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Globalization and Global Economic Situation


Globalization

Definition

The worldwide movement toward economic, financial, trade, and communications integration.

Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately.

Read more: http://www.businessdictionary.com/definition/globalization.html#ixzz27hzaLOT2

How to Make Money in Globalization

As individual national economies gradually merge into broader regional economies, a trend toward increasing globalization currently prevails.

This increasing movement toward larger and larger trade blocs is especially notable in regions such as Europe, Asia and the Americas.

As a result, many people are left wondering how they can make money in globalization and profit from this ongoing evolution towards a truly global marketplace.

Accessing a Global Market for Products and Services

One of the greatest benefits of globalization is that businesses and individuals can now tap into the worldwide market for goods and services that has been gradually building on the Internet since the early 1990’s.

Having easy access to this much greater Internet marketplace helps increase competition and lower prices.  It also permits businesses offering a niche product to reach a much wider audience than would ordinarily be available in their physical locale.


Globalization and Global Economic Situation
 
Aditi Ratho
Researcher, BRICS Research Group
March 12, 2012

Global Economic Situation
 
Four of the BRICS countries — Brazil, Russia, India and China have expressed their desire to field their own candidate for the head the World Bank job. This group of emerging economies decided to bid for the top World Bank job at the sidelines of a G20 meeting in Mexico City.13 (February 29, 2012, Islamic Finance News) The proposed idea of a multilateral bank for the emerging economies of the world was further elaborated on by India, who have proposed setting up a multilateral bank that would be exclusively funded by developing nations and finance projects in those countries. This plan is in lieu with opinions of emerging economies like BRICS desiring a bigger say in running the International Monetary Fund (IMF) and other multilateral bodies to match their burgeoning economic prowess. The creation of the bank "could mean some serious contributions of capital, so everything needs to be calculated and analysed,” Andrey Bokarev at Russia’s finance ministry said on Sunday in Mexico at the end of a G20 meeting. The talks for this proposed BRICS bank is the aftermath of ongoing pledges amongst the members of BRICS to "strengthen financial cooperation among the Brics development banks.”14 (February 28, 2012, The Star) Officials from the BRICS countries will discuss plans to set up a multilateral bank to fund projects in developing nations during the upcoming G20 meetings, according to a senior Brazilian government official. Indian Brazilian and Chinese delegates will meet on the February 25 on the sidelines of the G20. "The idea is for the BRICS to offer the capital for this bank, but we still need to discuss if this bank will serve to give out loans to other emerging market countries,” said the official. "The idea is in its infancy,” and the countries are not likely to reach a decision this weekend, the official said, adding that Brazil’s finance minister, Guido Mantega, "is sympathetic to the idea.15 (February 23, 2012, Reuters News) In a statement issues on February 16, a spokesperson from the Chinese foreign ministry, Liu Weimin said, "China hopes that the next president of the World Bank will be selected based on the principle of merit in an open and fair competition,”16 (February 16, 2012)

Similarly, Brazil’s Finance Minister Guido Mantega also said, "There is no reason that the president of the World Bank is a specific nationality. It should just be someone competent and capable.”17 (February 15, 2012) Thus it can be seen that both China and Brazil are vying for an end to the 65-year old tradition of the seat automatically going to an American. The Department of Economic Affairs, Ministry of Finance, of the Government of India is coordinating a Joint BRICS study on the state of world economy for the next two years and the role of BRICS countries in it. Efforts are being made to release the study at the Summit on 29 March 2012 in New Delhi.18 (February 14, 2012) While specifying some of the details of the Delhi Summit agenda, Sudhir Vyas, Indian secretary of economic affairs in the Ministry of External Affairs, said that discussions will focus on macroeconomics as well as the BRICS’s role in improving the global financial situation.19 (January 31, 2012, New Kerala) An economic research group consisting of economic think tanks from the BRICS countries will meet to discuss issues that may affect BRICS countries and the developing world.20 (January 31, 2012, Press Trust of India) The Reserve Bank of India has cut the amount of reserve deposits usually set aside by lenders. India has thus joined the BRICS initiative of shielding growth whilst also cutting borrowing costs, already implemented by Brazil, China and Russia. This action is in response to the increasing debt crisis in Europe that is deterring global economic expansion. 21 (January 25, 2012, Bloomberg)       http://www.brics.utoronto.ca/plans/brics-plans-120312.pdf
Tibebu Tefeta (MBA)
Tibebu Tefeta - Business Consultant
 
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