Globalization Evolution - 703 Words

GLOBALIZATION EVOLUTION OF GLOBALIZATION The term globalization denotes â€Å"globe† as a single market. Product presence in different Markets of the world. Production base across the globe. Human resources from all over the world. International investment Transaction involving IPRs. The advent in ICI(information, communication and technology) Rapid economic liberalization of trade and investment The mobility of people and transactional moves The reach of satellite channels, internet etc. CONCEPT OF GLOBALIZATION IMF defines globalization as â€Å" The growing economical interdependence of countries worldwide through increase in volume and variety of cross border transactions in goods and services and of international capital flows†¦show more content†¦To increase the profit The failure of domestic companies Adverse business environment Globalization of production: Reasons Cheap raw materials, cheap labour and high quality Imposition of restriction on imports Reduce the cost of transportation Globalization of technology: Revolution in telecommunication, information technology and transportation technology ADVANTAGES / DISADVANTAGES OF GLOBALIZATION ADVANTAGES Free flow of capital, tecnology etc Increase in industrialization Spread of production facilities Balance development of world economics Increase in production and consumption Commodities with lower price and high quality Cultural exchange Demand for variety of products Increase in job and income High living standards Balance human development Economic liberalization DISADVANTAGES It kills domestic business Exploit human resources Leads to unemployment and under employment Decline in income Transfer of natural resources National sovereignty at country stake. Leads commercial and political colonization The divide between the rich and the poor The developing and under-developing countries Unemployment and mass layoff Adverse balance of payment Volatile of markets Loss of cultural identity Shift of power to multinationals Effects of globalizationShow MoreRelatedAdam Smith and Globalization: China’s Economic Evolution Essay975 Words   |  4 PagesGlobalization is not a new concept – trade, migration, market integration and capital flows have been practiced in various forms dating back centuries. China is at the epicenter of our globalized world and their success is attributed to the tenets of Adam Smith’s Wealth of Nations. However, opponents of the globalization believe if Smith were alive today, he would be repulsed by our modern day international business strategies. 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