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Identify and describe any two key policy measures that make globalization sustainable
The efficient sustainability of globalization and economic growth is largely predetermined by foreign investments and international relations of the country.
According to Gaspar et al., the country that lacks an adequate system of economic policies cannot become a significant participant in the global affairs (17). Thus, the government should promote the implementation of particular policies that make globalization sustainable. Good governance and competitive market are crucial policy measures for the development and international collaboration.
The accomplishment of sustainability starts on the level of the particular country. Thus, most developed countries agree that it is impossible to become successful and promote economic growth without the proper government within the state. Gaspar et al. take Singapore as an example to demonstrate the connection between state governance and international collaboration and globalization.
Authors write that Singapore practices the transparent policies of government activities. All issues are discussed in details before making a particular decision. This system of the governmental decision-making is attractive for both domestic and foreign investors. Gaspar et al. also dwell on the fact that some countries in the Central Asia still prefer secrecy, and it aggravates their economic growth (18).
The second key policy measure concerns the property rights. The guarantee of property rights has always been crucial for the development of market economies.
According to the results of the investigation of the World Bank, all globalized countries have an advanced system of the protection of property rights. Although many communist-based or state-controlled economies have a competitive advantage in terms of labor force and sources, foreign and domestic investors avoid participating in business deals. Consequently, the development aggravates.
What are antitrust laws and how do these laws affect business at a global level?
Antitrust laws may be referred to as laws that promote fair competition in business. Antitrust laws aim at reducing the influence of monopolies. When only one company sells the particular products, the monopoly occurs. The intention to dispose of monopolies is predetermined by the fact that monopolists may set their rules that may be disadvantageous to customers.
The US antitrust law and the EU competition law represent primary ways that promote the reduction of monopolism both globally and in the local markets. The efficiency of the EU competition law has been proved in practice. For instance, two large European gas companies secretly practiced the so-called collusion — illegal agreement to divide market and do not interfere in business. Companies received almost two billion fines for the violation of the antitrust law.
Qianlan Wu dwells on the influence of the US and the EU antitrust laws on the global market (40-50). The author describes stages of development and modification of these laws. The US antitrust law was introduced in 1890. It was the only significant law until the growth of the European Union. Over the last few decades, both the US antitrust law and the EU competition law have undergone several changes and became major powers in global business.
The aim of both laws is to promote the sound competition on the global level as well. Thus, the EU and the US protect the interest of buyers globally. The right to impose fines on members of the European Union as well as to monitor the activity of large corporations give the US and the EU the power to alter the global business.
Works Cited
Gaspar, Julian, Antonio Arreola-Risa, Leonard Bierman, Richard Hise, and James Kolari. Introduction to Global Business: Understanding the International Environment & Global Business Functions. Boston, Massachusetts: Cengage, 2013. Print.
Wu, Qianlan. Competition Laws, Globalization and Legal Pluralism. London, United Kingdom: A&C Black, 2014. Print.
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