Question 1. What is Globalization? Provide multiple references to support your definition.
Globalization is the process on integrating world with interchanging from interchange of views of the world, ideas, products, ideas and other aspects of ethics and culture. It is a phenomenon that no nation can ignore. Globalization is a result of advancement in transportation, telecommunications, infrastructure development, and posterity of Internet. Globalization has been spreading since 1980’s and specially developed in mid 1990’s. (Panic, 2011) Globalization affects and also gets affected by business and firms, economics, social and cultural resources and natural resources. Globalization provides access o investment capital to nations or localities, which couldn’t have been achieved by them on their own. For instance, Nation like Nepal is benefitting from globalization. Youths from Nepal migrate to Middle East, Europe and USA for employment opportunities. People have become more independent and informative. There is no doubt in the fact that globalization helps in different kinds of opportunities for people, in education, employment or migration. (Steger, 2009)
Question 2: Why is it important? How does it impact business today?
There are mixed opinions about globalization and its effects on nations. More money is being invested in developing countries, which will help them to succeed economically and increase their standard of living. Globalization affects business by competing to different businesses around the world and hence, encourages creativity and innovation traits. It helps in knowledge and information transfer and exchange of effective technology. It promotes worldwide interaction of social, cultural and monetary resources. The four basic advantages of globalization to businesses are trade and transaction, Knowledge exchange, Migration and movement and monetary movements. (Panic, 2011) The prices of commodities are also reasonable as there is enough competition. Developing economies, demographics, extensive profits and infrastructure improvement has made national businesses to open up to globalization. Developing nations are able to gain benefits of the latest technology without putting a lot of efforts in the development of these innovations. Globalization helps the government to work together with other countries giving an advantage in cooperation and resulting into a global responsiveness to issues. (Steger, 2009)
Works Cited
Panic, Mica. Globalization. A Threat to International Cooperation and Peace Palgrave Macmillan. 2nd edition edition.26 July 2011.Print.
Steger, Manfred. Globalization: A Very Short Introduction (Very Short Introductions). OUP UK. 2 edition. 22 January 2009. Print.
