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Running head: GLOBALIZATION (your name) (Institution) Abstract Businesses have realized the importance of globalization of operations for growth and profitability and have been aggressively strategizing operations for competing on global scale. Democratic governmental institutions and adherence to the rule of international laws are considered essential for successful globalization of operations…
Key words: Globalization, benefits and pitfalls, networking, competitive politics, uncertainty, strategy. Globalization Q.1: Benefits and pitfalls Anthony Mcgrew defined globalization as a “process of deterritorialization – as social, political and economic activities are increasingly stretched across the globe…” (n.d., “Ch.1: Globalization and global politics”). This comprehensive view gives a glimpse of the trend towards borderless economic societies of the future from the current nation-states based on political considerations. Given the vast differences among the different countries and their peoples in respect of socio-political and economic conditions, this trend gives rise to both promises and pitfalls for the global businesses. Globalization benefits can be expected from cross-fertilization of ideas, access to best available talent/resources, creativity and technological growth arising out of global competition, creation of networks of alliances, etc. while pitfalls include uncertainty of political conditions and economic policies, impact on local industry and employment, fear of dominance etc. (Ali, 2006, pp.78-81, 141-143). ...
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