...Benefits of Globalization Globalization is considered beneficial to the free trade movement among global markets. Globalization creates the opportunity for domestic businesses to compete internationally. It has the ability to tap into a massive potential customer base and still maintain low cost of goods and services. Globalization creates a demand for companies to be driven and motivated. This leads to the development of new products. By keeping companies competitively challenged, the drive among businesses around the world becomes more customer-orientated when developing new innovative products. Through globalization, businesses around the world are given the opportunity to positively impact their societies. One of the first benefits of globalization that should be considered is its massive potential customer base. According to the World Trade Organization, as of July 23, 2008 there are 153 countries participating in their global organization. The World Trade Organization is the only global organization dealing with the rules of trading between nations. Its goal is to aid producers of goods and services, exporters, and importers in conducting business within the global market. Also, text from scholastic book Understanding Business 9th Edition (page 62) states there are over 6.7 billion potential customers in the global market. At these numbers it would be nearly impossible for a business to enter into the global market and not find a customer base supportive...
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...A. Introduction Globalisation is defined as a set of social processes that embodies a transformation in the spatial organization of social relations and transactions – assessed in terms of their extensity, intensity, velocity and impact – generating transcontinental or interregional flows and networks of activity, and the exercise of power . When Stiglitz made reference to the enormous benefits that globalisation is supposed to bring, the starting point surely is the new international economic order assembled in Bretton Woods in 1947. There, the United States and Great Britain, the major economic powers of the global North, made a firm commitment to expand international trade and to establish binding rules on international economic activities....
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...Running head: GLOBALIZATION OF THE SUPPLY CHAIN Globalization of the supply chain: The benefits and vulnerabilities Table of Contents Abstract 3 Introduction 4 Bowersox Perspectives 4 Supporting Perspectives 6 Conclusion 8 References 9 Abstract This paper explores the viewpoints presented by various authors on the benefits and risks associated with globalization of the supply chain. Organizations generally enjoy the benefits of market growth and operating efficiencies as a result of engaging in global operations. The success of the organization will be predicated upon its ability to effectively mitigate the associated logistical challenges that are incumbent. Bowersox, Closs & Cooper (2010) suggests that more demanding logistics operating environments, security considerations and more complex total cost analyses are among the vulnerabilities of operating a global supply chain (GSC). This paper will examine in further detail the perspectives offered by Bowersox et al (2010) as supplemented by Helferich & Cook (2002), Gross (2010) and James (2010) which suggests that a single disruption event can have significant consequences on the global supply chain. In addition managerial implications for risk management strategies must be considered in order to preserve the supply chain. Introduction Generally speaking...
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...Globalization Argumentative Paper Armando Montero PHL/320 5/16/2016 Todd Goodling Globalization Argumentative Paper Globalization is the tendency of businesses, technologies, or philosophies to spread throughout the world, or the process of making this happen. The global economy is sometimes referred to as a globality, characterized as a totally interconnected marketplace, unhampered by time zones or national boundaries. This term as based on business can be defined as; the process of extending to other parts of the world to develop an increasingly integrated global economy by using free trade, free flow of capital, and utilization of cheaper foreign labor markets. Globalization can be good for business because it can make operating in foreign markets more efficient. It is also beneficial because it raises a business’s profits in other parts of the world. (1, Premise) Businesses will be able to communicate more effectively and efficiently, if they are working in an open market. Globalization directly effects the administrative, economic, and geographical system that is in place with the nations in an effective way. Today’s business era is far more challenging and competitive, and although it is more difficult, globalization is still one of the most important components to the economic, administrative, and geographical sectors. It also provides effective business with the nations in an effective and...
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...Globalization Macroeconomics December 9, 2013 Lloyd Ruffle Globalization Globalization is a process of communication and integration between different parts of the world. Motivated by international trade and investment and supported by information technology this process has effects on political activities, economic development, the environment, culture, and human physical well-being (What is Globalization, 2013). Technology developments are conceived as a main driving force of most of the globalization process. As people, thoughts, information, and goods shift effortlessly around the world, the familiarity of people around the world become more alike. The Effect of Globalization As a parent globalization of education through technology is being promoted worldwide on a daily basis in our school system. With the use of technology in countries like North Africa and Asia, it is expected to make the education opportunities better for the students. It is leading to improve economies and more opportunities for students. In a classroom in one of those countries they are able to expose the students to international resources, worthwhile educational resources, which many students all over the world don’t have access to. Children in Indonesia for example are able to see the museum in London via technology, exposing them to many cultures and daily living. Globalization affects me as a consumer. The toys I bought my daughter for Christmas are all made in locations...
