Globalisation,Transnationals and Economic Development in Uk(78114003) Essay

Globalisation,Transnationals and Economic Development in Uk(78114003) - Essay Example sult of such a trend, the globalization - as an idea or an activity – has been expanded in most of countries around the world creating specific obligations and rights for both the states and the individuals. Current paper examines the effects globalization in the local economic development of UK particularly in relation with the position and the activities of the transnationals. It should be noticed that the analysis of the above subject is taken place presenting at a first stage the current situation in the international community (regarding this particular issue) and at a next level, the findings are compared with the ones of the UK financial market in order to formulate a secure assumption on the problem. On the other hand, a series of particular issues are been exposed (with reference to the UK market) which should be considered before arriving in any conclusion regarding the specific subject. The post-World War II ‘phenomenon of globalization-the increasingly close international integration of markets both for goods and services, and for capital - may in many ways be viewed as a resumption of a trend observed in the world economy a century ago; by some measures, international economic integration increased just as much in the 50 years before World War I as in recent decades, and reached comparable levels; then, as now, integration was driven in large part by the proliferation of markets and rapid technological change. The process was interrupted and reversed from 1914 to after World War II’ (World Economic Outlook, 1997) Globalization is a term ‘variously employed, even by experts within a single discipline; moreover, there is substantial debate, not only about its definition, but also about whether it is actually occurring, its significance, and how it shapes our future’ [8]. At its most accepted form globalization ‘rests upon, or simply is, the growth in international exchange of goods, services, and capital, and the increasing levels of