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Write a 12 pages paper on (risk management -global perspectives on risk) q- globalisation has led to a significant degree of convergence in markets and in business practice. as a consequence of this,

Write a 12 pages paper on (risk management -global perspectives on risk) q- globalisation has led to a significant degree of convergence in markets and in business practice. as a consequence of this, the risks associated with international business operations have decreased. arkable growth has been observed in such form of trade or exchanges that had been observed not only within the traditional international trade of goods and services, but was also observed in the exchanges of country currencies, in various capital movements and many more. One aspect featuring the extent in globalization has been the volume in international financial transactions that peaks over $1.2 trillion every day as per the New York currency markets (Intriligator, 2003, p.4). Globalization has also led to greater openness within the international economies resulting in integration across worldwide markets. A second aspect of globalization has been the liberalization of trade and other different forms in economic liberalization. This has resulted in reductions in the trade protection norms thus establishing a more free world trading system (Intriligator, 2003, p.5). The third aspect of globalization has been the changes as seen in the institutions where the organizations had wider reach apart from the technological advancements and the wider horizons for the managers that were facilitated by the advances made in communications (Intriligator, 2003, p.6).

An assumption seen across industry analysts is that globalization has led to an increased convergence in the traditional national economies, labor regulation and ability for tax capital (Drezner, 2001, p.1). The globalization concept says that an increased trend in bringing together the lower economies of the world by increasing world trade would contribute in capital mobility as well as the global operations in the multinational companies that would propel technological changes, even out the wage and productivity differences across economies. The term “convergence” has been found to have an ambiguous definition. As had been mentioned by Daniel Drezner “the scholarly work on this subject is spread across multiple disciplines, including law, economics, political science and sociology.

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