ROLE OF ENTREPRENEURSHIP IN BUILDING A GLOBAL VILLAGE: TRADE, TAX, AND BORDER

Abstract

Globalization refers to the growth of countries resulting from increasing trade, finance, people, and ideas into one global market. Global trade and cross-border investment flows are the main elements of this global integration. Free trade is the best economic strategy for all nations of the world. No single government has the natural resources, infrastructure, and human capital in sufficient quantity and quality to realize the standard of living developed countries have become accustomed to and to which developing countries aspire. So we trade. The main economic benefits of free trade arise from the differences between trading partners, which allow each country to compete in the global market according to its underlying financial strengths. Low labor costs, access to cheap capital, a highly skilled labor force, and determining all the variables play a vital role in what comparative advantage one country has over another in the global market, thus gaining a presumption of business success. The trade process and technological progress, primarily driven by the dynamics of trade, is the root of all productivity gains—indeed, the basis of the wealth of nations. This trade growth did not happen by accident; it resulted from visionary political leadership in economies that sustained a 50-year commitment to reducing the barriers that separated the nations of the world and integrating communities and nations in the international market. World trade is constantly evolving; each trade agreement is transitioning to the next, resulting in greater work freedom. Trade is highly competitive and complex, never more so than during the economic downturn the world has experienced since 2008. Companies implementing protectionist measures impose costs that include higher prices for goods and services for consumers and producers and lower productivity and wages. For workers. The new jobs that would be created in an open and fast-growing economy never materialize, and economic stagnation replaces growth in societies that condemn themselves to backwardness. The world reaped the benefits of booming trade for six decades. This expansion stalled during the 2008–2009 recession. It can turn a temporary setback into a long-term change. This would damage the growth of the world economy for decades. If leaders remain faithful to the vision of global trade