If I had to choose just one, I would say environmental regulations. In a globalized economy, we are starting to realize we all live in one planet, breathe the same air, and drink the same water. I would say the start of this era would be the Montreal Protocol and limits on CFCs. This can be further evidenced by the Kyoto Protocol and attempts by the UN to limit greenhouse gas emissions. However, the Kyoto Protocol set about to reduce greenhouse gas emissions by the use of renewable energies!
Trade sanctions have also increased with globalization. Before globalization, trade was largely local, so countries were not as injured financially with a trade sanction. Today, economies tend to specialize in certain areas and then export. By putting up a trade sanction, an economy is severely hampered in a globalized world. Look at the few countries trying to "make it" on their own and how unsuccessful they have been (North Korea). Current trade sanctions are in place in Iran and many many other countries.
To conclude: If possible, I would pick trade sanctions, environmental regulations, and the use of renewable energies.
why important
increase competition to lower price and increase economic welfare
spillover effects from having a more interactive international market
more work for people - invest in other countries and they have work for people to build factories, etc.
research and development from other countries
contagion effects - a bit advanced, I know, but you want to show off; if one country crashes, it develops a chain reaction in other countries for some strange reason
multiplier effect - by increasing your scope in the international market the aggregate whole will form some sort of synergy (the whole is greater than the sum of its parts)
international relations - you may want to accept new things from other countries to strengthen your bond with those countries
it's a new wave - people profit from change in fashion (not talking about clothes) and new phases; the apparently new thing is globalisation and it's a huge profiteering venue
it doesn't look like it's going away anytime soon - if it's not going to change, then ignoring it won't make it disappear. It needs to be managed (I can't believe I just typed that) and handled along with its problems and rewards.
a new source of innovation - it's a possible channel to exploit and make better for everybody's lives. It's an optimist way of saying there is a future and it looks good.
factors:
internet
economies in transportation costs - freights, what have you
harmony among politics - no wars, etc.
integrated markets and ease in border control - think the formation of the EU, even if it was before your time
management of regulation between countries
capital flows and investment abroad - although technically this is not such a strong factor as most investors rarely invest anything more than 10% of their money/portfolio abroad; it's usually the countries themselves that does something. Although emerging economies like China and India may be somewhat different
increase and improvement in facilities to break down language barriers
luck - some things just happen by chance and it worked. Sometimes, the conditions are just right e.g. there happens to be no international conflict, no droughts, etc. Ask yourself why globalisation wasn't such a big hit before?
cheaper/better products from abroad - think Sony Playstation vs Xbox
ease on border control - allow import and export; a tradition that was encouraged by the Brits
Immigration - more people from different ethnicity, the larger the ethnical market.
Willingness to travel - if you like to travel, you probably brought back ideas with you from abroad. Think tea, coffee, tobacco...
strenghtened international relations - UN, EU, UEA, Tiger economies, etc.
Taste for the curious - you are curious about new things that you have never seen before.
Willingness to accept new culture - you like to welcome new people, and it's a global thing.
Change in culture - somethings change because you like the changes and it's a move forward from the past of how things are done
The use of renewable energies
Crime.
Rip offs.
Al Gore's wallet.
George Soros' wallet.
James Hansen's wallet.
Hunger.
Diseases.
Tyranny.
Greed and corruption amongst the filthy rich
Globalization has increased which of the following throughout the world?
(Points : 2)
Trade sanctions
The migration of workers
Environmental regulations
The use of renewable energies
