Answer to Question #212723 in Marketing for Bernice maina

Question

Answer to Question #212723 in Marketing for Bernice maina

Question #212723

Globalisation has a profound impact on the contemporary world order. Explain 4 factors that are influencing changes in the world order and provide examples of each. In your answer include definitions of ‘world order’ and describe each factor that you have identified.

(2) Provide a brief description of the following institutions that are developing in the Global South region of Asia:

(i) ASEAN

(ii) ROK

(iii) APEC

(iv) AIIB

(v) CPTPP

Expert's answer

Globalization and World order

It is the world market that people consider to be multinational. People are saying that the whole globe is progressively acting as part of the same market, consuming like commodities, and reacting to the same impulses, using interdependent manufacturing. On the other hand, World order refers to the global power relations and how these forces are employed against the ideals of peace to pursue global hegemony. Nobody wants war or loves uncertainty related to conflicts, civil disorder, and wars at the world and national level.

i. Technological factors

The transition from voice communications to electronic technology through cable and satellite has resulted in increased information flows. People in distant locations feel closer connected due to time contraction since they can converse instantly. Individuals and families are more closely related to outside world news—some of the most riveting events of the last decade have occurred in real-time in front of a worldwide audience. Some people identify themselves more as 'cosmopolitans' and more recognize themselves by the global public (Khoma & Vdovychyn, 2020); others view increasingly globalized as a danger to their lifestyle or retreating to fundamentalists and nationalism as a defensive reaction.

ii. Cultural Factors

Global athletic events, like the Olympics and Football, bring together individuals across borders. More frequently than not, music, movies, and celebrity culture attract viewers from many countries. In recent decades, global consumer trends have increased with the emergence of shopping malls and internet buying (Khan et al., 2019). The essential component of cultural globalization is international immigration - the more people travel across the world, the more global linkages. There is a growing worldwide awareness that people are all in danger from global concerns like the ecosystem, extremism, and recently Covid-19. People must all work together to address these issues (Boccella & Salerno, 2016). There is no doubt that people are all at risk.

iii. Economic Factors

Firstly, the global economy is Post Industrial - which means that it is 'weightless' more - items much less fundamental, physical things, such as food, clothes or vehicles, than information programs, films, and music or information technology, are more likely to focus on information/electronic. Second, it is of particular importance to the involvement of transnational corporations (TNCs). They create items and are focused on worldwide trade and international products in more than one nation (Khan, 2019). Thirdly, since there are more international networks, the commodity market chains, from the raw material to the end customer, are increasingly globalized. In poorer, outlying nations, the less profitable elements of manufacturing – in fact, the manufacture of physical items, are usually produced, whereas in the affluent, developed, transnational corporations, more profitable, branding and commercialization aspects tend. Forth, the output is far more than in the past – firms tend to recruit employees for short-term contracts and travel across the world to seek lower labor costs as a response to growing global economic competitiveness. Finally, the electronic economy underlines globalization: with a mouse click, banks, businesses, institutional investors (Păunică et al., 2018), and people can instantly transfer considerable money across borders. Large capital transfers can create economic crises.

iv. Political Factors

First, the collapse of the Soviet Union in the early 1990s marked the end of the world of split "cold war," and these former communist nations now are democracies themselves and integrated into the international economy. Secondly, the development of global and regional authority institutions such as the UN and the EU, which constrain national governments more, is being constrained by global directives and legislation originating from those international entities. Finally, multinational NGOs, such as OXFAM or Greenpeace (Khan et al., 2020), operate in dozens of economies, and members tend to have a worldwide perspective.

Question 2

(i) ASEAN- The acronym stands for Association of Southeast Asian Nations (ASEAN) and was founded on 8th August 1967. Its main objective is to foster economic, security, and political cooperation. The members' states include Indonesia, Malaysia, Lao, Philippines, Vietnam, among others (Beeson, 2014).

(ii) ROK- ROK is the official name for South Korea, a country in East Asia that comprises the Korean Peninsula neighboring North Korea (Beeson, 2014).

(iii) APEC- Asia-Pacific Economic Community (APEC) aims to promote steady economic prosperity and development in Asian countries (Beeson, 2014).

(iv) AIIB- The Asian Infrastructure Investment Bank (AIIB) was launched in 2016. According to Chinese authorities, it is seen as a possible rival of the World Bank, which they consider too much under United States control (Beeson, 2014).

(v) CPTPP- The CPTPP aims to improve free trade for exports of Commodities from Canada by ensuring that all parties are engaged in reducing or removing tariffs across all sectors. Eighty-six percent of the import tariffs of the CPTPP countries should be duties free for generating products upon entrance into effect of the convention (Beeson, 2014).

References

Beeson, M. (2014). Reconfiguring East Asia: regional institutions and organizations after the

crisis. Routledge. https://books.google.com/books?hl=en&lr=&id=cTZpAwAAQBAJ&oi=fnd&pg=PP1&dq=Global+South+region+of+Asia+institutions&ots=drFu1pe0xo&sig=HyEf0abMaej9gZkgDfzGn1itF9s

Boccella, N., & Salerno, I. (2016). Creative economy, cultural industries and local

development. Procedia-Social and Behavioral Sciences, 223, 291-296. https://www.sciencedirect.com/science/article/pii/S1877042816304505

Khan, M. K., Teng, J. Z., Khan, M. I., & Khan, M. O. (2019)

Impact of globalization, economic factors and energy consumption on CO2 emissions in Pakistan. Science of the total environment, 688, 424-436. https://www.sciencedirect.com/science/article/pii/S0048969719326336

Khan, N., Hassan, A. U., Fahad, S., & Naushad, M. (2020). Factors affecting tourism industry

and its impacts on global economy of the world. Available at SSRN 3559353. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3585511

Khoma, N., & Vdovychyn, I. (2020). Deconstruction of the Welfare State: The Impact of

Globalization and Technological Factors. Revija za socijalnu politiku, 27(3), 269-285. http://www.rsp.hr/ojs2/index.php/rsp/article/view/1696

Păunică, M., Manole, A., Motofei, C., & Tănase, G. L. (2018, March). The Globalization in the

actual Context of the European Union Economy. In 12th International Conference on Business Excellence: Innovation and Sustainability in a Turbulent Economic Environment. Bucharest, Romania (pp. 22-23). https://pdfs.semanticscholar.org/6ce9/881eb7c214556f6ff1917d3634b331bd5510.pdf

Comments

No comments. Be the first!

Answer to Question #212723 in Marketing for Bernice maina

Comments

Leave a comment

Related Questions