Regional Integration in a Globalizing World: Thank you Governor Williams for the kind introduction.
New advances, however, constantly help make this trade easier to accomplish. In the past century, advances in trade have grown dramatically. Technologies such as aircraft, the telephone, and the Internet have all contributed to the rise in economic integration, or "globalization.
Finance Opportunities One effect of the increase in globalization is a rise in the opportunities for finance. In the past, entrepreneurs and companies were limited to only local sources of money from investors. As world economies come closer together, however, these limitations on finance sources decrease.
In a global economy, developers have access to investment funds from nearly any country. A company based in Canada, for example, can seek investors from the United States, Mexico, or overseas in Europe or Asia.
While this practice was once rare, it is increasingly common. The increased opportunities for financing are not limited to advanced nations. In less developed areas of the world, such as areas of Africa, new ventures can access funds from countless international sources.
The non-profit group Kiva International, for instance, frequently provides venture funding to poor individuals around the world, allowing them to turn an idea into a sustainable business.
Globalization makes this possible. Language Changes The increase in globalization also has a substantial effect on language. Before global trade was possible, many areas of the world were isolated from a communications standpoint. In the past, it was common for the citizens of a country to have exposure to only their native tongue.
As international trade has increased, however, some languages have become more standard. English, for example, has become widely recognized as the universal form of professional communication. In fact, English is now required for all international airline pilots, regardless of the locations they are flying between.
Globalization increases awareness for many other languages in addition to English.
Languages that may have been considered obscure or useless in the past, such as Mandarin Chinese, are now being studied by many American students and businessmen. Through globalization, many people recognize that the ability to speak more than one language can be a valuable asset in an integrated global economy.
Video of the Day Brought to you by Techwalla Brought to you by Techwalla Cultural Impact Both global trade and economic integration create many cultural effects.
As with language, the culture of a country can become popular in other regions of the world as it is discovered. One common example of this cultural impact is food. Countries in Asia, for instance, have traditionally had cuisine that is very different from Western-style dishes.
This dissemination of culture works in the reverse direction as well, as the popularity of Chinese and Japanese restaurants in North America shows. Globalization allows cultural items such as food, clothing, and entertainment to be easily shared and enjoyed by citizens of any country.
Commercial Advances Many commercial advances are also caused by globalization. These effects are similar to the cultural impacts already mentioned.
Advances in commerce allow goods and consumer items to be easily traded. One of the most popular car companies in North America, for example, is Toyota.
Of course, this company is Japanese.Globalisation and regional integration; a view from Eastern Europe and the FSU∗∗∗∗∗∗∗ Willem H. Buiter Chief Economist, European Bank for Reconstruction and Development. You will be given feedback your group work and your mark from 20% at the end of the third week of the course.
Business Report (20%): The topic of the business report is how regional integration and globalisation affects your organisation which employs you (or how it might do so in future if it does not do so significantly already).
Regional Economic Integration and Globalisation Regional Economic Conference on Euro-Zone Challenges and Opportunities Speech by Angel Gurria, OECD . INTERNATIONAL BUSINESS MANAGEMENT. LESSON 5: GLOBALIZATION, REGIONAL INTEGRATION, PROS AND CONS OF GLOBALIZATION AND HOW TO ENTER FOREIGN MARKETS Learning outcomes: • Acquaint yourself with the concept of globalization.
This paper exploits a new database that is unique in its scale and scope containing detailed information on over two million projects carried out by one million firms that benefited from the European Regional Development Fund, the European Social Fund and the Cohesion Fund in 25 EU member countries during the multi-annual financial framework A review of regional integration shows that whilst regionalism protects against the worst effects of globalisation and unites countries, it also encourages sub‐national movements, thus heightening the dangers of national divisiveness.