The paper "The Relevance of Globalization in International Business " is an outstanding example of management coursework. Globalization is without any doubt the motto for the new millennium and has raised considerable debate in the economic spheres since the beginning of the nineties. The controversy around the topic basically questions whether the unregulated market forces will become an agent for more divergence or convergence of income internationally. Those in favor of globalization argue that it has led to increased understanding of other communities, improved living standards, has increased the purchasing potential of the common man and most of all has enabled the supremacy of democracy over communism.
Those from the opposing school of thought argue that all the gains that come from globalization are at the expense of lesser developed countries. They say that it is almost the same as imperialism with its prime action being the relocation of factories to underdeveloped countries with cheaper labor and most vulnerable environmental laws. They further argue that even in the developed nations, globalization has not brought benefits to all, but only to a selected few of the society (Chortareas et al, 2004).
Also, the so-called freedom which has come as a byproduct of globalization has led to more insecure work environments as the workers remain under a constant threat that their owners might shift the entire production to another country with cheaper labor. Nonetheless, mainstream economists still advocate that globalization has the potential to alleviate poverty, safeguard the environment, bring together different cultures and most of all lessen the income gap between the poor and rich nations of the world. The globalization of economic activity in the international business scenario is different.
It is a rather advanced version of internationalization, which also implies a certain level of functional incorporation amongst detached economic actions. This means that the global economy has the potential to function as an entity in the real-world on a huge scale. Sudden shifts, authentic and drastic revolutions are the forces that are changing the nature and environment of businesses in the current age of globalization.
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