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overwhelming impact of globalization - Essay Example
Pages 3 (753 words)
Globalisation is a subject that has encouraged widespread discussion. Affecting all nations in the 21st century, it has an overwhelming impact on the economies, social life, culture, traditions, and technological components of every country. It also permeates the way of life of every citizen in the world today, greatly influencing the quality of life, the directions they would take, and their future.
One definition is "the growing interdependence between different people, regions and countries in the world as social and economic relationships come to stretch worldwide" (Giddens 2001).
Another definition is that it is "the present worldwide drive toward a globalised economic system dominated by supranational corporate trade and banking institutions that are not accountable to democratic processes or national governments" (The International Forum on Globalization). According to Rosenberg (2000), "The term 'globalisation' after all, is at first sight merely a descriptive category, denoting either the geographical extension of social processes or possibly, as in Giddens' definition, 'the intensification of worldwide social relations'."
Globalisation has seen the growing role and importance of transnational corporations. Business is the order of the day, and these firms which is primarily characterised by their cross-border markets and production systems serve as the epitome of the globalised economy.
In the spheres of business and industry, Bartlett and Ghoshal (1989), Hout et all.(1982), Campbell (1993), Keegan (1995), Bertrand (1994), Parker (1998), among others, the following definition emerges: "Globalization [to business ...