Implications of Money Transfer Companies on the Global Economy Essay

Implications of Money Transfer Companies on the Global Economy - Essay Example It is in line to this argument that there has been needing to increase the access to international markets, all with the aim of ensuring that the business environments have been strengthened; thus, an increase in the access to international markets through an improvement in the access to funds. This has, in turn, opened up trade and investment in various areas of the globe (Geiersbach, 2010). This has been boosted by the developing international money transfer services that play a huge role in the present day business market. It is through these services that a lot of individuals have managed to send money faster and with a lot of ease despite their distance. With this in mind, it is evident that the money transfer business has contributed greatly to the global economy. This essay will attempt to assess the implications of the money transfer business on the economy of the globe in general. The essay shall focus on aspects such as Globalization, post-colonial theory, European Union, p rotectionism, corporate social responsibility and cross-cultural management in an attempt to understand the underlying issues on the same theme. 2.0. Money transfer companies and the global economy 2.1. ... Economic growth, on the other hand, can only be attested with an increase in the income of individuals, which alternatively helps in a reduction of the poverty levels in a country. In the developing countries, there is clear evidence that these countries can barely support their economies; thus, stagnant economic growth (Department for International Development  &  HM Treasury, 2013). Good examples of the challenges in these countries include the absence of institutions that support economic growth, poor infrastructure, lack of access to financial services amongst others (Department for International Development  &  HM Treasury, 2013). In such a scenario, individuals are less likely to borrow funds as well as invest. The Department for International Development  &  HM Treasury (2013) therefore recommends that the governments in these developing countries strengthen their business ties by enabling their members to join the international markets; thus, access to financial s ervices by its members. Opening up its trade links would alternatively ensure that such countries have access to international money transfer programs that sustain their trade links with other economic opportunities. International money transfers are more convenient and allow people to send money throughout the world in a faster way. These services enjoy an enrolment of numerous agents around the globe that require their services, including the third world countries that are able to access the funds they need to survive in the tough economic times.