400238 World Economy: Impact of Globalization on England's Economy

This individual positional paper examines the multifaceted impact of globalization on the United Kingdom's economy, focusing on two key areas: international trade and trade arrangements, and global environmental issues, agreements, and supra-national initiatives. The paper begins by defining globalization and its influence on organizations and international trade. It then delves into the specifics of international trade agreements and their benefits for the UK, including increased exports, employment opportunities, and the UK's role as a major export economy. The analysis highlights the UK's trade partnerships, particularly with the European Union, and the impact of the British Pound on exports and imports. The report also explores global environmental issues such as climate change, pollution, and waste, and how they are affected by globalization. It further discusses supranational initiatives, such as the EU defense policy and the roles of the World Trade Organization and the European Union in setting international standards and agreements. The conclusion summarizes the key findings, emphasizing the interconnectedness of the global economy and the impact of globalization on various aspects of the UK's economic and environmental landscape.

Individual positional paper-
World economy

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Globalization is considered to be as an appropriate process which largely influence the
operations of the organization which tends to develop international influences on an international
scale (Bøler, Smarzynska Javorcik and Ulltveit-Moe, 2015). This study will critically explain in
the detail the key impact associated with the globalization on England. The key areas selected are
International trade and trade arrangements and Global environmental issues, agreements and
other supra-national initiatives.
MAIN BODY
Globalization is considered to be as an appropriate process which largely influence the
operations of the organization which tends to develop international influences on an international
scale. Globalisation is considered to be very useful in creating high degree of opportunities for
the firms in order to tap more and larger markets across the globe (Curran and Eckhardt, 2017).
Globalisation has business to get located in those developing countries which has high degree of
access to the technology, capital flows, human resources, cheaper imports and also high degree
of export market. Globalisation radically helps in increasing the economic growth and income
within the developing countries. Globalisation eventually leads to increase number of
competition associated with the high degree of available products and services at the affordable
prices. This in turn largely influences the operations of the business.
Globalisation is very useful in increasing interdependence in integration related with the
global economy. This eventually results in rise in trade, and also increase in the movement of
capital and labour across the economy (Payne and Askeland, 2016). The key impact of
globalisation on the England economy is that it leads to increase in trade services, it provides
greater competition at comparatively lower price, it has in attaining economies of scale, it also
has increase in the labour and capital mobility. Globalisation also helps in providing England
with power of monopoly and easy tax avoidance which leads to greater economic growth.
International trade and trade arrangements
International trade agreements in turn is considered to be very useful because it is very
useful in in regulating the international trade between two nations. It is very useful in covering
the exports and import of the certain categories of goods and services (Bøler, Smarzynska
Javorcik and Ulltveit-Moe, 2015). International trade and agreements in turn is very useful
providing high degree of welfare in order to gain access to the better quality products and
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services at a relatively lower price. Globalisation in turn has eventually leads to increase in the
trade within UK firms which in turn benefits from specialise in goods in order to attain
competitive advantage in England, United Kingdom to enable high degree of exports to the other
countries across the globe. This also results in creating more employment opportunities for the
people of United Kingdom. Countries who in turn tends to have positive and appropriate
relations between the other countries is considered to be very useful on increasingly unifying the
economies with increased trade and investment (Meng and et.al., 2016).
The economy of the United Kingdom is largely dependent on the foreign trade. The
government tends to focus on supporting unrestricted and free trade in order to champion over
international trade organisation such as European Union and world trade organisation. Because
of the higher degree of dependency on the trade the Britishers tends to have few restrictions
associated with the foreign investment and trade. The key trade partners of the United Kingdom
is the European Union (Stearns, 2016). The European Union tends to make 58% of the
exports. The key European partners are Germany, France, Netherlands, and United
States. Moreover the strength of the British Pound and the current situation of the economy has
made England, United Kingdom is one of the most attractive investment area for the
international investors. The United Kingdom in turn tends to have high degree trade agreements
with the Andean Countries, Central America, Chile, Faroe Island, Georgia, Norway, Iceland,
Central America, etc. The Unite Kingdom in turn is considered to be as one of the 10th largest
export economy across the globe and is also considered to be as one of the most complex
economy in accordance with the economic complexity index. As per the statistics, the UK has
imported $617 billion and exported $395 billion which eventually resulted in the negative trade
balance of $222 billion. The key exports of the UK mainly comprise of cars, gold, crude
petroleum, gold, turbines, gas, etc. The top export destination for the United Kingdom are
Netherlands, China, France, United States, etc. Cars tends to largely represent 11.4% of total
