Type: Economics
Pages: 2 | Words: 539
Reading Time: 3 Minutes

Global market is the term that describes a part of world economy that is represented by the spheres of supply and demand, spheres of commercial goods and services exchange, the system of stable commodity-money relations between countries, enterprises, commercial organizations, and companies of different countries that are interconnected by participation in the international labour division process. The term global market closely refers to the globalisation process term. Globalisation is the process whereby social and economic relations acquire relatively similar qualities, so that people’s lives are played out in the world as a single flat place. This term describes the process of activities without borders, where individuals, governments and firms are closely connected by the technological, political, economic, and cultural dimensions.

With the globalization process, commodity markets lose their national and territorial boundaries in the expansion process of world economic relations. Therefore, these markets become global, where merchants from all countries are represented. The global market includes commodity, service, financial, resources and labour markets. Global commodity and service market performance are regulated by international trade agreements. Each market has its trading centres – “core markets” – where its prices are recognized as basic.

Global market provides people with many benefits through its existence. First, globalization process has influenced the people’s living standards. Therefore, a vast majority of international companies can offer their products in the world market at local prices. These two processes have increased people’s buying power worldwide. Second, globalization provided every company with a chance to expand business throughout the world. This created new business opportunities and opened new niches for companies to develop and increase their revenues, thus simultaneously raising standards of living in many countries. Finally, mankind is steadily developing due to the global market’s existence. If a certain country develops new technology, medicine, device, or a certain product in general, that invention spreads worldwide, solving the problems of not only one nation, but of the whole society.

The principal merit of the global market’s existence is stimulating people’s lives worldwide. Globalization provided people from the third world with an ability to improve their living standards, receive education, pure water and food. Global market’s performance has also decreased the inflation rate, giving chance for poor countries to develop their businesses on the world arena. These factors made competition truly global and stimulated the increase in products’ quality.

The increase in investments in developing countries and the outsourcing production rearranging appear to be some of the short-term perspectives of the global market. These perspectives have both positive (struggle with inequity among countries) and negative (with outsourcing developed countries can face high unemployment rates) sides. The long-term perspectives can be described as similarity in ideas, desires and life standards throughout the world and technological revolution, because of limitation of natural resources. 

The phrase “Think globally, act locally” refers to the globalization term. In my opinion, this means that products/services that are sold in a certain country should be adapted to its national and cultural tastes and traditions. My research will not change the way I choose things to buy, because I always try to purchase the best quality products, no matter in what country they were made. I will just try to reduce the quantity of goods I purchase to save natural resources.

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