Discuss the economic, political and social impacts of international trade in the 21st century

Globalisation has emerged over the past 30 years carry new dimensions to the traditional economic thinking around transnational trade. Discuss the economic, political and social impacts of global trade in the 21st century. Globalisation is the trend towards markets crossing international and regional borders, lessening the differences in customers fatalitys1. The process of globalisation, assisted by the technological revolution in communications and computers, is radically altering the anatomy of world markets, as rise as the nature of chore and everyday life.The economic, political, and social significance of international trade has been essential for the growth of globalisation. The restrictions to international trade would limit the nations to the service and goods produced within its territories, and they would lose egress on the valuable revenue from the global trade. Globalisation has not only changed the way we live it has change efficiency in combine trade and fina nce, modernised technology for consumers and increased wealth. International trade is the re-sentencing of goods and services amongst countries.This type of trade gives rise to a world economy, in which prices, or publish and demand, affect and are affected by global events. Economically it can be extremely complicate especially the fact that all countries whether they like it or not, are related to each other in one way or another. For example, an increase in the price of one commodity such as oil creates a long and complex chain of events which makes analysis of all the causal relationships virtually impossible. The guess of the exchange rates can also be a impact between countries due to the different currencies around the world.During recession, countries suffer local anaesthetic pressure to change laws governing International trade to protect the local industries. The most painful and memorable of such incident is the Great Depression. However, nations with strong intern ational trade get had the power to control the world economy and this has allowed them to reduce poverty. Trade has also allowed countries to increase in shekels and sales which have allowed businesses to expand internationally. Political impacts of international trade are not taken mildly as there may be many impacts which may affect the trade of goods and services between the countries.The risk of non- renewal of import and exports licenses can affect the consumer and supplier, this is because if a license is not renewed jobs bequeath be lost and consumers will be dissapointed as their good or service is no all-night being offered to them. The risk of war is also dangerous as it can leave the country in harm and have a huge impact as businesses will no longer want to provide their goods and services to the country at war. If war is declared between to countries this impacts the economy greatly.Through diversifying cultrally and socially a nation becomes more open and desirabl e to tourists. It allows for major growth and change as well as initiating connection with other countries. Therefore, if more tourists are willing to come to a country it nevertheless increases economic growth. International trade may also impact the way individuals behave towards each other, as new customs from overseas are learned and adapted.According to the Australian Department of Foreign personal business and Trade, the growth in exporting and companies becoming global has created over 250,000 new jobs. Conclusively, international trade in goods, services and finance has been increasing at an exponential rate which is giving consumers a wider choice of products and services to choose from. Globalisation has not only changed the way we live it has improved efficiency in flow trade and finance, modernised technology for consumers and increased wealth. The process of globalisation, assisted by the technological revolution in communications and computers, is radically altering the shape of world markets, as well as the nature of business and everyday life.