It grants aids and loans to the underdeveloped world, funds the provision of infrastructure to poor countries and strives to improve the health, food, education, and sanitation facilities around the globe. This implies that it is an institution coming across with a heterogeneous range of cultures, societies and environments in its every single operation. It requires thoughtful management and leadership roles to deal with such delicate issues upon which its success rests.
Hence, the study attempts to illustrate globalization and the issues associated with the term in the practical sense. It will encompass in fine depth the challenges encountered by the global business activities through cultural, social and environmental dynamics. It will be accompanied with a thorough analysis of the management and leadership theories for cross cultural business activities particularly in the context of World Bank's operations. It will provide a fair understanding of the issues concerning the global business activities and the management caliber required to deal with those accordingly.
The term 'globalization' has been illuminated by several authors through different words and perspectives such as Daly (1999), Ohmae (1995), Harvey (1996), Dicken (1998) and Brown (1992) etc. According to Ohmae (1995), globalization refers to eradication of all the obstacles coming in the way of social and commercial interaction. This explanation of the term 'globalization' associates it with all the activities that are undertaken to liberate the social and business exchange of information. In other words, globalization takes place when all the barriers to exchange between different nations are obliterated altogether.
Brown (1992, p123) describes globalization as the reciprocal link "between overlapping interests of business and society". Under this perception, globalization refers to the connection between the commercial and social concerns when they come to exist together.
Daly (1990, p1) illustrates the term more comprehensively as, "Globalization refers to global economic integration of many formerly national economies into one global economy, mainly by free trade and free capital mobility, but also by easy or uncontrolled migration". This illustration of the term broadly relates to the modern view of 'globalization', which combines together the world economies into one 'global village' through free flow of commerce, capital and people from one country to another.
Globalization that is concerned in this study is the concept underlying the activities of an organization or institution spread over a global scale. It is compelled to encounter various challenges during the course of its operation owing to the diversity demonstrated in human beliefs, values and performance across the globe.
World Bank is a major contributor to globalization. It performs its activities across the globe and exerts efforts to promote the prevalence of globalization. It is the short name for "The World Bank Group" and is formed with several international institutions most conspicuously, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), serving the governments through the provision of loans, and the International Finance Corporation (IFC), striving for the promotion of private sector within nations. As indicated