3M (Minnesota Mining and Manufacturing) would lose more than 53% of its revenues if the American government asks them to restrict their operations within the United States (Barrera, pp. 17, 2007).
Exxon Mobil is an American firm but it receives only 25 percent of its yearly revenues from operations within the United States (Welfens, 102-103, 1999). Finnish employees no longer form the majority at Nokia’s head quarter, which is a Finland based company; surprisingly, employees from China and India dominate the numbers (Chatterji & Gangopadhyay, 89-93, 2005). Honda, a Japanese automobile maker, has its biggest production plant in Ohio. When Pakistani government decided to impose a 25% duty on the import of cell phones, Nokia (Finnish company), Sony Eriksson (Japanese cum Swedish company), Samsung and LG (South Korean Companies) came into action and found ways to persuade the Pakistani government not to do so (Scholte, pp. 22-25, 2000).
These were just a few glimpses and examples that how globalisation has affected each one of us. However, today we do not realize or feel that with such intensity but most of the products that we consume today, are manufactured or processed in strange lands, millions of miles away, lands that we have never seen or heard of. The rest of this paper is an attempt to asses the effects and changes brought by globalisation considering the specially the economic grounds.
Despite the fact that there several definitions of globalisation but in its broadest sense, “globalisation refers to the rapid growth of linkages and interconnections between nations and social communities” that make up the present world system (Barrera, pp. 17, 2007). It is important to note that in economic terms globalisation has many forms. Firstly, it involves and facilitates trade between individuals, companies, corporations and