Nations as well as business organizations are able to explore new markets and therefore increase their output leading to economic growth. Economic globalization can also lead to exportation of technology that will aid production process by increasing the units produ... ... middle of paper ... ... participation and better economic relations worldwide all parties need to play their role. The ground should be fair and leaders from developing countries should be given as much attention as those from developed countries. Proper utilization of opportunities presented by economic globalization will enable governments to achieve their goals with much easy. Moreover, there should be programs to enable developing countries adjust to economic globalization since this is the vehicle that will ensure that these countries benefit.
One Citizenship Globalization is defined as the international integration arising from the development of the world and its technologies. It has been an ongoing process that is viewed with much controversy. Several concerns and disagreements arise among famous organizations, economists, government leaders and many other political groups about this specific topic. However, globalization eliminates geographical barriers and promotes cultural exchange. Direct advantages of globalization are, its ability to create more jobs, how it attracts, promotes and supports foreign investment, how it leads to a more efficient development of new ideas and technology through global communication, and its ability to provide citizens of the world with diverse products and services.
Two main areas have impacted employment in developing countries, namely trade liberalisations and FDI. Both have contributed towards a changing working environment, especially in the current era were economies are integrating and borders are opening up.
These include increases in competition among nations around the world, greater forms of culture and ideas being produced, an unbalance of economy between the rich and the poor, and many more. As well as the impacts of globalization being discussed, there are many more ideas such as how it affects daily life, how the positives and negatives outweigh each other, and who is harmed/benefited by it. Globalization has greatly impacted my life and is continuing to impact it, in both positive and negative ways. It has had a positive impact because it has allowed for greater communication between individuals around the world, as well as ones in the same neighborhood. If I wanted to talk to a friend who lives 100 miles away, then I could chat with him on a messaging application such as Skype or Facebook, rather than having to go
The trend toward a single global economy is expanding markets and providing opportunities to managers.today, countries are going to work together as more of a global economy. Globalization is a process of interaction and integration among the people, companies and governments of different nations. Globalization not only has effects on the economy, but also the political systems, environment, culture and law. Globalization can help to expand a company's market. Expanding the market where an organization does business and promotes its products opens up a larger customer base and possibly greater profit margins.
Business management is managing people, operations and organizations to some objective or specific goal. Globalization is efforts of organizations to provide products or services throughout the world. Managing of international markets and businesses on a global industry requires innovative approaches. Globalization makes the impact of business management easier and increases efficiencies for most companies. The products and services that used to be exclusively found in a developed country are increasingly available around the world.
Globalization started some several centuries ago but has become an important strategic element of many businesses in the modern economy (Lechner 2009). This is due to the huge competitive advantages, which it offers to an organization. Globalization also allows expanding the market niche, reducing costs by moving the operations to places with low overheads, and expanding the business access to skills (Scholte 2005). Many businesses are taking advantage of technologies such as the internet, video-conferencing, and fast transport, to expand their operations internationally. Globalization has changed the world economies, hence the global politics, which are anchored upon the economic muscles of the different nations.
The technological progress is an indispensable part for the economy globalization. Because the rapid development of technological in information dissemination and communication, it not only reduce the cost of commodity circulation and create more export opportunities, but also exploit some new products and service in the world markets (Hibbert, 2000). The improvement of technology creates the conditions for the globalization of production, which is allowed to produce many goods in different countries. Therefore, some developing countries can benefit from significant amount of foreign direct investment form develop countries. The foreign company can corporate with local company to develop product and those multinational companies can exploit local markets.
It is the result of growing incorporation of economies in the world, predominantly through the movement of labor, technology, knowledge, services, merchandise and investments across international borders. Globalization also has a direct effect on the social, environmental and political aspects of the economy (ibid). Enhancement in technology is the key driving force of globalization. Advancement in technology especially the growth of internet and telecommunication infrastructure has facilitated an easy method of communication and conducting business globally and creating global markets. Moreover the interconnections of economies will increase both opportunities for the business and competition among them.
Globalization Globalization describes the increased movement of people’s knowledge, ideas, and money across national borders that have led to increased interconnectedness between the world 's populations, economically, politically, socially and culturally. Sometimes globalization is thought of as the global marketplace, and this process has social and political implications as well. Globalization is thought of throughout the world as making societies educated and wealthier through trade to people around the world. Some people see globalization as a factor in the exploitation of the poor and as a threat to traditional cultures by the wealthy, as modernization changes societies. Location, rather than resources, has pushed places to the center