Reflect of Globalization on International Business
Globalization refers to the increasing unification of the world's economic order through reduction of such barriers to international trade as tariffs, export fees, and import quotas. The goal is to increase material wealth, goods, and services through an international division of labor by efficiencies catalyzed by international relations, specialization and competition. It describes the process by which regional economies, societies, and cultures have become integrated through communication, transportation, and trade. The term is most closely associated with the term economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, the spread of technology, and military presence. However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political, and biological factors. The term can also refer to the transnational circulation of ideas, languages, or popular culture through acculturation. An aspect of the world which has gone through the process can be said to be globalized.
Against this view, an alternative approach stresses how globalization has actually decreased inter-cultural contacts while increasing the possibility of international and intra-national conflict.
Reflections on Globalization and its impact
On International Business
The term globalization did not become popular until the 20th century. Then onwards, it has become a typical issue understood to affect the whole socio-economic and political life of states throughout the world. Besides, the discourse on globalization is complex with far-reaching effects on national and international laws and policies pertaining to the social, economic and political matters.
It is commonsense knowledge that issues related to globalization are open to debates, as various people have varying perceptions about it. At one extreme, we have those who see
Against this view, an alternative approach stresses how globalization has actually decreased inter-cultural contacts while increasing the possibility of international and intra-national conflict.
Reflections on Globalization and its impact
On International Business
The term globalization did not become popular until the 20th century. Then onwards, it has become a typical issue understood to affect the whole socio-economic and political life of states throughout the world. Besides, the discourse on globalization is complex with far-reaching effects on national and international laws and policies pertaining to the social, economic and political matters.
It is commonsense knowledge that issues related to globalization are open to debates, as various people have varying perceptions about it. At one extreme, we have those who see
References: 1) Globalization and Its Impacts,www.ilo.org 2) Thomas L. Friedman, The World is Flat, a Brief History of the Globalized World in the Twenty-First Century, Allen Lane, 2005 3) The African Economist.Vol.11, No. 35.2005 4) The Eye on Ethiopia and the Horn of Africa, Vol. xxxv, No. 128, 2006 5) Kim Kercher, Corporate Social Responsibility-Impact of Globalization and International Business, Bond University.2006 ct of