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International Business Environment: Globalization And Democracy - Essay Example

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International Business Environment: Globalization And Democracy

They also have security and safety implications and have effects on the transfer payments. Most ideas, principles and legal concepts used in international transactions often find expression in the legislative acts and policies of nation states (Robertson 2008). Although many forces besides economic factors help shape world trade, it cannot be denied that the economic component of international relations is the most significant and that generally, a prosperous and stable international business environment. Economic globalization refers to the increasing interdependence among countries. It is the integrating of several economies. Globalization entails the expanding of markets to increase exports as well as imports. There are five dimensions of globalization that need to be identified and they are economic globalization, political globalization, ecological constraints, cultural values and globalization of communication (Gabriella 2010). Strinidal has to identify all these dimensions and formulate procedures and strategies to learn about all of them and implement strategies to incorporate them into their ventures into the global market. They have to diversify its production of the various exports it majors in. Globalization involves integration and disintegration, cooperation and conflict. It leads to economic interdependence of a country. It has been in existence for about 5000 years and it would be a good idea for Strinidal to venture into it because its importance and relevance runs deeper than the risks involved. Jeffrey Hart identified various concepts of globalization and these are, global infrastructure, global convergence of the most relevant feature characteristic. Borderlessness, initially localized phenomenon global diffusion and geographical dispersion of core competences in highly wanted activities. We are moving towards a world in which barriers to cross border trade and investment are diminishing, perceived distance between countries is shrinking due to advances in transportation and telecommunication technology. Material culture is beginning to look similar and national economies are merging. These processes by which these changes are taking place in general are referred to as globalization. This is what the IMF and the World Bank suggest that Strinidal should do to diversify its market. Globalization has increased international business opportunities for firms to expand their revenues by selling their products worldwide. There are three theories of Globalization. One of them is the World system theory. This theory originated in the 1500 in the European world economy. In Western Europe, long term crisis led to give way to technological advancement. Their developed infrastructure gave them an advantage to create economic ties with other countries that favored it to be good for business because the environment was not bad. In definition, a world system is the social system of interdependent regions that create a structure and operate within distinct rules (Wallerstein et 2004). Examples are portrayed in mini-systems, world economies and world empires. One of the key features of this system is that it has no political ...Show more
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INTERNATIONAL BUSINESS ENVIRONMENT Name Institution Introduction Strinidal is an industrial island whereby oil, natural gas, agriculture and industry are the major exports. It has a population of 1,252,800 people and 35% of them live in urban areas. The International monetary Fund and the World Bank have argued it to venture into globalization to increase its business operations so as to reduce its dependence on financial aids (Wallerstein 2004)…
International Business Environment: Globalization And Democracy
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