The paper "Growth of Globalisation" is a great example of business coursework. Globalization, in a nutshell, may be described as the opening of the local and international boundaries around the world to allow free trade of goods, services, and capital nationally. Although the movement of labor is excluded as part of the goods in transit, economists have suggested that, if instituted the smaller economies would end being victims and bear loss (LCC 2010). The word Globalization consists of a broad range of categories which include technology and migration which are part of the elements that differentiate a countries lifestyle and culture.
However, in spite of the different cultures and unique set up of the different countries, globalization has come to link them up as a meshed object or equipment, making them integrated in one way or the other. Globalization is further broken down into five social elements which are biological, socio-cultural, technological, political, and economic. This means that once a country starts to integrate with each other in the process of trade, the culture of one country may affect the other to a great extent even though the countries are totally different in regards to their culture and practice.
Eventually, both countries with time discover that their economic, political, social, and biological status is deeply rooted and integrated with each other. The origin of globalization can be traced back to thousands of years where people would cross from their country to another for long distances in the name of trading items that were not available in their country such as the famous Silk Road through to central Asia. The road was used as a link between Europe and China (Manfred, 2010) In today’ s world, different corporations depend entirely on other organizations for their goods and products produced.
All this has been necessitated by the rapid growth of technology and national trade which was initially simply started as just the exchange of goods and services. Other researchers have described globalization as simply the process of unifying different countries through the elimination of international barriers as strict tariffs, import quotas, and export fees. The aim of the trade is to access goods and services as well as get wealth through increased competition globally and specialization.
Through this integration, economies regionally can now communicate more frequently with each other on the process of transportation as well as through trade. The term globalization is similar in meaning to economic globalization which is defined as the integration of international countries through foreign direct investment, trade, and technology growth. However, the five factors of globalization are the drivers of integration as opposed to economic globalization. The countries that are referred to as globalized have undergone new languages and adoption of a different culture (Frank 2009). The environment in today’ s context can be enhanced through the participation of other countries which can support the process of trade by investing widely.
The process has been known to be beneficial to those who participate by risking conducting business across their boundaries although in every business there are always losers and gainers at the end of the day when terms and conditions change or when external and internal environmental factors affect the business chain. It is conferred that, Globalization can be related to breathing, meaning that once stopped there are consequences that may emerge which would not be pleasing to handle.
A good example that is dated back to the 15th century is the House of Rothschild fortunes who were the first to conduct business from London to Brussels. Another major breakthrough is the reduction of the number of days from ten to three through the use of the telegraph mode of communication between London and New York. The distinguished industrialized countries received a tremendous change in boosting globalization immediately after World War II which lowered the existing trade barriers.
Many nations have thus embraced the change and accelerated industrialization in recent years (Frank 2009)
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