GLOBALISATION EFFECTS UPON THE ECONOMY IN TERMS OF RISK AND INCERTITUDE

• Main Author: CRISTINA NITESCU
• Format: Article
• Language: English
• Published: Romanian Academy 2012-11-01
• Series: Geographia Napocensis
• Subjects: globalization; risk; incertitude; decision factors; economy
• Online Access: http://geographianapocensis.acad-cluj.ro/Revista/volume/nr_2_2012/pdf/Nitescu.pdf

Globalisation effects upon the economy in terms of risk and incertitude. Globalization represents the process of mutual integration among the worldwide countries which leads, on one hand, to significant cost reducing of transport and communications and, on the other hand, it generates artificial barriers which can block the circulation of goods, services, capital, knowledge and in a smaller measures people. However, under the circumstance of risk and incertitude a substantiate decision requires strong knowledge and in due time of two ways, internal and external, where the trade agents carry out their activity as well as the rationalization of actions and human decisions which consist not only of prevention and avoiding the risks and their consequences but also the reducing the uncertainty and the misjudgment at the acceptable levels in the given situations.