The World of Regionalism and Globalism Essay Example | Topics and Well Written Essays - 2500 words

The World of Regionalism and Globalism - Essay Example Globalisation is the process by which the various world economies become increasingly interlinked resulting in a worldwide economy characterized by global economic policymaking conducted by mandated international agencies such as the World Trade Organization (WTO). However, Globalization can also be perceived in terms an emerging global culture in which people consume similar goods and services across boundaries in addition to having a common business language for example English. The continued integration of world economies enables efficient and effective economic interaction and in turn, they are further promoted by it (Todaro and Smith, 2003). The increased interaction and integration leads to improved openness and willingness of different economies to undertake international trade which paves the way for financial flows and direct foreign investment. Therefore, Globalization enables the increased mobility of factors of production chief among them capital and labor which facilitates business carried out among states and global business actors. Global business actors, in this case, refer to the private sector actors who are in control of assets in more than one country and are also referred to as multinationals or multinational corporations (MNCs). The importance of this group in the assessment of globalization is based on their control over a growing share of international trade flows which are beyond the reach of their parent governments (Bremmer, 2010).