Economics and Law on Competition in 21st Century Globalization

Economics and Law on Competition in 21st Century Globalization Synopsis

21st century globalisation is distinguished by institutional and political reforms in many countries such as gradual trade liberalisation and international co-ordination of policies. This author considers globalisation as a non-stop process leading to the convergence of the civilisations, lower cost of production, controlled freedom of communications, guarded advancements of technology, shrinking of distances via advanced transportation means and the economic funds utilise their powers demolishing any local lawful revolutionary efforts exploiting the globe with a fairly democratic way at present. The global economic funds should avoid a gradually undemocratic exploitation of the globe in order to bypass/avoid a global conflict looming in the end of the road of an autocratic globalisation lacking any ethical values. Moreover, globalisation has created centres of power that are alongside, even in competition, with the power of states. Innovation demands extensive up-front R&D costs and strong intellectual property protection is not disconnected from competition principles, but rather, is a vital part of antitrust policy as a whole. Sound intellectual property rights protection creates the competitive environment required to allow companies to profit from their inventions, which encourages innovation efforts.