What is global economy?

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An Introduction to the Global Economy

Abstract

With a view to considering the extent to which an increasingly global economy with more effective economic integration has been achieved, it is necessary for this essay to show an appreciation of the relevance of the principles of globalisation in this regard that have served to effect the way international economic law is developing. On this basis, it is considered to be of particular interest to show and appreciation of the World Trade Organization’s position in view of the fact that it has sought to both regulate and enhance international trade relations between developed and developing countries. In addition, it will also be for this essay’s discussion to look to show a clear understanding of the fundamental issues raised due to the ever increasing levels of international trade between countries including how they should deal with concerns pertaining to this kind of trade.

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Therefore, this essay will not only deal with the issues of legality and regulation that are linked with the recognition of the principle of globalisation with a view to producing what is considered to be a truly global economy, but also provide for an evaluation of traditional understandings of nationality and how they are being dealt with regarding the development of international economic law. Moreover, it will also be shown how international economic law has moved towards dealing with issues of international trade including the prevalence of the principle of free trade and how countries are becoming increasingly intertwined on a commercial level with a view to ensuring consistency between nations. Finally, this essay will seek to conclude with a summary of the key points derived from this discussion with a view to recognising the increasing levels of economic integration achieved in the global economy.

Introduction

The concept of globalisation describes how regional cultures, societies, and economies have become integrated through an international trade network. Principles in this regard are commonly driven through factors of economic, technological, sociocultural, political, and biological combined – although it is also related to the transnational circulation of ideas, languages, or popular culture. According to the United Nations Economic & Social Commission for Western Asia, globalisation is a broad term that can be defined in a varied manner. However, when the concept of globalisation is used in the context of the economy, the related principles have referred to the barriers to trade being reduced and even removed across national borders to provide for a much greater flow of goods, capital, labour and services. Nevertheless, whilst globalisation is not a new phenomenon, the process, begun at the turn of the late nineteenth century, has seen its effectiveness slowed somewhat steadily from World War I until the end of the twentieth century. This development arose from the inward-looking policies pursued by many countries to protect numerous industries before globalisation increased rapidly again as relations between countries were made more certain leading to enhanced economic growth.

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