Globalization” can be defined as the course of action that deals with international assimilation caused by the exchange of products, ideas, different views and the merging of various cultures. Rapid developments in telecommunications and transportation using road and rail networks, including the use of the Internet are the major contributors to globalization which has generated additional mutually dependent elements of trade and industry and cultural activities. Globalization is also defined as an ambiguous procedure that evidently generates greater profits for companies and also increases joblessness. Although a lot has been written about globalization, a composite theory of this phenomenon has yet to be presented.
However, the most popular theories are that globalization gives cost advantages to generate maximum profits. Products and services from developed countries are sent to countries that need these products and services. In the same way, the natural resources of underdeveloped countries are sold to developed countries that have a demand for them. Therefore, globalization is, for the most part, are the movement of economic resources from one geographical region to another. Economic Globalization” is about multinational companies doing business all over the world. When a person in America or Europe buys a product manufactured in China it is the result of economic globalization. When people discuss globalization, they are referring to “economic globalization”.
Trade takes place more rapidly and money can be sent or received within the blink of an eye. Businesses that do not practice globalization in their businesses cannot compete with those companies that do. Prior to the invention of the telephone, communication, especially long distance communication was the greatest drawback for businesses. Now people can communicate with anyone instantly via the Internet and due to the ease and cheap rates for long distance telephone calling. Contemporary inventions have made it possible to disseminate information to very large population instantly and simultaneously. The world is within everyone’s reach at the click of a mouse or by pressing buttons. Knowledge transfer is another important aspect of the global trade.
It includes not only the transfer of advanced manufacturing and processing technology to developing countries but also the transfer of technical and business expertise. Knowledge transfer is often a two-way street. Businesses in developed countries can also learn about low-cost manufacturing techniques and local customer preferences from their business partners based in developing countries. Cultural globalization is the spread of ideas and values across borders. Unlike commercial globalization, this type of globalization is often inadvertent, spread through sources like books, news media, and the Internet.
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