Globalization and the World Economy
Running head: GLOBALIZATION
Globalization and the World Economy
Rodney L. Hughes Sr.
Columbia Southern University
Professor Bob Allen
International Business, MBA 6601-06D June 12, 2007
Globalization and the World Economy
Globalization is a powerful real aspect on the new world system, and it represents one of the most influential forces in determining the future course of the planet. It is described as having “many dimensions: economic, political, social, cultural, environmental, and security” (Intriligator, 2001). Globalization in the 21st century is inevitable. Increased globalization and international businesses are growing because technology is expanding rapidly especially in communications and transportation. According to Daniels, Radebaugh, and Sullivan (2007) countries are beginning to remove many international restrictions facilitating trade and commerce. Numerous governments have developed services to help conduct international business more easily. Consumers are becoming more knowledgeable about foreign goods and services and want them in their home country. Increased global competition has stimulated more companies to enter the international arena for selling goods and services. In most cases, improved political relationships among some of the major economic powers have made international trade more profitable. As the world shrinks because of the internet, improved communication and transportation more countries are cooperating on transnational issues related to business and commerce. Globalization has changed the scope and focus of business. The impact of globalization can be categorized generally in terms of distance, country, and culture. Our world is becoming increasingly interdependent because of globalization. Globalization did not just “happen”. It was driven and is being driven by a number of worldwide developments.
Globalization and the World Economy
Rodney L. Hughes Sr.
Columbia Southern University
Professor Bob Allen
International Business, MBA 6601-06D June 12, 2007
Globalization and the World Economy
Globalization is a powerful real aspect on the new world system, and it represents one of the most influential forces in determining the future course of the planet. It is described as having “many dimensions: economic, political, social, cultural, environmental, and security” (Intriligator, 2001). Globalization in the 21st century is inevitable. Increased globalization and international businesses are growing because technology is expanding rapidly especially in communications and transportation. According to Daniels, Radebaugh, and Sullivan (2007) countries are beginning to remove many international restrictions facilitating trade and commerce. Numerous governments have developed services to help conduct international business more easily. Consumers are becoming more knowledgeable about foreign goods and services and want them in their home country. Increased global competition has stimulated more companies to enter the international arena for selling goods and services. In most cases, improved political relationships among some of the major economic powers have made international trade more profitable. As the world shrinks because of the internet, improved communication and transportation more countries are cooperating on transnational issues related to business and commerce. Globalization has changed the scope and focus of business. The impact of globalization can be categorized generally in terms of distance, country, and culture. Our world is becoming increasingly interdependent because of globalization. Globalization did not just “happen”. It was driven and is being driven by a number of worldwide developments.
References: World Bank. (2000). What is Globalization? Retrieved June 8, 2007, from http://www1.worldbank.org/economicpolicy/globalization/ag01.html