exports associated with the United Kingdom. In the year 2019, the exports of the goods in turn
has largely increased £1.4 billion to £89.8 billion. Globalization in turn tends to helps in gaining
increase level of influence that, in turn largely unifies the economies with the increased degree of
trade and investment (Baylis, 2020). A strong domestic currency of the United Kingdom in turn
largely hampers the exports and also makes the imports cheaper. There seems to be high degree
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of improvement in the GDP per capita of the United Kingdom which helps in better operational
efficiency.
Global environmental issues, agreements and other supra-national initiatives
The key environmental issues associated with the United Kingdom are mainly linked with
the change in the climate conditions, gazing high degree of air pollution, soil contamination,
litter, wastage, etc. which in turn largely creates high degree of environmental issues within
England, UK (Curran and Eckhardt, 2017). Moreover, noise pollution, toxic air and threats to the
green spaces in turn is considered to be as one of the major risk associated with the globalization.
Globalization in turn has also results in the degradation because of the increase in the level of the
consumption products which in turn is largely influenced by the increased consumption and
ecological cycle (Ritzer and Dean, 2015). This in turn eventually leads to increase in the level of
production of goods and depletion of the resources. Increased degree of the economic activity in
turn eventually results in high degree of stress on environment because of greater degree of
industrial pollutants results in high degree of environmental degradation.
The European Union defence policy in turn is considered to be as one of the increasingly
supranational initiative in the UK which in turn usually helps in largely influencing the various
other member state. Moreover, the World trade organization and European Union in turn are
considered to be as one of the most supranational entities (EU defence policy is becoming
increasingly supranational, 2020). It is very useful in synergising the economic and social
policies tends to have high degree of strong presence on international stage. They in turn tends to
have high degree of regulatory responsibilities in order to include high degree of creation with
international standards and treaties in order to carry out various international trade with utmost
accuracy and efficiency. They are useful in setting various set of international standards
according to which the study must be carried out. It is very useful in promoting the various set of
activities which in turn are very important in the promotion of various international standards.
The United Kingdom in turn tends to largely value the key relationship which they have across
the globe. It is considered to be very useful in strengthening and preserving the relationship. The
international agreement in turn is usually maintained with the help of Memoranda of
understanding, informal and formal collaboration and cooperation, regulatory arrangements in
order to maintain international treaties and agreements (EU defence policy is becoming
increasingly supranational, 2020). Government in turn tends to work exceptionally well which
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in turn is considered to be very useful in the identification of the various international
agreements. Through the membership of the European Union, the United Kingdom tends to
cover large number of international agreements within European Union (Payne and Askeland,
2016). These international agreements in turn largely comprise of security, political and
economic cooperation and cooperation with more than 100 countries which in turn mainly covers
various range of sectors such as trade, aviation, environmental, nuclear, fisheries, political
agreements, etc. Moreover, the foreign companies in turn tends to largely focus on providing
40% of the British exports in turn has significantly creates high degree of presence within the
manufacturing sector (Bøler, Smarzynska Javorcik and Ulltveit-Moe, 2015).
CONCLUSION
From the study it has been summarized that, Globalisation is very useful in increasing
interdependence in integration related with the global economy. International trade agreements is
very useful in covering the exports and import of the certain categories of goods and services.
The key European partners are Germany, France, Netherlands, and United States. It has been
concluded that, the key environmental issues associated with the United Kingdom are mainly
linked with the change in the climate conditions, gazing high degree of air pollution, soil
contamination, litter, wastage, etc. which in turn largely creates high degree of environmental
issues within England, UK. World trade organization and European Union in turn are considered
to be as one of the most supranational entities.
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REFERENCES
Books and Journals
Baylis, J., 2020. The globalization of world politics: An introduction to international relations.
Oxford University Press.
Bøler, E.A., Smarzynska Javorcik, B. and Ulltveit-Moe, K.H., 2015. Globalization: a woman's
best friend? Exporters and the gender wage gap.
Curran, L. and Eckhardt, J., 2017. Smoke screen? The globalization of production, transnational
lobbying and the international political economy of plain tobacco packaging. Review of
international political economy, 24(1), pp.87-118.
Meng, J and et.al., 2016. Globalization and pollution: tele-connecting local primary PM2. 5
emissions to global consumption. Proceedings of the Royal Society A: Mathematical, Physical
and Engineering Sciences, 472(2195), p.20160380.
Payne, M. and Askeland, G.A., 2016. Globalization and international social work: Postmodern
change and challenge. Routledge.
Ritzer, G. and Dean, P., 2015. Globalization: A basic text. John Wiley & Sons.
Stearns, P.N., 2016. Globalization in world history. Routledge.
Online
EU defence policy is becoming increasingly supranational. 2020. [ONLINE]. Available
through< https://blogs.lse.ac.uk/europpblog/2019/06/03/eu-defence-policy-is-becoming-
increasingly-supranational/>
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