalization. In Handbook of international economics (Vol. 4, pp. 197-261). Elsevier. https://doi.org/10.1016/B978-0-444-54314-1.00004-5
3. Gilpin, R. (2018). The challenge of global capitalism: The world economy in the 21st century. Princeton University Press. Retrieved from:https://books.google.co.in/books?hl=en&lr=&id=Gf9ZDwAAQBAJ&oi=fnd&pg=PP1&dq=international+trade+globalization&ots=Mi3JnRlYsD&sig=2SwDX6LR0cyME2onj9T5nLZqc6g#v=onepage&q=international%20trade%20globalization&f=false
4. Puga, D., & Trefler, D. (2014). International trade and institutional change: Medieval Venice’s response to globalization. The Quarterly Journal of Economics, 129(2), 753-821. doi.org/10.1093/qje/qju00