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WHAT IT IS:
Globalization is the integration of national economies through trade, investment, capital flow, labor migration, and technology.
HOW IT WORKS (EXAMPLE):
Globalization results from the removal of barriers between national economies to encourage the flow of goods, services, capital, and labor. While the lowering or removal of tariffs and quotas (see General Agreement on Trade and Tariffs, or GATT) that restrict free and open trade among nations has helped globalize the world economy, transportation and communication technologies have had the strongest impact on accelerating the pace of globalization.
Thomas L. Friedman describes the "flattening" of the world economy through globalized trade, outsourcing, supply-chaining and political liberalization. The use of technologies allows businesses, such as large multi-national corporations, to maintain customers, suppliers and even competitors on a world-wide basis. The breakdown of businesses into components along its value-chain creates opportunities for multiple businesses located at various spots on the globe to participate in the production of a single good or service. This global network, even for a single enterprise, is part of globalization.
Several organizations have either been created or have evolved into key roles in the process of globalization. The World Bank and the International Monetary Fund, for instance, deal primarily with issues of free trade in developing economies and with international monetary policy, including debtand trade balances between dbieloping and industrialized countries. The World Trade Organization, along with the General Agreement on Trade and Tariffs (GATT), has been involved with removing trade barriers and reducing the cost of trading.
WHY IT MATTERS:
Increasingly, businesses must recognize that their success depends on efficiency and scalability – being able to quickly mobilize global resources and reach world markets. Globalization is the key to growing businesses in the 21st Century. At the same time, globalization has led economic decision-making away from local control. As a result, decisions about a company's plans, including expansions, relocations, or closings are increasingly made independently of the considerations of local markets or local managers.
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FAQs on Globalisation - Global Environment, Business Environment - Business Environment - B Com
| 1. What is globalisation and how does it impact the global environment? |  |
Ans. Globalisation refers to the increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas. It has both positive and negative impacts on the global environment. On one hand, globalisation can lead to the transfer of environmentally friendly technologies, knowledge sharing on sustainable practices, and the formation of international environmental agreements. On the other hand, it can also contribute to environmental degradation through increased consumption, pollution from transportation, and the exploitation of natural resources.
| 2. How does globalisation affect the business environment? | |
Ans. Globalisation has a significant impact on the business environment. It provides businesses with access to larger markets and a wider consumer base, enabling them to expand their operations and increase profitability. Globalisation also promotes competition, forcing businesses to improve their efficiency and quality to remain competitive. However, it also poses challenges such as increased competition from foreign firms, the need to adapt to different cultural and legal environments, and the risk of economic instability in interconnected markets.
| 3. What are the major drivers of globalisation? | |
Ans. There are several major drivers of globalisation. The advancements in technology, particularly in communication and transportation, have greatly facilitated the exchange of goods, services, and information across borders. Liberalisation of trade and investment policies, through agreements such as the World Trade Organization (WTO), has also played a crucial role in promoting globalisation. Additionally, the emergence of global financial markets and the growth of multinational corporations have further accelerated the process of globalisation.
| 4. How does globalisation impact developing countries? | |
Ans. Globalisation has both positive and negative impacts on developing countries. On one hand, it can create opportunities for economic growth, job creation, and poverty reduction through increased trade and foreign direct investment. It can also promote knowledge transfer and technological advancements. However, developing countries may also face challenges such as increased inequality, exploitation of labor and natural resources, and vulnerability to economic shocks. The ability of developing countries to benefit from globalisation depends on their capacity to effectively participate in global markets and manage the associated risks.
| 5. What are the potential consequences of a backlash against globalisation? | |
Ans. A backlash against globalisation can have significant consequences. It may lead to the imposition of trade barriers, such as tariffs and quotas, which can reduce international trade and economic growth. It can also result in the withdrawal of foreign investment and a decline in cross-border collaborations. Additionally, a backlash against globalisation can fuel political tensions and nationalist sentiments, potentially leading to geopolitical conflicts. It is important to address the concerns and inequalities associated with globalisation to mitigate the risks of a backlash and ensure its benefits are more widely shared.
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