BRIC economies are considered the largest market economies with a rapid growth, and accounts for more than three billion people, who are slightly under half of the total population in the world. These countries have made a substantial contribution to the growth in the world GDP,…
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Therefore, BRIC is expected to bring forth changes in the list of the greatest world economies in the near future.
On the other hand, BRIC economies are not similar, though they are in the investment classification, whereby others having political and economic alliances, which are from the groups. Nevertheless, among these countries, China has made significant achievement, thereby making them eliminate the need for alliances. BRIC has made a significant effort in conversion of the growing economic influence into a political power, through summits comprising of analysts (The State University of New York, 2011, 1). In this case, the analyst work together in the BRIC countries in order to establish a future economic partnersip in these countries, whereby China will dominate in manufactured goods, provision of services is dominated by India while the field of material supply is dominated by Russia and Brazil (EconomyWatch, 2010, 1).
Globalisation has been attributed to the acceleration of international economic integration, which has been unexpected in numerous ways. However, there are expectations that this might contribute to the vulnerability of workers in BRIC economies. There are resenting developments in the world concerning the increased importance of emerging economies, for instance, China has become a large exporter, whereby it has raised its reputation in international production networks entailing off shore business. Therefore, globalisation has enabled these countries to work together in order to counter well-established interests and organizational structures. The relationship between America and Europe has been substantial in facilitating the developments between the BRIC countries.
Globalization in BRIC countries that are attributed to integration with the inputs, finished goods and services, which are underscored by increased business transactions in the world trade. In fact, the ratio of trade-to –trade GDP and the shares of
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(“The Impact of Globalisation on BRIC Economises Literature review - 1”, n.d.)
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(The Impact of Globalisation on BRIC Economises Literature Review - 1)
“The Impact of Globalisation on BRIC Economises Literature Review - 1”, n.d. https://studentshare.org/macro-microeconomics/1609649-the-impact-of-globalisation-on-bric-economises.
The paper presents that globalisation has allowed the company to wear the crown of being one of the largest car and vehicle manufacturers. This is the major impact of globalisation in the company allowing it to be a successful company. Global strategies adopted by the company are quite appropriate in nature enabling the company to establish strongly.
Prominent organizations in the world were struggling to expand properly in their domestic countries before the introduction of globalization. This was because of the lack of space of expansion in domestic circuits. Globalization provided a much wider global canvass to these companies so that they could look for opportunities beyond the boundaries of their domestic market.
Globalisation of Trade. Globalisation can be simply defined as the process of incorporating national cultures in order for fostering international trade, direct foreign investment, migration, and technology sharing. Globalisation led to the emergence of a global economy and the rapid cross border circulation of ideas, languages, and cultural ideologies.
According to Hofstede (1983), effective organisations operating in multiple countries have adapted management ideas of their own to local cultures. Hofstede (1993) has also highlighted that the different management theories have cultural constraints meaning that these theories have no value once they enter the border of different country with different culture.
On the other hand, BRIC economies are not similar, though they are in the investment classification, whereby others having political and economic alliances, which are from the groups. Nevertheless, among these countries, China has made significant achievement, thereby making them eliminate the need for alliances.
These people are below the poverty levels. Some of them perish from starvation or from health maladies which are borne out of inadequate health care and limited nourishment. Other individuals seek different ways to improve their economic conditions, and many of these individuals have proven successful.
Consumerism and transnational capitalism jointly act as the building blocks of the modern dynamics of today’s business world. The term “global system theory” (Sklair, 2007, p. 67), indicates that in the modern business world, there exists a standard system according to which most of the business activities are conducted.
As a word, it has been in existence since 1960s after being put on the sport by the then anti-globalization movement. Globalization is widely used almost as a buzzword to describe events taking place or manifestation of a prevailing trend in the current society.
The authors cited Greene and Wegener’s (1997, pg. 177) words, “There is now broad agreement that present trends in transport are not sustainable, and many conclude that fundamental changes in the technology, design, operation, and financing of transport systems are needed”. This chapter is also a forward for the next chapter.