Globalization іs а process of interaction and integration among the people, companies, and governments of different nations. It is а process driven by international trade and investment and aided by information technology. This process has effects on the on culture, on political systems, on economic development environment and prosperity, and on human physical well-being in societies around the world.
Globalization іs not new, though. For thousands of years, people—and, later, corporations—have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. Similarly, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914. (Dunning, 1999, p.518)
But policy and technological developments of the past few decades have spurred increases in cross-border trade, investment, and migration so large that many observers believe the world has entered а qualitatively new phase in its economic development. For example, since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion. Distinguishing this current wave of globalization from earlier ones, author Thomas Friedman has said that today globalization іs farther, faster, cheaper, and deeper. (Dunning, 1999, p.518)
This current wave of globalization has been driven by policies that have opened economies domestically and internationally. In the years since the Second World War, and especially during the past two decades, many governments have adopt free-market economic systems, vastly increasing their own productive potential and creating myriad new opportunities for international trade and investment. Governments also have negotiated vivid reductions in barriers to commerce and have established international agreements to promote trade in goods, services, and investment. Taking advantage of new opportunities in foreign markets, companies have built foreign factories and established production and marketing planning with foreign partners. А defining features of globalization, therefore, іs an international industrial and financial business structure. (Hufbauer; Grieco, 2005, P.p. 21-32)
Technology has been the other principal driver of globalization. Advances in information technology, in particular, have dramatically malformed economic life. Information technologies have given all sorts of individual economic actors—consumers, investors, businesses—valuable new tools for identifying and pursuing economic opportunities, including quicker and more informed analyses of economic trends around the world, easy transfers of assets, and collaboration with far-flung partners. (Hufbauer; Grieco, 2005, P.p. 21-32)
Globalization іs deeply controversial, however Proponents of globalization argue that it allows poor countries and their citizens to develop economically and raise their standards of living, while opponents of globalization claim that the creation of a free international free market has benefited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people. Resistance to globalization has therefore taken shape both at а popular and at а governmental level as people and governments try to manage the flow of capital, labor, goods, and ideas that constitute the current wave of globalization. (Nirachos, 2008, p. 10-12)
To find the right balance between benefits and costs associated with globalization, citizens of all nations need to understand how globalization works and the policy selection facing them and their societies. Globalization101.org tries to provide an accurate analysis of the issues and controversies regarding globalization, especially to high-school and college students, without the slogan or ideological biases generally found in discussions of the topics. (Nirachos, 2008, p. 10-12)
Contentions of globalization
The great challenge facing political leaders today is to persuade the public that continuing to liberalize trade will bring more benefits than costs. Distrust of globalization has probably never been higher in the past 60 years; China and India are among the reasons. There is widespread fear that globalization means job losses and lower wages as the export power of these huge nations grows.
So countries are becoming more protectionists, more unwilling to deal with change and make adjustments.
The debate over the positive and negative effects of globalization is а hot topic for many individuals, agencies, organizations and government departments who find themselves in а position to defend or attack the current globalization trends. We can have an interesting debate in class about the merits of globalization but in the end whether we like it or not, it is а situation within which we, as international business people, have to deal with successfully. (Nirachos, 2008, p. 10-12)
Dunning, H. 1999. Governments, Globalization and International Business. Oxford University Press. p.518
Hufbauer, G. & Grieco, E. 2005. The Payoff from Globalization. Op-ed. (29 Jan, 2008). http://www.iie.com/publications/. P.p. 21-32
Nirachos, S. 2008. What Is Globalization?. Globalization 101. (29 Jan, 2008). http://www.globalization101.org/. p. 10-12
2004. Chronicles of Higher Education. Vol. 50. p. 45
Bernake, B. 2006. Global Economic Integration: What’s new and What’s Not. speech at the Federal Reserve Bank of Kansas City 30th annual Economic Symposium.
Jelinek. M, 2004. Book Review Essay: Industrial Invention, Electronic Competition – A Review of Three Books on Global Strategic Competion. Essay: New Perspectives on Global Industrial Dynamics. Academy of Management Review. Vol. 29. p.3
Bernstein. 2004. Shaking Up Trade Theory. Business Week
Henwood, D. 2003. Beyond Globophobia. The Nation.
Napier, N. A Geometric World. Academy of Management Perspectives. Vol. 20. p. 2
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