StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Governing Global Business: Globalization and the State - Assignment Example

Cite this document
Summary
The author states that globalization facilitated economic growth through the facilitation of poverty reduction strategies. It facilitated and led to the growth of international trade. However, it has its negative impacts such as the compromise of culture that has led to lower standards of living. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Governing Global Business: Globalization and the State
Read Text Preview

Extract of sample "Governing Global Business: Globalization and the State"

?GLOBALIZATION AND THE GLOBALIZATION AND THE Introduction Globalization is the integration of economies, cultures, markets and industries through the global trade network of communication, transport and trade. Globalization has become rapid and integrated socioeconomic and sociocultural factors such as culture, technology and media, in addition to biological factors such as the global climate change (Lauder, Brown & Ashton, 2008). According to critics of globalization, it has caused or has been an exploitation factor to many in the developing world, and has caused increased poverty levels and has produced negligible benefits as compared to its interference on many lives in the developing world. Contrary to the globalization critics, the embracers of globalization have suggested or reported huge reduction of poverty levels in their respective states, which has led to huge economic growth and produced the leading world economies, such as China and India. It is therefore sound to state globalization as both effective and affective, in the sense that it has led to the growth of economies and led to the interference of many lives around the globe. There has been a rapid and enormous growth in global trade since the end of World War II, in the terms of rampant international trade due to the increased interactions and relations amongst regions and states. The communication sector has seen a huge reduction and improvement in the terms of costs, which have declined intensely and improved the communication networks. The reduction in the communication costs has facilitated the relationship between nations, and thereby facilitated international trade. The growth in international trade has led to the rampant growth in the global trade, with cheaper communication through the use of the web, telephones and other mobile devices, and the outsourcing and innovation in the information and technology sector. Globalization has impacted on the trade sector of the economy, especially on the international trade that has affected direct foreign investments and the larger international capital flows. The process of high interdependence among states and their citizens, due to globalization, during the global economic downturn has proven to have negatively affected many economies that have been struggling to get back to an economic on-toe. Many state economies are affected by the poverty levels, which demand the implementation of strategic economic policies. Poverty reduction strategies must be employed in order to facilitate sustainable poverty reduction indices, which are raised by economic growth. Economic growth requires policy frameworks to be able to counter the unpredictable global economy. The responsibility of economic policy in the developing states or countries is rested upon the respective governments, with critical international trade relations playing vital roles in the development and sustenance of international trade, and the global trade at large. The development of the international trade mainly depends on the governments of the developing countries, the determinants of the global intellectual climate, governmental and non-governmental organizations, and individuals (Claes & Knutsen, 2011). The economic globalization has resulted from the increase in international trade, especially involving manufactured foods and other products, the increase in the international financial flow, in addition to the increase in the flow of labor (Sweeney, 2005). There has been intensively growing research on globalization and the global economy to unearth the impacts of globalization on the global economy since the end of World War II. After World War II, there was the establishment of the international financial order to facilitate the resolution of the global trade volume and maintain a steady economic growth (Mcandrew, 2009). The occurrence of the global economic downturn due to the war, known as the Great Depression, affected global trade, with states employing economic globalization to be able to sustain their economies during the tough economic times. Globalization has helped developed countries to recover from the economic downturn, especially through the regulation and growth of their capital flow (Claes & Knutsen, 2011). The global gross volume of international cash flows relative to the global gross domestic product (GDP) has grown extremely, as compared to the period before and during the World War I and II. Globalization in the modern system of labor flow has gradually declined, though there is an increased labor flow due to migration. Globalization has affected people’s lives through economic influence, which has led to increased labor migration, increased consumption of international goods, international tourism, and international communication (Karlstad, 2011). Globalization has economically brainwashed some