An economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of goods and services. Thus, it corresponds to the organized way a society provides for the wants and needs of its people.
In a global context, there are different economic systems in each country with similarities and differences which should entail to a study of each. Every society has their own wants and needs, some similar and others totally different.
Globalization has opened domestic markets and people's eyes to a new way of life. It has triggered a leveling of the standard way of living, individual goals and also rules in the international trade.
Thus the former economic geography does not exist anymore. The question is: what does this change in the global organization imply?
In the first section of this document, I shall develop the definitions and stakes related to the different world organizations transformed by such a change. Then I will explain the implications of the new economic geography.
[...] The new economic geography implication The New Economic Geography implies an area of study which is significant for every nation. A challenge for a nation is to have a theoretical frame of their current conditions in order to understand regionalization and international trade for its economic growth. This will indicate the country's weaknesses, strengths and areas of risks and opportunities in order to use this globalization in the appropriate way. Standardization or diverse large portfolio will be determined by the consumer depending on his preferences and needs. [...]
[...] For instance, EU (European Union), NAFTA (North American Free Trade Agreement) and ASEAN (Association of South East Asian Nations) have flexible rules and regulations when their members do business with each other. IV. Conclusion The stake for countries is to be integrated as an active part of the economic geography! The trade organizations facilitate integration and foster a more globalized world. This goes in the right way when it fosters the improvement of the everyday life of the people. It does [...]
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