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Globalization - Essay Example

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The new economy has brought success to many organizations. The organizations used technologies, new concept like customer focus, good values, quality services and efficient exchange mechanisms for satisfying customers' needs and wants, have been proved successful in each and every part of the world…
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Globalization Essay
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Download file to see previous pages Mascarenhas (1982) developed a perspective of multiple factors the multinational organizations faces due to environmental uncertainty and focused on foreign exchange uncertainty, political uncertainty, and employment problems. Hambrick (1982) divided the environment into four categories: administrative, engineering, entrepreneurial, and regulatory, and these categories in twenty sub-categories. Several other scholars contributed to the classification in two broad dimensions: task (competitors, customers, and suppliers) and remote (political/legal, social/cultural, technological, and economic) environment (Dess & Beard, 1984; Ebrahimi, 2000). More recently, Guisinger (2001), based on prior work, proposed the geovalent construct to comprised eight "mutually exclusive, exhaustive, quantifiable, and largely replicable" (Guisinger, 2000: 4) environmental dimensions and encapsulate some of the main features of the international business environment. But the concept of globalization has changed the entire environment of global business.
The IMF defines globalization as "the growing economic interdependence of countries worldwide through increasing volume and variety of cross border transactions in goods and services and of international capital flows, and also through rapid and widespread diffusion of technology." Mitchell (2000) defines globalization as "g...
The world economy has been emerging as a global or transnational economy. A global or transnational economy is one which transcends the national borders unhindered by artificial restrictions like government restrictions on trade and factor movements. Globalization is a process of development of the world into a single integrated unit. The transnational economy is different from the international economy. The international economy is characterized by the existence of the different national economies the economics relations between them being regulated by the national governments. The transnational economy is a borderless world economy characterized by free flow of trade and factors of production across national borders. Drucker (1990) in his new realties observed that in the early or mid seventies with OPEC and president Nixon's floating of the dollar - the world economy changed from being international to transnational.
Globalization in its true sense is a way of corporate life necessitated, facilitated and nourished by the transnationalization of world economy and developed by corporate strategies. Globalization is an attitude of mind - it is a mind - set which view the entire world as a single market so that the corporate strategy is based on the dynamics of the global business environment. International marketing or international investment does not amount to globalization unless it is the result of such a global orientation. Supporters and critics of a globalization alike tend to agree that globalization is nothing new. There have been always degrees of economic, political and cultural interdependence. What makes globalization an issue today is the speed at which interdependence is growing. This is partly the result of unprecedented ...Download file to see next pagesRead More
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