The World of Regionalism and Globalism Essay Example | Topics and Well Written Essays - 2500 words

The World of Regionalism and Globalism - Essay ExampleGlobalisation is the process by which the non-homogeneous world economies become increasingly interlinked resulting in a worldwide economy characterized by global scotch policymaking conducted by mandated international agencies such as the World Trade Organization (WTO). However, Globalization can also be perceived in terms an emerging global culture in which people go through similar goods and services across boundaries in addition to having a common business language for instance English. The continued integration of world economies enables efficient and effective economic interaction and in turn, they are progress promoted by it (Todaro and Smith, 2003).The increased interaction and integration leads to improved openness and willingness of different economies to undertake international tidy sum which paves the way for financial flows and direct foreign investment. Therefore, Globalization enables the increased mobility o f factors of production chief among them capital and labor party which facilitates business carried out among states and global business actors. Global business actors, in this case, refer to the private domain actors who are in subordination of assets in more than one country and are also referred to as multinationals or multinational corporations (MNCs). The importance of this group in the assessment of globalization is based on their control over a growing share of international trade flows which are beyond the reach of their invoke governments (Bremmer, 2010).