Globalization and Tourism

Globalization and Tourism

Introduction

Globalization can be defined as a shift toward a more integrated and interdependent world economy through the ability to produce any good or service anywhere in the world using capital, technology and components from anywhere and to sell the output anywhere and place the profits anywhere.

Globalization has several different facets including the globalization of markets and the globalization of production. The globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace. The globalization of production refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (such as labor, energy, land, and capital).

One major driver of globalization is the declining of barriers against free flow of services, goods, and capital. One example is the 1947 General Agreement on Tariffs and Trade (GATT) which reduced barriers on the free flow of goods and services by freezing or reducing tariffs. A second example is the 2001 World Trade Organization (WTO) talks which focused on cutting tariffs on industrial goods, services and agricultural products as well as phasing out subsidies to agricultural producers and reducing barriers to cross-border investment. A third example is the removal of restrictions to foreign direct investment (FDI) through the creation of bilateral investment treaties which protect and promote investments between two countries and create a more favorable environment for foreign investments.

A second major driver of globalization is the technological advances in communication, information processing, and transportation. One example is the microprocessor which has vastly increased the amount of information that can be processed by individuals and organizations. A second example is the development of the internet and the World Wide Web which has developed into the backbone of the global economy. A third example would be the advancements in transportation such as commercial jets and freightliners which have increased the amount of freight that can be delivered globally while decreasing the costs and amount of time that it takes.

Discussion

we analyzed then we come to know that the region include Hong Kong island, ceded by China in 1842 below the Treaty of Nanjing; Kowloon peninsula, ceded in 1860 under the Beijing Convention; and the latest Territories, a mountainous mainland area adjoining Kowloon, which, with profound Bay on the west and Mirs Bay on the east and a quantity of 235 offshore islands, was leased from China in 1898 for 99 years. China regained dominion of the colony on July 1, 1997. The capital, officially named Victoria but usually called Hong Kong, is on the northwest shore of Hong Kong island (R. Hughes, 2001).

Land, People, and GovernmentAccording to the expert analysis great Victoria lies at the bottom of Victoria Peak (1,805 ft/550 m), the center of an at length quarried granite variety covering much of the island. Hong Kong has lots of usual harbors, that of Victoria (c.17 sq mi/44 sq km) being one of the premium in the ...