Contemporary Issues for Business Essay Example | Topics and Well Written Essays - 2500 words

Contemporary Issues for Business - Essay Example Globalization has its own advantages and curses. With the help of globalization countries can share their surplus resources with the other countries. It creates a sense of unity in global arena. On the other hand globalization has its own negatives. Due to globalizations, countries which are having weak economy are significantly over dependent upon economically strong countries. Here in this case of Ukraine crisis, two economic super powers are fighting among each other and are imposing bans and trade sanctions. All these bans and trade sanctions have very serious consequences for the global fraternity. Economically weak countries which are highly dependent upon strong countries feel the pressure significantly. With the help of this essay economic consequences caused by the various trade sanctions related with Ukraine crisis will be evaluated. The essay will analyze all the critical factors in a detailed fashion. The above picture is indicating that, various nations across the world do high level business with Russia as far as the food and agricultural exports are concern. In fact the country which is taking some proactive measures to impose sanction upon Russia i.e. US also does almost $1.6 billion food and agricultural business with Russia. It means economies of all these countries are significantly dependent upon the export. So there is no shadow of doubt that there are high negative economic consequences on the above shown countries. Especially European Union is the highest exporter of food and agricultural products to Russia. Trade sanctions have most adverse economic consequences on the EU economy only. Due to all the trade sanctions EU and other nations as well are deprived of foreign currency. Generally EU exports almost â‚ ¬11.9bn agricultural products to Russia. The ban can reduce almost â‚ ¬5.3bn business. It