Globalization - General Overview As Seen From Developed Countries - Part 2

Allow me to turn to an example of how Canada has cooperated with the U.S. in the insolvency field – with the result that value has been maximized and scarce resources utilized and not squandered. Harmonization has been to the advantage of both sides. As with the economic elements involved in globalization in the sense of the parties enjoying the benefits of trade liberalization through the removal (or lessening) of tariffs and non-tariff barriers, so too in the legal sector, parties / countries on all sides of any border benefit from the elimination or lowering of legal barriers so that insolvencies / reorganizations can proceed in the most efficient and effective way and in a timely fashion.