The transformation of local issues and phenomenon into the global ones are known as globalization. The process of unifying people of different culture identities and societies occur in the element of globalization. The entire process of globalization is basically a combination of different factors which are economic, socio-cultural, political and technological. However, globalization is usually referred to as economic globalization and it is related with the concept of integration of national economies into international arena where there are different factors like capital flows, mitigation, foreign direct investment and etc (Stiglitz). Strategists and economist suggests that organizations focuses a lot on globalization and international organizations which are termed as multinationals have to comply with the process of globalization because through this strategy they can enhance their profits and they can they experience growth in both the short and the long term.
Different scholars believe that globalization is a wide spread term and this term can be taken and defined into number of ways. However, economic concepts of globalization depicts that the removal of trade barriers between different countries to initiate a proper flow of goods. ...Show more