­­ 4.0 Income Inequality 4 5.0 Environment 4

 

 

 

 

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MGMT 2000

Introduction to
International Business
Assignment on Globalization

Prabhjot Singh – 0322979

Vishab Sharma-0325581

Simranjeet Kaur Grewal-0325662

 

 

 

 

Contents

 

1.0     
Globalization                                                       3

2.0     
Pro-Globalization                                                     3

3.0     
Technology                                                            
3

4.0     
Income Inequality                                                   4

5.0     
Environment                                                           4

6.0     
Role of World Bank                                                  5

6.1     
Role of World Bank in
Technology                      5

6.2     
Role of World Bank in
Income Inequality            5

6.3     
Role of World Bank in
Environment                   6

7.0     
Role of International
Monetary Fund                         6

7.1 Role of IMF in Technology                                  6

7.2 Role of IMF in Environment                                6

7.3 Role of IMF in Income Inequlity                          7

    8.0  References

 

 

 

 

 

 

Globalization

 

Globalization refers to the integration of national economies
through trade, investment, capital flow, labor migration, and technology.
It results from the removal of barriers between national economies to encourage
the flow of goods, services, capital, and labor. These barriers may
include tariffs and quotas that restrict open and free trade between nations.

Pro Globalization – It particularly shows the positive side of the advancements and
happenings which are resultant of globalization. It refers to the policies that
encourage the increased trade, open communication, and the unrestricted
movement of people among nations.

 There has been various
factors which have played a major role in pro Globalization. Some of these are
discussed below –

Technology

 Globalization has been
taking place for centuries but technology has certainly provided better ways
and advanced ways to make it reach new heights.

•       
Globalization has largely been
possible due to advances in technology, particularly the
Internet.  As the world grows more connected, people in all nations
achieve a far greater level of interdependence in activities such as trade,
communications, travel, and political policy.

•       
Technology has also effected and
changed the financial sector to a great extent, where diffusion of information
based technology has made possible people around the world to trade 24/7
and  trading has moved to electronic
system from the physical system making money move more efficiently and on a
faster level.

 

Income Inequality

 Globalization has created new
opportunities to expand the horizons for the poor.

•       
Outsourcing of production has led to formation
of new industries in developing countries leading to providing jobs and high
wages to the poor.

•       
In economic theory globalization has resulted
into enhanced economic growth. Economic growth has given priority to an
anti-poverty measure.

•       
Globalization has a positive impact on
expanding employment opportunities and increasing earnings, which then would
reduce economic inequality.

Environment

Globalization has positively affected the
world’s environment to a great extent.

•       
Globalization has helped to reduce the extent
of damage to environment by providing cleaner technologies.

•       
One of the most powerful effects of
globalization is the spread of education which has helped to educate people
about saving environment.

Role of World Bank

World Bank has played a major role in pro
globalization. It’s impact is discussed as follows.

Role of World Bank in Technology

“Improving human resources and
national capabilities in science and technology is a key pillar in Indonesia’s
master plan to accelerate and expand its economy. Shifting from a
resource-based economy to a knowledge-based economy will bring Indonesia up the
value chain in a wide range of sectors, with the help of home grown innovation
and a vast pool of human resources,” said Stefan G. Koeberle, World Bank
Country Director for Indonesia. 

Role of World Bank in Income Inequality

“It’s remarkable that countries have continued to reduce poverty
and boost shared prosperity at a time when the global economy is
underperforming—but still far too many people live with far too
little,” said World Bank Group President Jim Yong Kim. “Unless
we can resume faster global growth and reduce inequality, we risk missing our
World Bank target of ending extreme poverty by 2030. The message is clear: to
end poverty, we must make growth work for the poorest, and one of the surest
ways to do that is to reduce high inequality, especially in those countries
where many poor people live.”

 

Role of World Bank in Environment

The World Bank Group works with developing
countries and development partners to reduce pollution, implement proper waste
management, improve water and air quality, and promote clean development for
healthier lives and better economic opportunity.

