Research Essay Paper Example | Topics and Well Written Essays - 2500 words

Essay - Research Paper ExampleThe onset of international business offset and ease of access to information worldwide because of the improvement of technology, state boundaries became less important because geographic and kindly boundaries changed and became accommodative. The new era of globalisation, which became popular particularly in the 1970s brought changes, opportunities and new considerations and ch wholeenges because it created a free food market in the world compared to when globalization was an unknown phenomenon. Globalization has facilitated the formation of a common market all over the world based on a liberal exchange of goods, services and money. Therefore, economic globalization refers to the increase of integration of markets across political boundaries. The oil industry captures the aspect of globalization through the proceeds of MNEs and a free international market for oil products (Golove, 1996135).Globalization has affected the oil industry in a variety of ways. Oil-exporting states occupy an inconsistent position in the international system because of several aspects. First, in terms of economy, these states are highly globalized and are highly dependent on international trade, labor and finance. all in all these states are the source of a commodity that is significantly vital to all sections of the world making them prestigious states in the world. However, these states are not politically globalized because they are not likely to sign major treaties or join intergovernmental organizations. Most of them defy the global norms of human rights in search of cheap labor (Mitchell, wave & Mitchell, 201223). All over the world, economic globalization is related to political globalization because economic globalization scarce works through international trade, business, and finance and labor exchanges.Political globalization also ensures that economic globalization grows because it opens local