Introduction
Globalization, as a set of processes through which the incorporation of the planet’s population into a single world community, the global community, gives a significant impetus to the development of the knowledge economy and the system of innovative education.
Discussion
Modern innovations develop in an open global economy characterized by an open market, a high level of competition, the presence of global communications systems, and an increase in innovation generation, dissemination, and technological speed. As a result of this process, the intensity of interactions between countries, companies, and communities in all spheres of economic and social life has sharply increased. The UN Global Compact defines a number of principles: protection of human rights, collective bargaining, elimination of forced labor, discrimination, child labor, environmental initiatives, and exclusion of corruption (United Nations, n.d.). In fact, London is one of the brightest examples of a metropolis corresponding to the processes of globalization.
At the legislative level, London passes many laws that promote globalization. First, the Equality Act of 2010 protects people from discrimination in the workplace and society at large. Secondly, a series of environmental protection laws have been enacted since 1968 and are being adapted to this day. In addition, London is a historical world financial center, which, together with an open economy, developed transport infrastructure, and the prevalence of the standards of the British legal system, make London, among other things, the center of world trade and markets.
Conclusion
People, business environment, market access, and infrastructure are critical factors in a financial center’s GFCI competitiveness, with London meeting more than 80% of them (Wardle & Mainelli, 2021). Figure 1 shows a photograph of London as a global center.
References
United Nations. (n.d.). The Ten Principles of the UN Global Compact. Web.
Wardle, M., & Mainelli, M. (2021). The Global Financial Centres Index 29. Long Finance & Financial Centre Futures, 64. Web.