Generally, the paper 'Globalization and Its Impacts on Today’ s International Business" is an outstanding example of business coursework. The heightened economic integration of the global economies and societies has been one of the chief discourses in the realms of international business in recent decades. Diverse scholars have forwarded different propositions in the profound attempts to expound on the principal drivers of this integration, what are its key features and its impacts on the conduct of business at the global scale. This has greatly influenced the instigation of debates on the concept of globalization in the contemporary world. On the other hand, there has been variance among different schools of thought in regard to the actual time when globalization really started, with the majority of international business analysts citing the epoch after the end of WW2 as the pivotal is which instigated globalization.
However, there are other analysts who argue that globalization began further back in time, prompting a maze on the actual time when it really became manifest and portrayed tremendous impacts on the conduct of business at the international level. There have also been varying perceptions n regard to the impacts of this phenomenon on international trade.
In one extreme end, there are those proponents who perceive globalization as a robust and benign force that is fundamental in enhancing economic prosperity mostly in the underdeveloped world. On the opposite extreme end, there is another group which tends to blame all the ills in the contemporary world to globalization. Against this background, this paper is a profound effort to explore the impacts of globalization on international business in the contemporary world. Keywords: Globalization, International Business, Economic growth. Globalization and international business International business can basically be perceived to infer to cross-border economic activity.
Lane and Milesi-Ferritti (2007) revealed the enhanced importance of cross-border capital flow since the mid-1980s. Nonetheless, it is imperative to be cognizant of the fact that international business has been in society for a long period of time. Watson (2005) noted that this has been in existence in diverse forms and can be traced back to when there was the instigation of interaction between different societies. Despite the fact that these communities engaged in trading minerals or beads like flints thousands of years ago, they were involved in a prehistoric form of international business. On the other hand, Soubbotina and Sheram (2000) cited that globalization can be perceived to refer to the heightening level of interdependence between states which has emanated from the elevated integration of trade, ideas and people in a singular marketplace.
In the business realms, globalization mainly centers on cross-border investment flows and international trade as the chief components of this integration. Kumenit (2008) determined that the concept of globalization was not immensely popular until the 20th century.
However, this term has evolved to become a conventional issue being conceived to affect the entire realm of human life, ranging from socio-economic, geopolitical to technological contexts of countries throughout the globe. According to Soubbotina and Sheram (2000), the robust cradle of globalization can be traced in the post-World War II era and it gained significant acceleration since the mid-1980, being propelled by two key factors.
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