Difference Between Globalization and Internationalization?

1. What is Globalization? * Globalization is the process where the economies of various countries in the world become more and more connected to one another. It is much more than just importing or exporting from one country to another. * Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. * Globalization is the acceleration and intensification of interaction and integration among the people, companies and government of different nations. Effects: * This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. * It is mixture of different ideas and cultures. * This process has effects on human well-being (thinking), on the environment, on culture and economic development. * The role of nation-state grows weaker. * Globalization causes unemployment in industrialized countries because firms move their factories to places where they can get cheaper workers. * Human, animal and plant diseases can spread more quickly through globalization.

What is Internationalization? * Internationalization is the process of generalizing a product so that it can handle multiple languages and cultural conventions without the need for re-design. * Internationalization refers to economic relations among nation-states keeping sovereignty over their territory. * Internationalization is the process of leading to identifying and entering international markets.

* Merits * Export their product * Increase profit ratio * For business development * Possibility of accessing new technologies / information * Spreading business risk * Demerits * culture and language barriers * exchange rate fluctuations * religious beliefs * government regulations / policy on