The Impact of Globalization on the World Economy in the Global Market and Production

Okoro, Chineme Blessing and Nebo, Ogochukwu E.S. and Okoro, Victoria Ikodia (2017) The Impact of Globalization on the World Economy in the Global Market and Production. International Journal of Advanced Academic and Educational Research, 13 (2). pp. 105-115. ISSN 2360-9909,

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Abstract

The study evaluated the extent to which globalization of market and production affects the world economy. The work adapted three theories; Liberalism, Transnationality and Transnationalism. The Data for the study were obtained through secondary data. Findings from the study showed that Globalization has numerous facets, including the globalization of markets and the globalization of production. A fundamental shift is occurring in the world economy. We are moving away from the world in which national economies were comparatively self-contained entities, isolated from each other by barriers to cross-border trade and investment; by distance, time zones, and language; and by national differences in government regulation, culture, and business systems. And we are moving toward the world in which barriers to cross-border trade and investment are declining; perceived distance is shrinking due to advances in transportation and telecommunications technology; material culture is starting to look similar the world over; and national economies are merging into an interdependent, integrated global economic system. The process by which this is occurring is commonly referred to as globalization.

Item Type:	Article
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory
Divisions:	Faculty of Management and Social Sciences
Depositing User:	mrs chioma hannah
Date Deposited:	26 Apr 2019 11:47
Last Modified:	04 Sep 2020 11:38
URI:	http://eprints.gouni.edu.ng/id/eprint/1335

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