HI6005 Management and Organisations in a Global Environment - Free Sam
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Introduction
People for many centuries, individuals and corporations have invested in businesses in other nations, and this is also another definition of globalization. However, developments in both the technology and policy in the past decades have led to an increase in the number of cross-border transactions, investment and even migration such that the world is said to be a new stage of economic development.
Globalization
Globalization can be defined as the process that facilitates interaction and interaction of individuals, business enterprises, and governments of different countries a process that is propelled by international trade and investment facilitated by the exist
ence of information technology (Open Textbook, 2016). Globalization in most cases draws implications on both the environment and culture, political environments and also economic progress in societies across the globe. Globalization is not a new concept as for thousand years in one way, or other people have been buying and selling goods to each other across vast distances, for instance, the magnificent silk road that ran across Asia connecting both China and Europe
When viewed through the lens of liberalism, globalization is an extension of modernization that is market driven. In the utmost elementary phase, it is the outcome of human desires for greater economic happiness and political freedom. Thus, transplanetary interconnection is obtained from the human motives to optimize the material well-being and to practice the fundamental freedom (Pooja, 2015). It is through such liberties that human beings across the world get interconnected.
Liberalism assumes various forms for instance through technological advances in the fields such as transport, communications and information management. Also, freedom entails advocating and recommending legal and institutional arrangements that are suitable to enable markets and democracy to spread across the world. Such discussions stem from studying academic fields such as economics, Business studies, and political economy among others. It is such a theory backed by such studies that have led to standardization, streamlined administration, laws governing contract agreements and protection of property rights.
However, its proponents ignore the social drives behind the development of technological and institutional frameworks. It is not enough to link such events to human motives for purposes of economic growth and political freedom. Thus, the proponents are blind to the very culture and knowledge systems that support their existence.
The growth and expansion of international trade have been linked to exacerbating inequalities with regards to income disparities among individuals and also between the developed and developing economies (Gandolfo & Trionfetti, 2014). The global commerce is controlled increasingly by multinational companies that aim at maximizing their profits and overlook the development needs of the countries they operate in or the local communities. Also, it is imperative to remember that most of the protectionist policies in industrialized nations but many firms in developing economies from accessing markets for their exports. The nature of international trade with regards to the volume and capital flows being volatile magnify the risk of banking and currency problems particularly in nations that have got feeble financial institutions and frameworks (Dlabay & Scott, 2011). The stiff competition among the developing economies in a bid to attract foreign investment translates to a phenomenon recognized as the race to the bottom as countries perilously lower their environmental standards (Open Textbook, 2016). The issue of culture is also impacted negatively by the uniqueness associated with a particular religion is lost in preference for homogenization and a universal culture that is based on foreign culture is embraced.
The critics of international trade argue using the Latin America illustration where they state that it is the openness as a result of globalization had an adverse economic impact (Gandolfo & Trionfetti, 2014). Many states in Latin America such as Peru liberalized their imports to a greater extent compared to other countries. Such a move has been associated with the increase in the number of people living below one dollar a day which is below the trajectory poverty line exacerbating the already existing inequalities
Globalization, on the other hand, can lead to the creation of new opportunities, innovation, and open new markets for an entrepreneur to venture, market opportunities not available in their domestic market (Rasel, 2018). Thus, some possibilities are tied to globalization. One of the opportunities associated with globalization is that it provides enormous opportunities for business enterprises in developing economies to tap into foreign markets that are large and lucrative across the globe. Globalization also leads to more access with regards to capital flows, improved technology, and cheap imports. Lastly, globalization enables businesses in the developing economies to be part of global production networks and supply chains which form the primary conduits of trade.
Application to a real company
Coca-Cola is a multinational company that operates on a global scale. Coca-Cola has been able to run in both the domestic and foreign markets due to globalization. The company has created numerous employment opportunities in the countries it has a presence. The company also contributes to government revenue in the form of taxes.
Though many allegations have been raised with regards to globalization such as increased income inequality and environmental degradation, there is no global trend. Thus, international trade and direct investment by multinational companies provide less industrialized nations incentives and resources to adopt and utilize new technologies that are ecologically viable.
Conclusion
Globalization has led to economic growth as demonstrated in the economies of East Asian as there are documented cases and circumstances of decreased poverty. It is the dramatic development in East Asia that led to increased GDP per capita by more than eightfold and lifted millions of people from the grinding poverty depended on globalization to no small extent. Thus, this facilitated growth of exports and bridging the technology gap with the developed economies.
References
Dlabay, L. & Scott, J., 2011. International business. Mason,OH: South-Western Cengage.
Dunning, J., 2013. International Production and the Multinational Enterprise (RLE International Business). Routledge: s.n.
Gandolfo, G. & Trionfetti, F., 2014. International Trade theory and Policy. Heidelberg: Springer.
Open Textbook, 2016. Positive effects of globalization for developing country business. [Online] Available at: https://www.opentextbooks.org.hk/ditatopic/7202[Accessed 22 August 2018].
Pooja, 2015. 8 Theories of Globalization – Explained!. [Online] Available at: https://www.politicalsciencenotes.com/articles/8-theories-of-globalization-explained/642[Accessed 22 August 2018].
Rasel, S., 2018. Opportunity Assessment for International Markets and Foreign, s.l.: s.n.
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