How was foreign trade been integrating markets of different countries
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The impact of the information technology has been to highlight a fourth element in the process of globalization and make it typical of globalization in our times. This is financial capital invested in the capital market of emerging countries. It is true that in the earlier period of gradual globalization, finances were even invested but this was in the form of foreign direct investment in factories and enterprises in different countries. The integrated capital market is a unique feature of the 20th century and our current times. A corollary of the process of globalization and the impact of technology has been the impact of advances in communication especially through satellite broadcasts as well as other means of communications like fax, telephones and the internet. This freedom of communication has also led to a pressure especially on those governments which try to operate a controlled regime. The collapse of the Soviet Union from 1990 onwards and the conversion of many of the erstwhile communist countries to market dynamics can also be, among other things, traced to the era of information technology where policing the borders became more difficult in view of the reach of technology.
This, in turn, led to a greater pressure on the global trade front resulting finally in the end of the Uruguay round leading to the setting up of the WTO in 1995. One major impact of the WTO has been that the trade barriers must be brought down. Government of India is also now part of this general trend. After the permit license raj for nearly forty years, from 1991 due to factors beyond contract, the Government of India adopted policies which are more market friendly. We are still progressing perhaps in a gradual way with two steps forward and one step backward. But the fact remains that in certain infrastructure areas like telecommunications, changes have come to stay.
The World Trade Organization (WTO) is among the most powerful and one of the most secretive international bodies on earth. It is rapidly assuming the role of global government, as 134 nation-states, including the U.S., have ceded to its vast authority and powers. The WTO represents the rules-based regime of the policy of economic globalization. The central operating principal of the WTO is that commercial interests should supersede all others. Any obstacles in the path of operations and expansion of global business enterprise must be subordinated. In practice these “obstacles” are usually policies or democratic processes that act on behalf of working people, labor rights, environmental protection, human rights, consumer rights, social justice, local culture, and national sovereignty.
The International Forum on Globalization (IFG) focused its efforts throughout most of 1999 on the WTO and its relation to the larger issue of economic globalization. In Seattle, World Trade Organization (WTO) talks collapsed from internal irreconcilable divisions and the weight of protests directed at labor, human rights, the environment and secrecy.
This, in turn, led to a greater pressure on the global trade front resulting finally in the end of the Uruguay round leading to the setting up of the WTO in 1995. One major impact of the WTO has been that the trade barriers must be brought down. Government of India is also now part of this general trend. After the permit license raj for nearly forty years, from 1991 due to factors beyond contract, the Government of India adopted policies which are more market friendly. We are still progressing perhaps in a gradual way with two steps forward and one step backward. But the fact remains that in certain infrastructure areas like telecommunications, changes have come to stay.
The World Trade Organization (WTO) is among the most powerful and one of the most secretive international bodies on earth. It is rapidly assuming the role of global government, as 134 nation-states, including the U.S., have ceded to its vast authority and powers. The WTO represents the rules-based regime of the policy of economic globalization. The central operating principal of the WTO is that commercial interests should supersede all others. Any obstacles in the path of operations and expansion of global business enterprise must be subordinated. In practice these “obstacles” are usually policies or democratic processes that act on behalf of working people, labor rights, environmental protection, human rights, consumer rights, social justice, local culture, and national sovereignty.
The International Forum on Globalization (IFG) focused its efforts throughout most of 1999 on the WTO and its relation to the larger issue of economic globalization. In Seattle, World Trade Organization (WTO) talks collapsed from internal irreconcilable divisions and the weight of protests directed at labor, human rights, the environment and secrecy.
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