Globalization can be said to be the increasing interconnectedness among countries that is known to impact on the political, social and economic aspect of a country. Globalization has been caused by the reduced barriers between countries thereby allowing world countries to…
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Economic globalization or integration has elicited mixed reactions due to the wide-ranging impacts that it has on the world economy. Despite the known advantages of globalization, this trend has also been opposed due to the negative consequences that it has on the world economy.
Those who have supported economic or financial integration of countries have pointed out the benefits of this trend to support their claims. The first advantage of globalization on the economy is that this trend results in the creation of global markets. Bordo, Taylorand Williamson, says that through the merging of the different world markets, a wider global market has been created (Bordo, Taylor and Williamson 31). Globalization has led to the widening and liberalization of the market. This has occurred through the removal of the trade barriers that historically existed. These trade barriers prevented businesses from operating outside their domestic markets.
Various corporations have exploited the expanded global market through various internalization strategies such as foreign direct investments and through exporting. This has allowed the businesses to increase their income and profits. Globalization has resulted in a much freer trade between the world countries, which has allowed domestic industries to access the international market. The access to the international market has also allowed these local companies to come up with new products and technologies that are needed and acceptable in the global market.
Held however disputes this by indicating that the entry of new companies and businesses to new markets has negatively impacted on the domestic companies (Held 20). When new businesses and multinationals cross the border to exploit the global market, they bring very stiff competition to the local businesses. The competition at times reduces the level of sales of the local and domestic products. This is said to discourage the coming up and growth of the domestic
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The term globalization refers to the expansion and fusion of world’s economic order through various trade activities at international level which further help in lifting of other trade barriers. The basic aim behind globalization is to promote and increase the trading exercises among different countries.
In a technology based market, one of the key determinants of success is the product strategy. So a manager must always be exuberant in changing the product line. Unless a company is able to produce advanced products with best available technology, competitors will win the market before its products reach there.
As a result, there are less people going by cars to job, which is a great environmental benefit. Moreover, technological communication is a perfect means for people to telework. It is an opportunity for the employers to avoid paying rent for offices and pay their employees only for completed amount of job.
Technology has helped in this process by providing a way for businesses to work together. Through technological advances, people are able to communicate and share information in unprecedented ways. Globalization has been assisted by technology, though some see globalization as an economic force rather than a technological one.
One of the major components of globalization is the ultimate reduction of barriers. These barriers take the form of trade restrictions, quotas, tariffs and other restrictions such as reduction of heavily subsidized industries that lead to anti competitive behaviors.
An innovation that became widespread at the end of the century was the internet. The internet became a widespread phenomenon during the 1990s. The subsequent development of broadband internet raised the utility of the internet for business purposes. The internet is a technology that has helped further expand the globalization movement.
cited in Lawrence, 1998). As such corporatization persists, effects of globalization are commonly seen as threatening to the existence of the human beings and the environment as a whole (Karliner, 1997).
The author states that today Starbucks Company proudly offers its newly acquired customers assorted iconic beverages as well as new menu choices that reflect their community preferences. Technological advancement has in the recent days proven as offering certain companies a competitive edge over other similar companies.