World Economy and Globalization: A Comprehensive Analysis

ESSAY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
a) The World Trading system .....................................................................................................1
b) The World Monetary System..................................................................................................2
c) Business strategy for US based global corporations and its European counterparts...............3
d) Global commodity prices.........................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
The present report gives details of world economy that how major drivers of
globalization helps the nation state to be more competitive global economy. It also gives
emphasis on how china is using this drivers to become the largest economy in upcoming years.
The report shows how world trading system works and in what ways its giving benefits to china
and US Business strategies for Global corporation and what are the global commodity prices.
The present report contains the details regarding the business strategies is that the US should
adopt those strategies that can help the nation to win the competitive situation arising in the
world. The report also give emphasis on how the commodity prices of different nation occur and
how exchange rate system help the countries to take advantages from the globalization.
MAIN BODY
a) The World Trading system
The world trading system advert to impermanent agreements that contains the rules and
regulation that are followed by the countries for proper international trade. Working with WTO
The US market is able to protect the interest of US and European country's business. Main aim
of this system is to avoid the global trade barriers (Bhagwati, Krishna and Panagariya, 2016).
Another goal is that rules that are made for international trade is transparent for the Countries.
The system Identifies the link up between the trade and development and especial contains that
are important for the development of Developing countries.
The World trade is governed by 164 member countries which contributes in making
major decision regarding international trade. The system have proper structure which contains
ministerial conference, general councils, appellate body and dispute settlement panels.
Ministerial conference is high decision panel that takes all top decision and aim at making
situation of free barrier trade and general body acts on behalf of MC and take care the working of
dispute settlement body and trade policy review body (Hofmann, Osnago and Ruta, 2017).
WTO main aim is to critics of globalization. If the member countries do not adhere rules than it
take actions against them. The goal of every member country to support the producers of goods
and services of their and making platform through with they can export and import without
facing any issue. As it will help the developing and under developing countries to corporate with
competitive developed economy (Kupriyanovsky and et.al., 2018).
The benefits that China will receive from WTO is that Its geographical and size benefit
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