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...development of Internet, transportation and closer relationship between countries, nowadays we heard of “globalization” more frequently in the daily life. Different countries and the people from different places have more connection and communication with each other than before. This is a human social phenomenon. In this big world stage, more relation not only means more opportunities, but also more competition. To research the advantages and disadvantages of globalization can help to catch the chance and avoid the risk and maintain a momentum of healthy development. I will briefly talk about what is globalization and its effects to different areas at the beginning. Furthermore, the advantages and disadvantages will be presented to show how these factors influence the developed and developing country respectively. II. What is globalization? The globalization is just a concept which generally means an increase of global connections, the human life based on the global scale and an increase of global consciousness. The politics and economic trade rely on each other. The globalization can be recognized as the integration of the world. Actually, Globalization is not a new phenomenon, which not happened in recent years. In ancient time, China exported tea and silk to Europe. That the west Europe started colonial times can be considered as the beginning of the globalization. It began at the end of the nineteenth century, but it slowed down during the period from the start of the...
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...THE IMPACT OF GLOBALIZATION ON INTERNATIONAL BUSINESS GROUP NO-01 FMG3231 INTERNATIONAL BUSINESS ECONOMICS FACULTY OF MANAGEMENT CONTENTS PAGE NO An introduction to international business 3 What is globalization? 6 The impact of globalization on international business 6 Future of international business and globalization 12 Summary 12 Reference 13 1. AN INTRODUCTION TO INTERNATIONAL BUSINESS International business involves all commercial transactions—private and governmental—between parties of two or more countries. Global events and competition affect almost all firms—large or small. However, the international environment is more complex and diverse than a firm’s domestic environment. An international business has many options for doing business, it includes, * Exporting goods and services. * Giving license to produce goods in the host country. * Starting a joint venture with a company. * Opening a branch for producing & distributing goods in the host country. * Providing managerial services to companies in the host country. Features of International Business Large scale operations: In international business, all the operations are conducted on a very huge scale. Production and marketing activities are conducted on a large scale. It first sells its goods in the local market. Then the surplus goods are exported. Integration of economies: International business integrates (combines)...
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...Introduction Globalization generally refers to the worldwide idea of economic, technological, cultural and political exchanges enhanced by the modern transport, communication and legal infrastructure. The political choice to open links and borders in international finance and trade makes it easy for globalization to happen. This means that human beings are continuously interacting with each other across the globe politically, economically and culturally. Economic globalization refers to the process of increasing the economic integration between two or more countries which leads to the emergence of a worldwide marketplace or a single global market. The international Monetary Fund defines globalization as “the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, freer international capital flows, and more rapid and widespread diffusion of technology”. At the same time, the International Forum on Globalization defines globalization as “the present worldwide drive toward a globalized economic system dominated by supranational corporate trade and banking institutions that are not accountable to democratic processes or national governments.” The two definitions vary and so depending on the paradigm, the aspect of globalization can be seen as both positive and negative effects. Nonetheless, globalization has cultural, political and technological factors that are closely intertwined. All these...
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...Globalization Nowadays people have become closer than before. Services and goods produced in a country will be available to sell in the other countries. We hear about globalization in the news every day, read about it in the news papers and hear people talking about it. Globalization is the interactively international and nearness of economies. The world is not a large and strange place anymore. We live in a place that is interconnected and intertwined. The world has become from a place that each country and their peoples are separate and isolated to a place that each country and their peoples are part of a global network. Thanks to globalization this is occurring. It is the process that has led to the diverse parts of the globe becoming much closer to each other (Slaughter and Swagel, 1997). Globalisation is the procedures by which the people around the world become connected to each other in all aspects of life, culturally, technically and politically, economically and environmentally. Globalization assists improving technology that benefits many people in throughout the world. By increased the spread of cultures, trade, information and creating options, Globalization can be highly beneficial to everyone by bestowing great fortunes on us. This essay will highlight some of positive and negative effects of globalization. Globalization is the ‘international integration” or ‘de-bordering’ – “a number of highly disparate observations whose regular common denominator...
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...Globalization in Business Denise Martin PHL/320 October 26, 2015 Jennifer Stephens Globalization in Business Globalization in business has so many benefits that I believe that, although it may have it’s bad side, it’s good sides make it a smart move for a business to make to stay competitive and grow in today’s economy. Saying that globalization for businesses is good I mean that there are so many positives for globalizations that it can be a major benefit for a business. The plus sides of globalization Globalization is, according to Businessdictionary.com (2015), “The worldwide movement toward economic, financial, trade, and communications integration.” (1, premise) Globalization is a way for businesses and companies to be able to expand their market from local to nationwide or even worldwide if they so desire. It opens the ways a company can communicate and the speed in which it can communicate with other businesses, clients or customer base. (2, premise) Another way that globalization is good for a company is that a company who uses globalization to advertise and “spread the word” of the services and products it offers can reach a larger number of people not only to grab them as customers, but, they can reach out to advertisement agencies and find different people with different ideas that they may feel will work much better for the way they would like to advertise. (1, conclusion)While there are downsides to globalization...
