Issues in global economy Essay Example | Topics and Well Written Essays - 2000 words - 1

Issues in global economy - Essay casing. Doctrine of invisible hand as also reflected in the thought of Adam smith principally talked some the power of market economy oer the state governing economy. He spoke about market mechanism that ultimately leads to the equilibrium. Any gap between demand and supply will be automatically adjusted through the mechanism of market. The role of government here is nothing but to further the process. Breaking of Soviet Union in the 20th hundred strengthens this thought of power of market over state. This thought was the founding stone of todays globalisation and global economy. However the economists and the historiographer thought that there are many factors those facilitated the process of globalization. According to them, in 19th and 20th century many countries across the world faced the European imperialism that first makes them known about the world economy. overly this the period saw a rapid development of sophisticated technologies tha t was never seen before. Rising of machine piecemeal cleared the new methods of reaping more profit. All this factors was seeking a process through which they could merge for public presentation global economics, trade and politics. The stage was prepared for processing of the global issues through the hand of the process of globalization. With respect to recent period there emerge some more aspects that control and assist the globalization process more rapidly. Today the progresses of international trade are mostly dependent on international commercial agreements such as FTTA, CAFTA, NAFTA etc. Such agreements have opened the door to the northern exportation and give more opportunities to the developing nations. Nowadays the export processing zones operate as productive vicinities for afield ventures, investments and employments. These zones are playing their role in many ways to support the economies by