Three drivers of globalization
Declining trade barriers:
Earlier many of nations established barriers to international trade, i.e. high tariffs on the imports of goods. The main objective was to protect domestic industries from foreign competition. Nowadays, with the help of GATT & WTO most trade barriers are removed to the free flow of goods and services.
Declining investment:
Global institutions, such as World Bank and IMF, promote the concept of Foreign Direct Investments (FDI) or cross border investments. Furthermore, many governments tend to remove investment barriers and enforce their legal systems to protect investments between countries.
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