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...| I.T. for Globalization, Michigan, and the US | | | James Alexander Galarneau; John Allen; Fadi Shatara | 2/6/2013 | | Abstract: Globalization is the process of integrating human societies, economies, politics, and cultures across the globe. The purpose of globalization is to connect people together and spread information and resources in a more efficient way. Globalization allows integrating economies and societies. Globalization provides tools to become more productive members of society. It is a way of understanding how other parts of the world function. We access this information through a variety of sources such as, databases, information technology systems, computers, smartphones, internet, and social media. Many of the products and services we use today are created as a result of globalization efforts. Different countries in different regions of the world specialize in different aspects in the production of everyday items. In the effort to lower costs of products, different parts of products are made around the world for a lower price which benefits us as consumers. The spreading of globalization has resulted in many occupations that are outsourced to foreign countries due to the fact that cheaper labor can be found worldwide. The Role of the Internet The creation of the Internet has greatly contributed to Globalization. The Internet can be show to have played a role in triggering the wave of Globalization that we continue to see today. Internet...
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...Is Globalization bad or good? We are stepping into a whole new time of globalization in many aspects. Countries and countries are associated with each other, from cultures, economy, and policy, etc. A big melting pot of different cultures is right on the stove, it is actually exposing many effects to various aspects and areas. Under the new social background with mixed cultures, things always have two opposite ways, good or bad. Some arguments point out that globalization could be the cause of some serious problems like war, terrorism, and immoral business activities. Countries lose their unique identities and less country power as a whole party. However, other evidences prove that without globalization, the world would never change. The result is actually pushing the whole world forward for further development, gathering all creation and benefits together, and is even beneficial for emphasizing countries own identities from many others. Globalization is the process of migration; capital flows, spreading of cultures, technology and food spreading throughout the world. It is happening everyday, everywhere in the world. I, as an international student comes from China and attending my university in United Stated, I bring the money to US, come with my own Chinese culture background and personal identities, my language, and living styles as an Asian. I think I have finally fallen into a part of cultural globalization, exchanging or sharing my culture with American friends, I benefits...
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...What is Globalization? It is nearly every day we come to hear it on the news when we turn our TVs on, get to read it in the papers when we buy them, majority of magazines are filled with its aspects, in fact we hear from people speaking about it in trains, restaurant, parks even barbershops, and yet majority of people seems to have a different meaning of it. So what could it be that everyone is concern about or for better word curious about it which keep itself alive within people? It is globalization and what is Globalization? Globalization is the procedure by which different societies, cultures and regional economies assimilate through a worldwide network of political ideas. These same ideas are integrated through transportation, communication, and trade. However, there are many different topics, such as economy, finance, consumption, capitalism, socialism, culture, religion, among others, where the word globalization fit in. But for now I’ll only talk about some and the benefits and disadvantages of globalization. Generally, globalization has affected many nations in various positive ways such as economically, politically and socially but those who oppose it have a strong argument as well. According to, Joseph E. Stiglitz book, “Globalizations and Its Discontents,” who is also a professor at Columbia University says that there is no query that globalization is development but that many of the problems that were to be removed by this “wonderful” process of globalization have...
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...DEFINITION;- Globalization is defined as increasing process of interdependence and interconnected between different political, social and economic components of the World. It is the way in which World is seen as global village. HISTORY OF GLOBALIZATION;- During the 19th century, globalization approached its modern form as a direct result of the industrial revolution. Industrialization allowed standardized production of household items using economies of scale while rapid population growth created sustained demand for commodities. In the 19th century, steamships reduced the cost of international transport significantly and railroads made inland transport cheaper. The transport revolution occurred sometime between 1820 and 1850. More nations embraced international trade. TYPES & ASPECTS OG GLOBALIZATION;- These are some types and aspects of globalization. ECONOMIC GLOBALIZATION;- Economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital. Whereas the globalization of business is centered round the diminution of international trade regulations as well as tariffs, taxes, and other impediments that suppresses global trade, economic globalization is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market. Depending on the paradigm, economic globalization can be...
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...a war against each other since each got its McDonald's.” This quote of Thomas L. Friedman, a well-known US-American foreign affairs and globalization expert, shows two of the main results of globalization: Companies that are becoming more international and a world in which the countries start cooperating more and more instead of fighting wars. People start in-teracting borderlessly and politicians and newspapers mention the “world community.” There are mainly three forces that are contributing to the process of globalization: the liberalization of capital movements, the opening of global markets to trade and invest-ment, and the increasing use of information and communication technologies. If you want to define globalization you have to emphasize that Globalization is a multi-dimensional phenomenon that not only touches political, economic, social and cultural spheres of any society but also reshapes the traditional way of studying the “social world and human nature” first. At political and economic level, globalization is the process of denationalization of markets, politics and legal systems, it is the rise of global economy. Good examples for this development are e.g. the European Union or the negotiations of the European Union with the United States to create the biggest trade zone of the world. At the business level, globalization is when companies decide to take part in the emerging global economy and establish themselves in other countries’ mar-kets. They adapt their...
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