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Overwhelming impact of globalization - Essay Example

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Overwhelming impact of globalization

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 administration] is the set of transformations faced by companies as a consequence of the contemporary phenomenon typical of the post cold war which is constituted by: (1) the empowerment of transnational organizations; (2) the mass information technology evolution; (3) the increasing flows of capital, merchandise, people and data across national borders; and (4) the tendency of world market homogenisation." (Azevedo and Bertrand, 2000).

I am defining globalisation as "the increasing interdependence in economic, political and social relationships of nations brought about by the creation of global markets and the influence of global media resulting in homogenisation of consumers worldwide."

II. A New Business Model

Globalisation and the initiation of new technologies have significantly changed the way business, government and society are organized. One of the key driving forces behind these changes is a new business model. Manufacturing technology, which began during the industrial revolution, making mass production possible; Transportation technology, like railways, motor transport, steam shipping and aeroplanes, allowing the movement of people, materials and finished products from country to country and continent to continent more quickly and cheaply; Information and communications technology, like the telephone, computers, the internet, satellite television, which have together contributed to both the globalisation of markets and the global co-ordination of worldwide business activities; all these contribute to the rapid pace of globalisation.

Globalisation and the initiation of new technologies have significantly changed the way businesses, governments and societies are organized. One of the key driving forces behind these changes is a new business model. According to Stonehouse (2002) From the perspective of business, interest in globalisation centres on two major facets: the globalisation of markets and the globalisation of production and the supply chain. Levitt (1983) 'The globalisation o ...Show more

Summary

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.
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Overwhelming impact of globalization essay example
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