Globalization can be defined as the process of social, political, economic, cultural and technological integration among countries around the world. However, globalization is frequently confused with internationalization. Internationalization increases the importance of international trade, international relations, treaties and alliance between nations (Herman E Daly, 1999). Internationalization works by penetrating another country and adapting to the market independently and collaborating with the local government (Kanter, 1995). Adam Smith and David Richardo explained that in internationalization, the factor of production such as capital and labour are typically less mobile across country. Globalization in other way refers to reforming national economy into one global economy, mainly by free trade, free capital mobility and may create uncontrolled migration. With globalization integration, both capital and goods are free to move internationally. Globalization has brought both positive and negative effect to nations and company. In this report I would like to explain about the impact of globalization on a country. I will cover both impacts on developed and developing nation. The impact will focus on different stakeholders such as domestic companies, workers, farmers, indigenous cultures and different demographic group. This report also will discuss on the main forces associated with globalization.
FORCES OF GLOBALIZATION
Recent advancement of telecommunication and process of information in digital forms is one of the driving forces towards globalization. In most urban parts of the world, we cannot see people who walk down the streets or walk in to the mall without seeing them talking, texting or surfing the internet on their smart phones, laptop or tablet. This context cannot be seen in the 19th century. Information technology has become ubiquitous and changing aspect of every...