Impact Of Globalization On International Trade - 928 Words

Globalisation could be defined as the growth to a global or worldwide scale. Globalisation has brought a wave of improvement and development in technology and knowledge, also bought a change to the world. Many fields of knowledge have been affected, the new technologies have been built and have been shown to the public. As in the other fields, finance is impacted. For example, financial markets have been established in many counties, local companies have become the international companies, well - known banks have been known in many countries and so on. Financial advances have also changed the way of international trade, making transaction in international trade is more convenient and comfortable than in the past. Buyers and sellers can make a payment although they are not in the same country, money is transferred cross country in a short time. So, in the international trade context, there are four different ways to transfer money from the buyer to the seller as advance payment, lette rs of credit, draft and open account, and in the different methods have their own risks. So, this essay will evaluate the potential risks which could occur and will look at what situations is each method commonly used. Firstly, letter of credit or documentary of credit (L/C) is a famous payment method in international trade because this method provide a safety to the both of importers and exporters (Paul and Aserkar 2013: 31). It is one of the payments which base on the contract documents. InShow MoreRelatedGlobalization Is The Key Of Success For All Countries1183 Words   |  5 Pages1. Synopsis Globalization has no borders and boundaries across the world due to exchange of knowledge, thoughts, trade and information. 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