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Globalization in its literal sense is the process of transformation of local
or regional phenomena into global ones. It can be described as a
process by which the people of the world are unified into a single society
and function together. This process is a combination of economic,
technological, sociocultural and political forces. Globalization is often
used to refer to economic globalization, that is, integration of national
economies into the international economy through trade, foreign direct
investment, capital flows, migration, and the spread of technology.
Tom G. Palmer of Cato Institute defines "globalization" as "the
diminution or elimination of state-enforced restrictions on exchanges
across borders and the increasingly integrated and complex global
system of production and exchange that has emerged as a result."
Thomas L. Friedman "examines the impact of the 'flattening' of the
globe", and argues that globalized trade, outsourcing, supply-chaining,
and political forces have changed the world permanently, for both better
and worse. He also argues that the pace of globalization is quickening
and will continue to have a growing impact on business organization
and practice.
Noam Chomsky argues that the word globalization is also used, in a
doctrinal sense, to describe the neoliberal form of economic
globalization.
Herman E. Daly argues that sometimes the terms internationalization
and globalization are used interchangeably but there is a slight formal
difference. The term "internationalization" refers to the importance of
international trade, relations, treaties etc. International means between
or among nations.
Globalization in Business
Globalization has had extensive impact on the world of business. In a
business environment marked by globalization, the world seems to
shrink, and other businesses halfway around the world can exert as
great an impact on a business as one right down the street. Internet
access and e-commerce have brought small-scale coops in Third
World nations into the same arena as thriving businesses in the
industrialized world, and visions of low-income workers handweaving
rugs on primitive looms that compete with rug dealers in major cities
are not totally far-fetched.
Globalization has affected workforce demographics, as well. Today's
workforces are characterized by greater diversity in terms of age, gender,
ethnic and racial background, and a variety of other demographic
factors. In fact, management of diversity has become one of the primary
issues of 21st-century business.
Trends such as outsourcing and offshoring are a direct offshoot of
globalization and have created a work environment in which cultural
diversity can be problematic. A U.S. company where punctuality is
important and meetings always start on time faces adjustments if it
opens an office in South America or France, where being 10 to 15
minutes late to a meeting is considered acceptable: being on time is
called 'British Time'[
Reference: Wikipedia
or regional phenomena into global ones. It can be described as a
process by which the people of the world are unified into a single society
and function together. This process is a combination of economic,
technological, sociocultural and political forces. Globalization is often
used to refer to economic globalization, that is, integration of national
economies into the international economy through trade, foreign direct
investment, capital flows, migration, and the spread of technology.
Tom G. Palmer of Cato Institute defines "globalization" as "the
diminution or elimination of state-enforced restrictions on exchanges
across borders and the increasingly integrated and complex global
system of production and exchange that has emerged as a result."
Thomas L. Friedman "examines the impact of the 'flattening' of the
globe", and argues that globalized trade, outsourcing, supply-chaining,
and political forces have changed the world permanently, for both better
and worse. He also argues that the pace of globalization is quickening
and will continue to have a growing impact on business organization
and practice.
Noam Chomsky argues that the word globalization is also used, in a
doctrinal sense, to describe the neoliberal form of economic
globalization.
Herman E. Daly argues that sometimes the terms internationalization
and globalization are used interchangeably but there is a slight formal
difference. The term "internationalization" refers to the importance of
international trade, relations, treaties etc. International means between
or among nations.
Globalization in Business
Globalization has had extensive impact on the world of business. In a
business environment marked by globalization, the world seems to
shrink, and other businesses halfway around the world can exert as
great an impact on a business as one right down the street. Internet
access and e-commerce have brought small-scale coops in Third
World nations into the same arena as thriving businesses in the
industrialized world, and visions of low-income workers handweaving
rugs on primitive looms that compete with rug dealers in major cities
are not totally far-fetched.
Globalization has affected workforce demographics, as well. Today's
workforces are characterized by greater diversity in terms of age, gender,
ethnic and racial background, and a variety of other demographic
factors. In fact, management of diversity has become one of the primary
issues of 21st-century business.
Trends such as outsourcing and offshoring are a direct offshoot of
globalization and have created a work environment in which cultural
diversity can be problematic. A U.S. company where punctuality is
important and meetings always start on time faces adjustments if it
opens an office in South America or France, where being 10 to 15
minutes late to a meeting is considered acceptable: being on time is
called 'British Time'[
Reference: Wikipedia