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International Business Environment: Impacts of Globalisation - Essay Example

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The research illustrates the pros and corns of globalisation for global economies. All points support the concept of globalisation except the argument that globalisation makes the poor poorer. It is evident that some of the poorly developed nations still remain at the same or below the state they had been before globalisation…
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International Business Environment: Impacts of Globalisation
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Download file to see previous pages The intention of this study is globalisation as the process through which national economies and cultures are integrated into an international economy so as to enhance international trade, direct foreign investment, migration, and technology sharing. The concept of globalisation greatly contributes to effective and rapid circulation of ideas, languages, and cultural ideologies. With intent to enhance foreign investment and cross-border trade for international business expansion, nations have liberalised cross border trade regulations. Brahm says that the emergence of globalisation can be directly attributed to the World War I & II and their serious after-effects which raised serious ethical issues across the globe. On the basis of numerous studies, economists realised that the concept of globalisation would contribute to the rapid economic restructuring of the global economic condition. In addition to the economic benefits, nations could improve their political as well technological relations globally. The last few years’ experiences have proved that globalisation can benefit developing countries more in achieving rapid economic growth. To be more specific, despite the possible socio-economic adverse impacts, globalisation stimulates the advancement of nations’ economic stature (WTO). In order to comprehend how globalisation will assist Strinidal to promote economic development, it is necessary to analyse various strengths and weaknesses of this concept. The following part will mainly discuss the impacts of globalisation on economies, technology, and immigration. Impacts of Globalisation on Economies Before the emergence of globalisation, developing and underdeveloped countries had little access to developed markets and improved technology. This condition negatively affected the economic growth and thereby living standards in underdeveloped economies. However, since the globalisation, the global economic environment has undergone tremendous changes. According to Devetak and Hughes (2008, p.34), globalisation connects nations through a global network, and it assists a nation to get access to foreign markets and customers. The rampant economic growth of developing economies like India, China, and Brazil can be attributed to the fruitful trade laws under globalisation perspective. As Slaughter & Swagel (1997) point out, the removal of trade barriers promote import and export activities by which a government acquires foreign investments (IMF). Often, foreign markets benefit an organisation rather than domestic markets when a potential offshore country offers favourable business conditions including cheap raw materials, labour, liberal government ...Download file to see next pagesRead More
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