globalization

(noun)

The process of international integrating arising from the interchange of world views, products, ideas, and other aspects of culture.

Related Terms

Examples of globalization in the following topics:

  • The State of Global Business

    • Global business is changing and evolving quickly due to demographic and technological trends.
    • And amplifying all these social and material pressures, the global finance system has tottered to the brink of chaos with both Europe and North America facing unprecedented and unresolved debt and employment issues, with global food and energy prices doubling since just 2008.
    • All this has generated an entirely new global business environment, and an emerging new global economy, with new rules, new patterns of costs, new methods of work, new risks, new opportunities, and new horizons for growth, evolution and change.
    • Refers to a simple economic model which describes the reciprocal circulation of business and the global economy.
    • Identify how the Internet, a swelling global middle class, and the tottering global finance system has generated a new global business environment

  • Globalization: opportunities and threats to developing country business

    • To succeed in business today, it is critical to understand the changing global business world and the environment in which a business operates.
    • Views of globalization in lower income countries, however, are more positive.
    • This section discusses the concept of globalization and its positive and negative implications for developing country business.
    • Globalization is difficult to define because it has many dimensions—economic, environmental.
    • The focus here is on the economic dimension of globalization.

  • Benefits of Globalization

    • Globalization increases economic growth and generates a wider range of products and services.
    • Many proponents of global business argue that mutual benefits derive from the global specialization of products and services.
    • In the 1960s, non-globalized economies grew at an annual rate of 1.4% while globalized economies grew at 4.7%.
    • Another relationship between globalization and GDP was seen in the 1990s when developing countries had 5.0% annual growth compared to only 2.2% annual growth in economies that had been globalized for longer.
    • Although there is opposition to globalization from religious and social activists, proponents argue that the widespread availability of global goods, services, and ideas positively impacts the lifestyles of citizens.

  • Complications of Globalization

    • Income inequality, environmental damage, unsafe food, sweatshops, and the rise of consumerism are common criticisms of globalization.
    • The pollution haven hypothesis is an interesting example of the complicated nature of globalization.
    • This results in global pollution, alongside other exploitative issues.Nice
    • It is hypothesized that consumerism, where consumption largely exceeds necessity, will continue to accelerate because of expanding global trade and will continue to contribute to a homogeneous global culture that crowds out traditional cultures.
    • This chart shows the exponential growth in energy consumption that is caused by globalization.

  • Major Historical Developments in the Global Economy

    • The development of this global economy has included a number of crucial highlights important to understand when considering the current framework of the global economy.
    • Synergy in a globalized economy is well supported by those EU initiatives.
    • Despite the BRIC, US and EU success stories, there are also a number of reasonable and well-defended criticisms of a globalized world (see Boundless's Globalization atoms for additional data).
    • Regardless of the advantages of a globalized world, environmental and ethical concerns need to be considered as the trajectory towards globality continues.
    • This chart shows the exponential growth in energy consumption that is caused by globalization.

  • Defining Globalization

    • Globalization is the process by which the international exchange of goods, services, capital, technology and knowledge becomes increasingly interconnected.
    • The derivation of the term 'globalization' stems from the verb 'to globalize', which embodies the concept of international interdependence and influence between various social and economic systems.
    • The International Monetary Fund (IMF) highlighted four critical aspects of globalization that effectively define this idea from a business perspective:
    • Globalization is a natural phenomenon, in both cultures and markets, that allows for synergy through specialization.
    • Define globalization in the broader context of global business and historical development

  • Standardization and customization

    • "The Globalization of Markets. " Harvard Business Review.
    • Adopting this global strategy provides a competitive advantage in cost and effectiveness.
    • Although global marketing has its pitfalls, it can also yield impressive advantages.
    • In applying the global marketing concept and making it work, flexibility is essential.
    • The big issue today is not whether to go global, but how to tailor the global marketing concept to fit each business and how to make it work.

  • Ethical Barriers

    • The anti-globalization movement is a worldwide activist movement that is critical of the globalization of capitalism.
    • Anti-globalization activists are particularly critical of the undemocratic nature of capitalist globalization and the promotion of neoliberalism by international institutions such as the International Monetary Fund (IMF) and the World Bank.
    • Meetings of such bodies are often met with strong protests, as demonstrators attempt to bring attention to the often devastating effects of global capital on local conditions.
    • Labor, economic, and environmental activists succeeded in disrupting and closing the meetings due to their disapproval of corporate globalization.
    • This event came to symbolize the increased debate and growing conflict around the ethical questions on international trade, globalization and capitalization .

  • Corporate Social Responsibility and sustainable development in the global environment

    • The topics surrounding Corporate Social Responsibility (CSR) have become more complex due to the globalization of the economy and the issues that arise from companies competing in international markets.
    • This heightened awareness of CSR and sustainable development has been endorsed by an increased responsiveness to ethical, social, environmental and other global issues.
    • Cases like this, and others such as Enron Corporation and Worldcom in the United States, prompt concerns about corporate governance and accounting standards globally.
    • Corporate Social Responsibility (CSR) is a concept whereby companies integrate ethical, social, environmental, and other global issues into their business operations and in their interaction with their stakeholders (employees, customers, shareholders, investors, local communities, government), all on a voluntary basis.

  • Definition and Challenges of a Global Corporation

    • Global corporations operate in two or more countries and face many challenges in their quest to capture value in the global market.
    • A global company is generally referred to as a multinational corporation (MNC).
    • Finding a way to capture value despite this fixed organizational investment is an important initiative for global corporations.
    • Combining these four challenges for global corporations with the inherent opportunities presented by a global economy, companies are encouraged to chase the opportunities while carefully controlling the risks to capture the optimal amount of value.
    • Identify the most meaningful challenges encountered by multinational corporations (MNCs) when pursuing global markets and efficiencies