people, whereby they tend to concentrate in international economic activities rather than growing their national economies (GhaurI & Powell, 2008). This has put a barrier on the developing economies, whereby the economic growth is derailed through massive exportation of labor and huge importation of manufactured goods instead of practicing local or domestic consumption, laboring and tourism to promote national economies (GhaurI & Powell, 2008). Globalization is driven by political, technological and biological factors, and causes huge non-economic impacts (Buelens, 2000). For example, the military and political dominance in the United States is resented by globalization critics, as well as the influence of the American culture that tends to compromise on other local and regional cultures (GhaurI & Powell, 2008). Evolution and innovation in the technology sector has resulted from the massive globalization that has improved the communication and infrastructure systems (Dyer, 2011). Globalization has led to rapid growth in the technology and communication sectors, and hence has acted as a counter to corruption, accidents and terrorism (Labadi & Long, 2010). However, terrorists are also using modern innovations, in line with growing technology, thereby posing great threats to national securities of both the developed, developing and the third world countries (Dyer, 2011). On a positive note, globalization has increased labor flow, which has in turn impacted on the integration of the labor market through the increment of remittances from international laborers (Chang, 2003). The remittances from the international laborers serve as a major export for many third world and developing countries (Anderton, Brenton & Whalley, 2006). Globalization has increased the rate of international trade and the exportation of labor, which has led to increased remittances that has led to economic growth, in the developing and third world countries. Increased technological innovations and growth has led to the importation of high-tech production equipment, which has led to an increase in the production knowledge (Anderton, Brenton & Whalley, 2006). Economic globalization has led to the development of production lines, due to technology development and innovations, which has in turn led to the production of high-quality products. The high quality products increase the export demand, especially to the third and developing countries, which leads to the growth in international trade (Ciochetto, 2011). Changes in technology have led to the development in the production sector, which has led to the rapid growth in the terms of productivity (Brown & Lauder, 2006). Globalization has many risks; however, many states have opted to globalize their economies for a balance between their exports and imports. This is bound to help in the regulation and growth of the GDP and/or the GNP (Karstedt, 2011). Developing countries consider both the costs and benefits of the international trade, which is established and regulated by the globalization of the world economy (Brown & Lauder, 2006). The costs and benefits of the international trade depend on the domestic markets, location and available natural resources (Dyer, 2011). The globalization of the economy poses multiple challenges, including the critical preservation of indigenous cultures that have been overridden by globalization (Ashton, Brown & Lauder, 2008). The third world countries, in addition to the developing countries, must establish poverty reduction strategies to facilitate poverty development that is core in the economic growth and development (Karstedt, 2011). Rapid economic activity has led to beneficial growth to individuals and the developing state economies through facilitated and higher standards of living (Ashton, Brown & Lauder, 2008). An improvement in the standards of living is an indication of reduced poverty indices, which facilitates faster economic development. Globalization of the economy has facilitated and enhanced faster economic growth in the developing countries and raised the standards of living for many citizens. It has also enhanced innovation through the use of modern technology, which has established and presented economic development chances for the citizens, and the developing countries at large. Globalization has been integrated with rapid evolution in information and technology to enhance the growth of economies and raise the standards of living in the developing economies (Kloet, 2010). Globalization has raised economic relations and has provided a smooth platform for international economic trade through increased importation and exportation of manufactured products (Kinley, 2009). Globalization has increased consumption of international goods and services, which has led to the growth of economies through international trade. On the other hand, the consumption of international or imported goods and services in the third world and developing countries has hindered promotion of local economies and led to increased poverty indices. Poverty reduction is hindered by globalization, and hence the growth of local developing economies is also hindered (Berger, 2006). Globalization has led to rapid growth and innovations in economies, with the revolution and innovations in communication and information technology, providing unlimited eased information access for individuals (Ciochetto, 2011). Currently, markets have become global with some corporations being richer than some countries (Keep, 