In what ways is British society a globalized society Essay

In what ways is British society a globalized society - Essay Example But likewise, as economies become more intertwined, we find that they can also become more vulnerable to unexpected shifts and new forms of opaqueness. This isn’t a reason to turn away from globalization, but it is a reason to be vigilant. This essay will look at the way Britain has become more dependent on other countries through the process of globalization and it will suggest that this has mostly been for the best. Although the exact moment of globalization occurring in Britain is a highly debatable question considering the length of Britain’s history and its extensive involvement in world affairs, it could be send that the election of â€Å"New Labour† in 1997 marked the rapid acceleration of the period. With Tony Blair’s successful efforts to remake the formerly left-wing, anti-free trade Labour party into a pro-market moderate party, Britain decided to go full steam ahead with economic global integration. The stage had been set a few years earlier. In the words of Merril Stevenson in a thoughtful article on the subject: Britain got its economic act together just as globalisation was accelerating, in the late 1980s. It has managed to catch and ride the current wave successfully, selling the world financial and business services where once it sold cotton textiles and machines. Shifting earlier and more decisively than most countries out of mass manufacturing, where it had few advantages over lower-cost competitors, to more easily defended high-value-added goods and services gave it an edge. Margaret Thatchers painful union-bashing left Britain with flexible labour markets at a time when countries such as France and Germany are struggling with unbudgetable workers and high unemployment.1 Of course, with current economic events shaking the world economy, we begin to see some of the potential negative effects of globalization for Britain. In a recent visit to the United States, Gordon Brown was keen to point out that the problems started

Business in UK Essay Example | Topics and Well Written Essays - 1750 words

Business in UK - Essay Example It is one of the key options for the effective economic management. According to the British Economist, Mr. Keynes, the public spending needs to be increase when the private investment and spending is unbalanced and inadequate. There are two categories of spending, such as Capital spending and current spending. Capital spending considers spending on the physical assets, including roads, bridges, schools, and hospitals. On the other hand, current spending includes expenditure on raw materials and wages. Government describes fiscal policy by writing legislation and setting taxation level. The changes in fiscal and monetary policy can affect the businesses both directly or indirectly. The impacts are highlighted below. Fiscal policy generally engages changes in spending and taxation policies. Lower tax considers high disposable income for people and more cash to invest for business in equipments and jobs. On the other hand increasing consumption of taxes or income usually address less disposable income for people that can be decelerate the activities linked with the business (Ruddock, 116). It is evidenced that increasing ageing population and budget deficits should be addressed in order to sustain the long term business growth. Changes in the short-term interest rate generally manipulate long-term interest rates. Mortgage rate is the effective example of it. Low interest rate stands for higher disposable income for people and limited interest expense for a particular business. The combination of these two considers high business profit. High interest rate can affect the business firms as it results Lower sales and profit and higher interest expense. Changes in the interest rate have negative impact on the stock prices that can affect consumer spending. Several taxation policies have negative impacts on the business cost. For an example,