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MKFarmah Introduction The first part of this essay will be aimed towards understanding the concept of globalisation We will analyse the various advantages and disadvantages that arise as a result of globalisation The major part of the essay will concentrate on investigating the impact of global regional and bilateral trade agreements can impact the global economy In order to devise an accurate and informative response to the essay question we must first understand the concept of globalisation Globalisation is about what is happening to economies on a world scale Although the idea is not often clear everyone who talks about the concept recognises that the countries of the world tend to divide into two groups those with developed economies and those that are sometimes referred to as developing countries The economically developed countries have modern industries and technologies the US Japan and the countries of western Europe The developing countries most of Asia Latin America and Africa have more lower incomes and large groups of impoverished people especially peasants However some countries are in between and have characteristics of both kinds of economies for example states of the former Soviet Union and Eastern Europe The economic interactions of globalisation are fundamentally about big capitals of the developed countries that operate around the world These are sometimes called multinational corporations these dominate the economies of the developing countries along with a handful of global agencies such as the International Monetary Fund the World Trade Organisation and the G-7 central banks The results affect the majority of the working population in the developed countries as shown by issues like runaway factories satellite-linked offices and the attack on social welfare programs in the name of the free market The term globalisation was originally started in the 1960s to describe international capital flows Today however globalisation is not just capital flow but a revolution to make individual nations part of a global village under
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