•       
Between Fiscal Year 2009 and 2016, World Bank
commitments (IBRD/IDA) to pollution management and environmental health totaled
more than US$ 7 billion

ROLE OF INTERNATIONAL MONETARY FUND

IMF has played a significant role in promoting pro globalisation.
Differents aspect                 
benefitted are discussed as follows

Role of IMF in Technology

•       
The provision
of IT services is centralized in the IMF within the Technology and General
Services Department, and led by a CIO who reports to the Managing
Director of the IMF.

 

•       
The IMF provides technical
assistance in other areas that are macro relevant for infrastructure
investment, again in coordination with other institutions such as the World
Bank.

ROLE OF IMF IN ENVIRONMENT

•       
  Environment in all the ways is related to business
and IMF takes in regard all the environmental issues.

•       
IMF initiated with their staff members to
understand the relation between economic policies, economic activity and
environmental change.

ROLE OF IMF IN INCOME INEQUALITY

•       
All the governments around the world are
giving importance to inequality so as to reduce socio economic consequences.

•       
IMF studied that rise in the income inequality
directly affects the economic growth.

•       
Therefore, IMF has been building up researches
to help the neighbouring countries to resolve issues of inequality and suggets
about economic taxes and orders to spend.

      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

 

 

Globalization. (n.d.).
Retrieved January 21, 2018, from
http://www.investinganswers.com/financial-dictionary/economics/globalization-494

 

Chandan Sharma, Management
Consultant Follow. (2014, November 15). Pro-globalization vs.
Anti-globalization. Retrieved January 21, 2018, from https://www.slideshare.net/chandansharma3979/proglobalization-vs-antiglobalization

 

Pros and Cons of
Globalization: Controversy and Discussion. (n.d.). Retrieved January 21, 2018,
from https://blog.udemy.com/pros-and-cons-of-globalization/

Anon, (2018). online Available at: https://www.ukessays.com/essays/media/how-technology-has-help-shaped-globalization-medias/
5- Accessed 21 Jan. 2018.

Anon, (2018). online Available at:
https://www.researchgate.net/publication/228269315_Impact_of_Globalization_and_Economic_Growth_on_Income_Distribution_A_Case_Study_of_Pakistan
Accessed 21 Jan. 2018.

Anon, (2018). online Available at:
http://ftp://ftp.repec.org/opt/ReDIF/RePEc/rse/wpaper/19Rev2_17_Romancikova.pdf
Accessed 21 Jan. 2018.

Ec.europa.eu. (2018). Cite a Website – Cite This For Me. online
Available at: http://ec.europa.eu/environment/integration/research/newsalert/pdf/169na2_en.pdf
Accessed 21 Jan. 2018.

IMF Blog. (2018). The IMF’s Work on Inequality: Bridging Research and
Reality. online Available at: https://blogs.imf.org/2017/02/22/the-imfs-work-on-inequality-bridging-research-and-reality/
Accessed 21 Jan. 2018.

Imf.org. (2018). The IMF and the Environment. online Available at:
http://www.imf.org/external/pubs/ft/exrp/environ/ Accessed 21 Jan. 2018.

World Bank. (2018). Reducing Pollution. online Available at:
http://www.worldbank.org/en/topic/environment/brief/pollution Accessed 21 Jan.
2018.

World Bank. (2018). World Bank Introduces New Integrity App at the
International Anti-Corruption Conference. online Available at:
http://www.worldbank.org/en/news/press-release/2012/11/08/world-bank-introduces-new-integrity-app-international-anti-corruption-conference
Accessed 21 Jan. 2018.

World Bank. (2018). World Bank Supports Move to Accelerate Indonesia’s
Economic Growth through Science, Technology, and Innovation. online
Available at:
http://www.worldbank.org/en/news/press-release/2013/03/29/world-bank-supports-move-accelerate-indonesia-economic-growth-science-technology-innovation
Accessed 21 Jan. 2018.

Imf.org. (2018). Cite a Website – Cite This For Me.
online Available at:
https://www.imf.org/external/pubs/ft/sdn/2015/sdn1513.pdf Accessed 21 Jan.
2018.

Imf.org. (2018). The IMF and Environmental Issues
— An IMF Issues Brief. online Available at: https://www.imf.org/external/np/exr/ib/2000/041300.htm
Accessed 21 Jan. 2018.