2004). International trade has been prevalent but has been facilitated by the economic globalization through increased international importation and exportation that have led to a rapid growth in the international trade (Berger, 2006). Globalization has led to the liberalization of economies through reduction of trade hurdles. Technological revolution due to globalization has diversified the economies in the developed world countries (Milliot & Tournois, 2010). Research has proven that globalization comes with many risks, though it has resulted to stability of economies (Akokpari, 2001). Globalization threatens the cultural and religious underpinnings of societies and states in the long run. Economic growth leads to improvement of international trade and international relations. Critics of globalization suggest that it allows the economic giants and rich individuals with business interests to intrude into local cultures and override local traditions, which has proved that globalization threatens and interrupts the ways of life for many (Berry, 2011). As a matter of fact, in Asia and Europe, there is a perceived increase in the poverty levels due to the globalization of the economies, and hence many citizens are grappling in poverty (Mcgregor, 2008). According to OECD (2011), economic globalization has led to a fluke on the economic condition that has led to the Asian crisis, and increased the global economic trends. Conclusion In conclusion, globalization has facilitated economic growth through facilitation of poverty reduction strategies (Oakes, 2010). It has facilitated and led to the growth of international trade. However, it has its negative impacts such as the compromise of culture that has led to lower standards of living (OECD, 2011). References Akokpari, K. (2001). “Globalisation and the challenges for the African State.” Nordic Journal of African Studies. 10, 188-209. Anderton, B., Brenton, P., & Whalley, J. (2006). “Globalisation and the Labour market: Trade, Technology and Less Skilled Workers in Europe and the United States.” London, Routledge. Ashton, D., Brown, P. and Lauder, H. (2008) ‘Developing a Theory of Skills for Global HR’ (2008) in Sparrow, P.R. (Ed.) Handbook of International HR Research: Integrating People, Process and Context. Oxford: Blackwell. Berger, D. (2006). “Shaping the public sphere with and beyond the state: globalisation and Latin American social movements remake state-publics relationship.” Javnost. Vol. 13, 45-62. Berry, C. (2011). “Globalisation and ideology in Britain neoliberalism, free trade and the global economy.” Manchester, Manchester University Press. Brown, P. and Lauder, H. (2006) ‘Globalization, Knowledge and the Myth of the Magnet Economy’, Globalization, Societies and Education, Vol. 4 (1), 25-57. Buelens, F. (2000). Globalisation and the nation-state. Cheltenham, UK, Edward Elgar Publishing. Chang, H.-J. (2003). “Globalisation, economic development, and the role of the state.” London, Zed Books. Ciochetto, L. (2011). “Globalisation and advertising in emerging economies: Brazil, Russia, India, and China.” London, Routledge. Claes, H., & Knutsen, H. (2011). “Governing the global economy: politics, institutions, and economic development.” Abingdon, Oxon, Routledge. Dyer, C. (2011). “Eco-imperialism: governance, resistance, hierarchy.” Journal of International Relations and Development. 14, 186-212. GhaurI, N., & Powell, S. (2008). “Globalisation.” London, Dorling Kindersley. Karstedt, S. (2011). “Exit: the State: Globalisation, State Failure and Crime.” Comparative Criminal Justice and Globalization. 107-122. Keep, E. (2004) ‘After Access: Researching Labour Market Issues’, in J. Gallacher (Ed.) Researching Access to Higher Education, London: Routledge. Kinley, D. (2009). “Civilising globalisation: human rights and the global economy.” Cambridge [U.K.], Cambridge University Press. Kloet, J. D. (2010). “China with a cut globalisation, urban youth and popular music.” Amsterdam, Amsterdam University Press. Labadi, S., & Long, C. (2010). “Heritage and globalisation.” Milton Park, Abingdon, Oxon, England, Routledge. Lauder, H., Brown, P. and Ashton, D. (2008), “Education, Globalization and Skill: The Routledge International Encyclopedia of Education. London: Routledge. Mcandrew, C. (2009). “Globalisation and the art market: emerging economies and the art trade in 2008.” Helvoirt, European Fine Art Foundation (TEFAF). Mcgregor, H. (2008). “Globalisation.” London, Wayland. Milliot, E., & Tournois, N. (2010). “The paradoxes of globalisation.” Houndsmill, Basingstoke, Hampshire, Palgrave Macmillan. Oakes, S. (2010). “Globalisation.” Abingdon, Philip Allan Updates. OECD (2011), “Globalisation, comparative advantage and the changing dynamics of trade.” Paris, OECD. Sweeney, S. (2005). “Europe, the state, and globalisation.” Harlow, England, Pearson/Longman. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Governing global business Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Governing global business Essay Example | Topics and Well Written Essays - 1750 words. Retrieved from https://studentshare.org/business/1488468-governing-global-business
(Governing Global Business Essay Example | Topics and Well Written Essays - 1750 Words)
Governing Global Business Essay Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/business/1488468-governing-global-business.
“Governing Global Business Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/business/1488468-governing-global-business.
  • Cited: 0 times

