NSU Factors that Contribute to The Globalizations and International Trade Responses

1-Hello Class!

We live in a globalized world. We can interface immediately with any corner of the world by wireless, email, texting, teleconferencing, and we can travel anyplace extraordinarily quick. Globalization is an insurgency that as far as degree and importance (Salvatore, 2012). The expanding mix of economies around the globe, especially through exchange and budgetary streams, yet in addition through the development of thoughts and individuals, encouraged by the transformation intel interchanges and transportation. similar to the Industrial Revolution, however while the Industrial Revolution occurred longer than a century, the present worldwide upset is occurring under our very eyes in 10 years or two. There are several institutions appointed towards regulating and monitoring the international markets; World Trade Organization (WTO), World Bank, International Monetary Fund (IMF), and the United Nations (UN).

Issues of sovereignty and potentially more original thoughts of restrictive or pooled sway are raised by the development of worldwide administration, regardless of whether an established settlement on worldwide government is as inaccessible a possibility as it at any point seemed to be as per (Dyer, 2011). On the off chance that we can ponder worldwide administration, at that point we can consider the comparing political network and common society, yet whether this is or ought to be a worldwide, world, or global society stays tied up in the cosmopolitan-communitarian banters about character and the locus of political and moral life. There doesn’t appear to be anything about ecological administration specifically that dodges these issues, and accordingly while the issues and guarantees they involve must be considered with regards to natural arrangement, settler tendencies appear to be more subtle in the natural setting than somewhere else on the political guide. Henceforth, administration and obstruction in regard of worldwide ecological governmental issues is an issue, yet perhaps shows up less squeezing than it is somewhere else. The threat remains that different unpalatable parts of present day political life may discover articulation through natural arrangement whether proposed or not: specifically, the logical and specialized premise of much ecological strategy may give a screen to control by mechanical elites through evidently ‘nonpartisan’ or ‘objective’ administrative ways to deal with administration, with the end goal that endeavors to direct natural change may prompt technocracy instead of majority rule government.

Reference:

Dyer, H. (2011). Eco-imperialism: Governance, resistance, hierarchy. Journal of International Relations and Development, 14(2), 186-212. doi:http://dx.doi.org/10.1057/jird.2011.2

Salvatore, D. (2012). Introduction to international economics (3rd ed.). Hoboken, NJ: Wiley.

2-Hi Classmates and Professor,

According to Salvatore, the current International Economic Problems and Challenges are:

1. Slow Growth and High Unemployment in Advanced Economies after “the Great Recession” – we have seen the US subprime crisis affecting millions in the US and Europe.
2. Trade Protectionism in Advanced Countries in a Rapidly Globalizing World- relates to import and export of goods and services between nations
3. Excessive Fluctuations and Misalignment in Exchange Rates and Financial Crises – this is due to poor exchange rates handling.
4. Structural Imbalances in Advanced Economies and Insufficient Restructuring in Transition Economies – poor regulations on a nation’s reserves.
5. Deep Poverty in Many Developing Countries – Asian countries like China and India are growing rapidly versus African countries facing deep poverty.
6. Resource Scarcity, Environmental Degradation, Climate Change, and Unsustainable Development – we are finite individuals, and the environment needs attention, we can destroy it if no one takes care of it.

The World Trade Organization has 164 members since July 2016, representing 98% of the world. It has a role to be help developing countries with trading agreements. A few years ago, the Trump administration complained that China is not market-oriented economy blaming the WTO rules. The US complaint that China doesn’t play well increasing tariffs, domestic content requirement such as intellectual property (IP). However, the WTO states that China has a different economic structure. Americans would like better support from the WTO by making China a freer market economy (Bacchus, 2018). In my opinion the biggest issue with the WTO is the ability to enforce laws and policies.

The International Monetary Fund is an organization of 190 countries, cooperating and working together to secure financial struggles. This organization objective is to assist poor countries with unemployment and lessen poverty. This organization gets its money from members, and they decide who will receive a loan. However, The IMF is highly criticized because they lend money to countries that will not payback their loans. For example, the Zimbabwe case back in 2004 when they didn’t pay back money borrowed summing up to US$295 million (IMF, 2004). In my opinion the biggest concern here will be the ability to collect money borrowers.

The World Bank Group consists of five institutions that have a few things in common such as, eradicate poverty, increase prosperity, and promote sustainability. This year the World Bank Group is under investigation for connection with fraudulent and corrupt practices under a water environment project in China. The allegations are that they have paid brides to local government in exchange for a contract. In my opinion, corruption and fraudulent activities has undertaken the integrity of the World Bank (World Bank, 2021).

Reference

Bacchus, J. (2018, November 15). cato.org. https://www.cato.org/policy-analysis/disciplining-chinas-trade-practices-wto-how-wto-complaints-can-help-make-china-more#introduction.

IMF, (2004, July 8). Press Release: IMF Considers the Complaint Regarding Zimbabwe’s Compulsory Withdrawal from the IMF. IMF. https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr04139.

Salvatore, D. (2013). In International economics (pp. 13–15). essay, John Wiley & Sons.

World Bank, (2021, June 16). World Bank Group Debars Zhejiang First Hydro & Power Construction Group Co. World Bank. https://www.worldbank.org/en/news/press-release/2021/06/16/world-bank-group-debars-zhejiang-first-hydro-power-construction-group-co.

3-thanks for your contribution to this week’s discussion; your assessments are correct. As documented in Salvatore (2012), the recent debates about globalization show that the effects of international economic activity are neither uniformly positive nor uniformly negative for each individual and constituency. Salvatore (2012) believes that Consumers stand to gain, while different labor classes may lose, and scholars and practitioners see trade affecting the environment. Most economic pursuit produces gains to some groups and losses to other groups. Those in favor of globalization see net gains from globalization, while the anti-globalization movement sees it as a net loss. One of the objectives of international economics is to help us better understand how international activity, such as trade, improves the standard of living.

Salvatore (2012) argues that International economics is divided into international trade and international finance. According to Salvatore (2012), international trade should emphasize trade between nations and the effect of that trade on the welfare of nations. On the other hand, Salvatore (2012) argues that International finance embraces the study of the foreign exchange market, the balance of payments, and how international transactions affect GDP growth, unemployment, and inflation. Since the emphasis today is on international finance, such as the macroeconomic variables like GDP growth, unemployment, and inflation, international finance is often called “open-economy macroeconomics.” Based on your assessments of this week’s discussion, how has the landscape changed global issues such as international finance and international economics to better global trade?

Reference

Salvatore, D. (2012). Introduction to International Economics. 3^RD Edition. John Wiley & Sons, Inc.