Buy an essay on Globalization, the Place of the Middle East in the International Trade and its Impact on their Socioeconomic Development
The major objective of the paper is to define the main trends that characterize the process of globalization and the current position of countries of the Middle East in the international trade and its impact on socioeconomic development of the region. Basically, it is very important to clearly define the current position and reveal the potential of the Middle East in the economic development of the world because it is obvious even nowadays that the region has a significant economic potential. At the same time, the analysis of the impact of the process of globalization and the development of international trend will help better understand the extent to which the region is affected by globalization and whether its impact are positive or negative. Moreover, it will also help find out how countries of the Middle East actually use their current position and achievements in the international trade.
Basically, the process of globalization affects the development of practically all countries of the world. Willing or not, countries are simply forced to get integrated into the international economic processes of cooperation and develop their international trade. Otherwise, they may face a risk of losing important foreign markets where they could sell their products and, therefore, stimulate the development of the national economy. In fact, the current situation in the world is quite favorable for the rapid development of economic cooperation and international trade. At the same time, the process of economic integration is accompanied by the significant improvement of political relations and interaction on practically all levels, including political, social and cultural. This is why it is possible to estimate that the process of globalization plays the determinant role in the development of the world economy and socioeconomic relations.
In such a context, it is obvious that countries of the Middle East cannot stay in the complete isolation from the rest of the world. In stark contrast, practically all countries of the Middle East demonstrate a strong trend to the integration into the international economy, they start to develop their economic cooperation with other countries of the world and, naturally, the integration starts with the neighboring countries. In this respect, it should be said that the economic potential of the Gulf region is very significant and the efforts of countries of the Middle East to get integrated in the world economy are important not only to these countries but also to the entire world.
At this point, it is necessary to dwell upon the international trade as the major tool which stimulates the integration of countries of the Middle East into the world economy. In actuality, the international trade and the place of countries of the Middle East in the international trade is quite an arguable point. First of all, it should be said that, from economic point of view, the Middle East plays a strategically important role in the world economy because of its huge natural resources of fossil fuels. These natural resources make countries of the Middle East particularly attractive for foreign investments and more developed countries of the world that are willing to invest in and cooperate with countries of the Gulf region because it can bring huge profits. Furthermore, local countries do need the international support to develop their economy. In fact, countries of the Middle East are characterized by technological and economical backwardness compared to countries of Europe, North America, East Asia, i.e. well developed countries. To put it more precisely, countries of the Middle East are, to a significant extent dependent on the equipment and technological developments which they import from developed countries. Using this equipment and new technologies they can develop more effectively their national economy. However, at this point a serious problem arises. Countries of the Middle East are, as a rule, undemocratic countries, in the traditional Western form of democracy that naturally affects the economic development of countries. In fact, local economies can hardly be characterized as open market economies. In stark contrast, local economies are traditionally characterized by the significant impact of the state and, what is more, there are efforts of regulation of the economic development of countries from the part of the state using non-market means. In addition, the lack of democracy stimulates the development of protectionism in the economic development and corruption. At any rate, the problem of the lack of the fair competition in the Middle East is one of the major problem foreign investors as well as local companies regularly face.
At the same time, it is necessary to remember about the problem of the domination of the oil and energy industry in national economies of the Middle East. In fact, countries attempt to fully benefit from their natural resources and export them to other countries of the world, being strategically important suppliers of such products as oil and natural gas. However, this is a very controversial issues, since, on the one hand, the export of oil and natural gas is the basis of the international trade of the Middle East, while on the other hand, it prevents countries from stable and balanced economic development. What is meant here is the fact that countries of the Middle East, being oriented on the development of oil and energy industry, are highly dependent on the situation in international markets. To put it more precisely, changes of oil prices, for instance, can affect dramatically the development of economy of countries of the Middle East since the growth of oil prices stimulate the further economic development, while their decrease will put countries to the risk of a profound economic crisis. In this respect, the major problem of countries of the Middle East is the lack of industries that could play equally important role as oil and energy industry does in the international trade of these countries. Though, it should be pointed out that the development of tourism may become another industry that could contribute consistently to the economic development of the region. buy an essay
However, at the present moment, in the result of the lack of democracy, inefficiency of mechanisms of open market principles in the Middle East, the socioeconomic development in these countries is characterized by the widening gap between rich and poor. Such a social disparity can potentially undermine the stability in the region, especially in the case of the rapid deterioration of the economic situation in the region. This is why the development of democracy and formation of open market economy should be among the priorities in the development of the Middle East because the region should use effectively huge profits it gains from the international trade at the moment.
1. Introduction: the current trends in the world economy and the place of the Middle East in international economic relations
2. Globalization processes their effect on countries of the Middle East.
2.1 Advantages and benefits of globalization for the Middle East
2.2 Disadvantages and risks accompanying the process of globalization
3. The place of the Middle East in the international trade
3.1 Major characteristics of economy of the Middle East (lack of open market principles, state regulation and interference, lack of fair competition, protectionism)
3.2 Oil and energy industry
3.3 Risks of the domination of oil and energy industry
3.4 Alternatives to oil and energy industry as the basis of the international trade in the Middle East
4. Socioeconomic effects of globalization and involvement of the Middle East in the international trade
4.1 The widening gap between rich and poor
4.2 The lack of equal opportunities both economic and social
4.3 Potential threats of profound social crisis in the result of misbalanced economy and high dependence of countries on foreign markets and oil prices
Basically, it is possible to focus on the analysis of the current literature dedicated to the problem of the economic development of the Middle East and major trends in the global economy. The analysis of literature will help reveal the position of different specialists in regard to the impact of globalization on the Middle East and its socioeconomic development. At the same time, it is important to analyze the statistical information concerning the export of countries of the Middle East and main areas of investments in order to assess the current situation and perspectives of the region. Basically, the analysis of literature and statistic data can contribute to the implementation of both qualitative and quantitative analysis of the research and its outcomes that will increase reliability and accuracy of the research.
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