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Globalisation and Free World Trade – Is it Justified
Many countries around the world are supporting the notion of free trade and globalisation, which is easy access to goods and services determined by market forces on a global platform with minimal government intervention (Hill, C., 2004). Some benefits of free trade would include higher consumption of goods and services; better utilization of resources; greater economic growth and higher creation of wealth (Hill, 2004).
B2Bs Permeate Through Powerhouses of International Trade
Until Business to Business (B2B) portals came into existence there was not any viable tool to connect the internet and international trade. That was a time when internet penetrated into all the areas except international trade. During that time, in the absence of B2Bs a trader to go beyond one’s domestic trade was very expensive, therefore one retracted from the idea of making the cross over to international trade. Initially, traders imagined that the B2Bs are solely for international sellers or exporters, but as the B2Bs unveiled innovative features; they attracted all and sundry, including importers, transporters, brokers and service providers.
International Trade in Global Financial Crisis
The subprime crisis of the big power has led to the global financial crisis. It seems that such an expression overstates the strength of the big power. But we cannot ignore the economic globalization which makes economic communities connect with and affect each other positively or negatively.