CHECK THESE SAMPLES OF Governing Global Business: Globalization and the State

Is Globalization Presently Being Governed To the extent that it is, how is it been done

This conceptualization of global governance, denies the true character of globalization and the legitimacy global governance.... Governance of globalization necessarily means methods by which these aggregate and often conflicting forces are reconciled to respond to the challenges of globalization and to ensure that the political and economic benefits of globalization are realized.... In this regard, it is recognized that the world is no longer specifically organized around the idea of state sovereignty as the primary determinant in inter-state relations....
14 Pages (3500 words) Essay

Factors Affecting the Success of Localization Strategy of Fast Food Companies

hellip; In order to be successful in their business, localization strategies therefore need to encourage indigenization, reduce import content in the products and increase employment in the society benefiting commercial and economic developments of the respective countries.... According to Bruntland report “Development that meets the needs of the present without compromising the ability of future generations to meet their own needs” is called as sustainable development (business Dictionary....
14 Pages (3500 words) Literature review

Identity Formation and Globalization

The term "globalisation", in essence, refers to the change of spatial and temporal limitations, which is the reduction of distance because of the remarkable reduction in the time required to bridge spatial differences which has, in turn, caused the slow integration of economic, social and political space across state borders.... Even though, globalisation is often solely related to the financial field, which is with processes of distribution, production and consumption along with financial services and growing global trade, financial globalisation is intractably interwoven with changes in the cultural, social and political fields....
12 Pages (3000 words) Essay

Globalization and the Perfect Market

Globalisation challenges the traditional link between constitutionalism and the state and elevates constitutionalism to a transnational context (Anderson 2012).... From the paper 'globalization and the Perfect Market" it is clear that globalisation has its advantages, however, as studies have linked it to reduced levels of corruption among countries that are forced to turn from being inefficient welfare states to becoming competitive.... hellip; the state is forced to comply with greater transparency requirements and to abide by international standards of governance....
7 Pages (1750 words) Research Paper

Globalisation Conceptions, Variants, and Different Perspectives

globalization has not only integrated the national as well as international business sector, but also the increase in the trade services is owing to the aspect of globalization, as the… There are a number of changings in every aspect of life, business, society, nations, cultures, etc.... After reviewing the literature regarding the different perspectives of globalisation, the next sections have detailed the changings and alterations that have happened due to this phenomenon, where the impact of globalization in every aspect of life is evaluated either it is positive or negative....
31 Pages (7750 words) Literature review

Globalizations Impact On The Environment

Hyperglobalism is driven by capitalism, communications, and transportation technology, integration into one world market and it is increasingly eroding state power and legitimacy.... The purpose of the study "globalization's Impact On The Environment" is to analyze the idea of 'globalisation' and some of the key orthodox and radical theories and points of view surrounding it in the economic, political and particularly social sphere.... Hyperglobalism conceive globalization as a new age of economic integration that is characterized by open trade, global financial flows as well as multinational corporations....
11 Pages (2750 words) Case Study

Identity Formation and Globalization

The term "globalization", in essence, refers to the change of spatial and temporal limitations, which is the reduction of distance because of the remarkable reduction in the time required to bridge spatial differences which have, in turn, caused the slow integration of economic, social and political space across state borders.... The paper "Identity Formation and globalization" looks at a number of definitions of identity.... It pays attention to the complicated relationship between processes related to globalization on a variety of levels and struggles for identity, the role of international communication in identity issues....
14 Pages (3500 words) Essay

Interrogating the Politics of Identity in the Context of Globalization

"Interrogating the Politics of Identity in the Context of Economic, Social, Military and Environmental globalization" paper discusses globalization in general.... hellip; globalization is the increased interconnection of political, economic, and social systems of various countries in the world.... globalization is defined as the interconnectedness of systems of life.... globalization has changed the way in which things are done in the modern age....
6 Pages (1500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us