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View attached explanation and answer. Let me know if you have any questions.DonePublicManagementMGT 324Assignment 1INTRODUCTIONGlobalisationis used to describe the growing interdependence of the world’scountries/economies, religions, cultures and populations brought together by commontrade of goods and services, innovation, machinery/technology and also flows ofinvestments and assets along with relevant people/democracies.In this essay as a student who is studying business and management, I would like toadd upon the challenges faced by economies due to globalisation during various Eras .The concept and the challenges behind the topic globalisation is often discussed yetrarely understood by everybody.It needs to be stated that the process of globalisation of economies is a process that isdriven by market forces pertaining to technology, access, innovation and goodwill; andas time passes it only gets tougher as many local governments decided to also liberalisetheir markets so that there is a good scope for growth and development of theireconomy‘s GDP.The history of globalisation goes back to the beginning of the 1 century BC to 5 centuryA.D , which involve The Silk Road spice routes. To understand the psychology behindthe need for these involves A desire to meet and have a luxury items and spices. Theidea of items being carried from foreign lands to you was a difficult task back thenhence, it made the rich and noble want these items even more.As time passed, by the end of the 18th century, Great Britain had started to dominatethe world via trade and the establishment of the British empire. They were on the searchfor innovation, technology and resources to build a country which led to the beginningof the first industrial revolution. As innovation and priorities of people grew, the marketforces played a major role in demanding and supplying the necessity of resourcesaround the globe.For exle, the kind of winter wear that people look for in northern Europe is waydifferent than what people would want to wear in southern Europe or southern Asia.Though this aspect is pertaining to fast moving goods, there are other aspects in whichthe capital markets play a huge role in making the process of globalisation a s…
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