The Greek Economy and the Crisis: Challenges and Responses - Essay Example

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INTERNATIONAL BUSINESS: A CASE STUDY OF GREECE BY NAME: COURSE: PRESENTED TO: DATE: International Business: A Case Study of Greece In the current global markets, globalization is a force that has gained much power and applicability in explaining how states are interconnected economically, technologically, and socially, resulting in a single borderless global market, which encourages free movement of factors of production…
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The Greek Economy and the Crisis: Challenges and Responses
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Download file to see previous pages For example, McGrew (1992, 23) defined globalization as “the multiplicity of linkages and other interconnections between states and societies, which make up the modern world system, and as the processes whereby what happens in a particular part of the world can have significant consequences for individuals and communities in quit distant parts of the world.” the interconnectedness described above refers to the creation of a borderless market, whereby factors of production are harmonized explaining the argument that what happens in one part of the world in a globalized world would certainly affect people far away, and not in any way related to such a country. Globalization is mainly driven by the search for low cost factors of production and the need to venture in new prospective markets, especially in developing countries. Since globalization involves integrating different ideologies with a common agenda from different countries, it is prone to effects of cultural, political, and social systems that exist in specific countries as well as the technological advancement in such countries. In most cases, the economic, political, and social cultural factors in a country have divergent effects on how the country fairs in a globalized market, and how the country affects other countries due to the interconnectedness in a globalized market. In this case, Greece will be investigated to determine how the above factors interplay to define Greece as a country today, and its place in a globalized market based on social, political and economic factors. In order to effectively survive in the current competitive global market, firms as well as countries have alike to exploit the available opportunities and utilize their competitive factors in addition to responding accordingly to changes in the foreign and domestic markets as they occur. In order for any country to have a sound economy management, global dynamics in economic developments in other countries, and the country’s internal dynamics regarding the balance of payment and balance of trade are essential to consider. Greece as a country in the current age overlooked some of the above considerations leading to a crisis that the country is facing today, politically, socially and economically; this has affected other Euro zone countries due to the interconnectedness of a globalized market. Similar to a company, a country has to formulate its development and growth strategies based on SWOT analysis. Political Factors Currently, Greece is faced with the worst political crises in the past 30 years (Economides, 2011). Political climate in any country is critical in affecting investments in a country towards growth or decline; it is critical in instilling confidence in potential investors to inject capital in such a country, with heightened political terms reducing the number of investors in such a country, implying a country will sink deeper into social and economic crises. As Wall & Rees (2009) elaborate, in international business, MNEs have to consider the political stability of a country or region before setting investments in such countries. Considering that as Lees and Wall elaborate MNEs are responsible for economic developments in many countries due to large capital base in terms of Foreign Direct Investments, FDI injected in a country, unstable political climate ...Download file to see next pagesRead More
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