The current integrated and interdependent world economy is the outcome of the process of Globalization. Various definitions of Globalization are available. As per Block (2004), in his research paper, has defined globalization as “Intensification of world-wide social relationships which link distant localities in such a way that local happenings are shaped by distant events and, in turn, distant events are shaped by local happenings.” The IMF (2008) claims that globalization is a result of advancement in technologies and modernization of the people. 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. Zhu (2009) argues that globalization has two different parts namely Globalization of markets and Globalization of productions.
Globalization of markets is about fusion of national markets, which are traditionally distinctive and separate, into one huge global market. Here the markets which are physically separated by national boundaries will be merged conceptually with the help of technologies and policies and then perform the business globally (Zhu, 2009). Ex. Co...
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... in following globalization strategy. The nations will have to consider not just the economic benefits but also the environmental and cultural aspects when supporting globalization.
Aspray, W., Mayadas, F., and Vardi, M.Y., Eds., (2006), "Globalization and Offshoring of Software: A Report of the ACM Job Migration Task Force. ACM,2006; http://www.acm.org/globalizationreport/overview.pdf
Block, D. (2004), “Globalization and Language teaching”, ELT Journal, Volume 58, January 2004, Oxford University Press, eltj.oxfordjournals.org/cgi/reprint/58/1/75.pdf
International Monetary Fund (IMF), 2008, “International Monetary Fund: Issues Brief”, IMF Publications, Available at : www.imf.org
Zhu, Y. (2009), International Business Strategy ,2nd Edition, Middlesex University Business School, McGraw Hill Publications, ISBN : 9780077127015, pp 3:36
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