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Abstract

The world is evolving, and with it trade and businesses are undergoing huge changes. Goods and services from any country are easily available all over the world, and while the roots of globalisation are pretty old, this facet is quite new. Globalisation describes the ways in which “National and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation”. Globalization has come under fire in recent years, with people in some countries becoming increasingly frustrated with the uneven distribution of its gains. But weaknesses in management or execution should not be allowed to obscure globalization’s far-reaching potential benefits, including its promotion of productivity-enhancing technology transfer and innovation worldwide. As the April 2018 issue of the International Monetary Fund’s World Economic Outlook points out, globalization – encompassing freer trade, increased foreign direct investment, and the international use of patents and copyrights – has substantially bolstered the diffusion of knowledge and technology. The increased international competition associated with globalization may also contribute to overall prosperity, as it strengthens incentives to adopt new technologies and to innovate.

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