The good and bad of globalism “Globalization has changed us into a company that searches the world, not just to sell or to source, but to find intellectual capital - the world's best talents and greatest ideas”. Jack Welch “Globalization is a fact of economic life”…
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It extends to all forms of activities such as commercial, financial, or even religious as well as cultural. Such a development over the years has broadened the scope of human activities significantly thus giving rise to higher consumer expectations. One of the key reasons behind the sudden spurt in globalization is the range of technological innovations in the recent years, which has helped in transcending boundaries by breaking down barriers and made it possible for various businesses to take shape and reach a wider audience. The fact that technological revolutions have single handedly revolutionized the global arena has been documented by various authors and researchers alike (Langhorne, 2001). The internet revolution which has given rise to e-Business and e-Commerce has helped in creating global virtual communities These communities are known to display a strongly developed sense of awareness and play a vital role in participating in matters such as political as well as economic discourses, thus becoming a strong dominant force in enforcing their perspectives in matters related to public policies. The development of enterprise application systems, wireless communications technology as well as a range of effective business software have enabled the businesses to cater to the large and varied requirements of their consumers, in the fastest way possible. People have now taken to shopping online and expect their orders to be shipped to them as fast as possible. The marketing department has found a new virtual ground for aggressively advertising their products, while the company management are now aiming to sell their products virtually. Global connectivity has expanded the business hours and now provide for a new 24/7 working schedule thus, implying the intensity of competition in the global marketplace. Furthermore, technological advancement has also afforded various countries to enter into economic partnerships with each other for the provision of goods and services, thus paving way for international e-commerce (Tompkins, 2007). Globalization also signifies the tendency of businesses to invest their funds in projects and avenues which are beyond their national boundaries and venture into international territories, thus expanding their scope to different markets worldwide. The proponents of globalization have termed such a change as a positive influence especially with respect to the developing nations, who can now avail the opportunities afforded to them, to develop faster by co-coordinating with the industrialized nations. However, the opponents of globalization on the other hand, have countered this recent development stating that it acts as a barrier for a nation's progress, questions its sovereignty and paves way for the development of other nations by compromising / trading the local jobs for cheaper jobs off shore. This paper on the ‘Good and bad of globalism’ seeks to assess and analyze the perspectives presented by Thomas Friedman in his book ‘The World is Flat’ and derive conclusions regarding the actual impact of globalization in contemporary times. The World is Flat: Thomas Friedman's book "The World is Flat" examines and assess the various facets of globalization, and serves as a guide to those at the helm of affairs to analyze and introspect their policies and their resultant impact on the economies of their respective nations. Friedman states that there are various forces which has led the world to become flat. He has refers these
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