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This would require that the nations concerned should open their markets for international trade, international investment, international finance and labour movements – a process which would result in interdependency and lead to integration of the economies of the concerned countries with attendant benefits to all.
From an individual country or a business point of view, globalisation is also a matter of strategy in the overall process described above. This strategy is best defined as the attempt to reap the highest benefits from out of the natural endowments of a country / business – be it in terms of raw materials, technology, skilled manpower etc. and reach the world markets with greater competitiveness. Viewed from this perspective, the term globalisation defines both a threat and an opportunity; a threat if a dominant economy or a business house commands the world markets, and an opportunity when even a small player can look at the entire world as his potential market to exploit.
the term. Deepak Nayyar puts it best in his words: “It is, in part, an integration of markets (for goods, services, technology, financial assets and even money) on the demand side, and, in part, an integration of production (horizontal and vertical) on the supply side (Nayyar, 2006).
International trade had been taking place for nearly a thousand years both on the land and sea routes. The items of exchange were mainly spices, silks and precious stones; in other words, only a limited number of highly valued exotic items. This trade was being conducted by individual traders.
international trade - exchanging finished manufactured goods for raw materials, although Great Britain as the supreme imperial power, controlled the raw materials prices from its colonies as well as the prices of finished goods sold in its colonies. Further, to supplement its work force, it deployed substantial number of indentured labourers from the Indian subcontinent to places like the South
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Implementing effective marketing strategies in the globalization environment reduces risk management issues. Search: Globalisation convergence business market risk. Globalisation reduces revenue risks Globalisation has leveled the playing field, in terms of generating revenues.
This process facilitates effective circulation of ideas, languages, and cultural ideologies. Nations today tend to liberalise cross-border trade regulations as they realised the significance of increased cross-border trade for international business expansion.
According to Rothenberg (2003), “globalisation is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (pp: 1). Today, with the altering viewpoints, globalisation has emerged as “neologism of the new millennium” (Putko, 2006: 1).
Products of whatever kind and products that threatened world extinction began to dominate man’s quest for progress and development. That is materialism at its worst, or at its best. Recent authors and commentators assert that globalisation began at the end of the Cold War which was in the period 1989-1991.
Globalization has increased the concerns of several nations as it poses a threat to the initiatives that are taken on the local level and these initiatives are indigenous in nature. Developing countries have already been burdened by the negative side of globalization and they have started protesting against it.
In essence, globalisation is a powerful real aspect with regard to the new world system, where it signifies one of the most prominent forces that assist in determining the future course of the world. Moreover, globalisation has various dimensions that assist in the process of making the world a single society.
Globalization was the byword of the 1990s, reflecting the rapid growth of international financial transactions, the integration of developing countries into the world economy, and the information and communications revolution that brought satellite television, the cell phone, and the Internet to remote corners of the world.
Economic globalization is one of the most powerful sources to have shaped the post-war world and the two major drivers behind globalization are reduced costs in transport and communication in the private sector and reduced policy barriers to trade and investment on the
Globalization also refers to the massive migration of people, changing national identities and cultural belongings (Suarez- Orozco & Qin- Hilliard, 2004) shattering internal and external borders among and between nations. With its multifaceted connotations, globalisation has