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seems to be used predominantly in a wider and more descriptive sense for economic cross boarder trade, â€œGlobalizationâ€? is a fairly new term, used to describe the process of a transforming international trade towards more liberalization and its impacts that can supposedly be associated with social-cultural and political changes on a global scale. It is most commonly used to discuss the relationship of trade increase in the past decades with issues like free markets, dissolving of purely national companies, global inequity developments, reduction of national political influence and reduction of cultural diversity in favour standardization and integration as regions become increasingly interconnected and inevitably dependant on each other (e.g. Spero/ Hart 2003). The key semantic difference of both terms as defined in this work shall be, that International Business describes a factual situation, where cross boarder trade does take place and deals with associated developments that influence its operations on the basis of a stable set of environmental determinants.
The concept of Globalisation is a contested terrain. Authors such as Jameson (1988) discuss globalisation as a new marvel, as yet out with any specific field of academia, defining it as an “immense enlargement in communication with more tangible and immediate world markets than earlier stages of modernity”. McGrew (2000, as cited in Marsh, Keating, Punch and Harden 2000, pg. 380) has identified that globalisation is not a new concept but its fervour has certainly magnified. This essay will outline and describe the main features of globalisation focussing on the economical dimensions, although these decisions are affected by politics, which in turn affect the environmental and cultural aspects of life.
It is first important to define exactly what the key terms of this discussion are, namely "globalization" and "sovereignty". Globalization can be defined as the "ongoing movement towards economic, political, social, and cultural interdependence that has, for good or ill, reduced the autonomy of sovereign states" while sovereignty can be defined as the "principle of self-government; to say a state is sovereign is to claim that it has monopoly of force over the people and institutions in a given territorial area" (Garner et al. 455, 459). Globalization has been on the rise since the ... ... middle of paper ... ...ation-State: Dead or Alive." Journal of Economic Issues 42.2 (2008): 425-433.
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