Monday, August 26, 2019

Globalization and the gains from international trade Essay - 2

Globalization and the gains from international trade - Essay Example n controlling trade is still enormous and many governments are increasingly accepting it as the norm rather than the exception (Tung and Henry, 2009). Debates in recent times centre whether globalization is diminishing trade or increasing it. Questions have been raised on the state the traditional roles and national governments sovereignty play over trade, and the effects that these portend in promoting fairness or inequality among countries. Others have zeroed on the balance of trade and trade payments the less developed countries, the developing countries vis-Ã  -vis the developed world, and the focus on the glaring policy intervention differences between the global north and the global south. This paper states at the outset that: Whereas globalization has been touching on every aspect of society today, scholars and thinkers alike have not agreed on a universal single definition of the term. Instead, a number of definitions, conceptualizations, and perspectives exist depending on which lens one views the concept. In Kemp’s world, the gains must be examined within the confluence of world tarries such that no country in the pedestal of globalization would be worse off than in the smaller customs union (Kemp, 1987). Kemp (1987) observes that the phenomenon of globalization has been extensively used in the world, specifically in admired discourses and policy issues. For him, globalization is a term that describes ways in which the world is progressively more interrelated, organized, and interdependent through a set of socially reinforced processes that is controlled by customs. These processes include among others, integration of markets, nation states and technologies to a scale that is aiding individuals, corporations and distinct governments to access and ‘navigate’ the world much more, more rapidly, much deeper an by less costly methods (Kemp and Wong, 1995). Kemp further characterizes the global economy and trade as that which is based on spread and

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