Finally, the study will draw a conclusion based on these analyses. Globalisation is associated with economic growth, international business and financial market. It refers to a cross-border increase in free movement of services, products, labour and financial capital (Magazine, Inc., 2011). It is mainly driven by the flow of technology and ideas across the border. Globalisation can be examined from different perspectives such as economic, political and social perspectives. Also, globalisation is evaluated using four dimensions such as personal contract, political commitment, technological connectivity and economic arrangement (Beausang, 2012). Based on these globalisation perspectives different countries are ranked differently and score differently under various aspects. This implies that an individual country cannot score highly in all dimensions of globalisation. According to Leaders Magazine, Inc. (2011, p.68), “globalisation has a real impact, creating both opportunity and risk.” As countries’ economies expand in size and growth rate, they increase their relevance in the world economy demanding for robust political expression that matches their economic status. Despite the challenges of globalisation, many countries have benefited a great deal from engaging in trade relations with international nations.
Globalisation is one the trends of the 21st century which is characterised by escalating web of connections between the developing and the developed countries of the globe steered by rapid transnational development (Chen & De Lombaerde, 2014). Technological advancements and declining transport and communication cost have intensified collaboration between international communities. Globalisation has influenced all aspects of human lives including social, political and economic aspects (European Union, 2012). The effects of globalisation on business are of more significance in this study. Various studies have established various ...Show more