The paper 'Globalization and Security" is a perfect example of business coursework. By any sense, globalization has increased greatly. According to Lee & Vivarelli (2006, p. 4), the world is only currently starting to struggle with the full repercussions of an economy which is globalizing. The world is becoming a global village as a result of technology and globalization. Andrew (2010) argues that people are crossing borders to work in other countries and international business is also increasing. In the process, they get foreign exchange and new business ideas. This is proof that the world has not simply become flat, but is also bringing noteworthy new opportunities for companies to innovate and create strategic advantages (Friedman 2006, p. 545).
Low-priced new technologies and communication, in general, have enabled people to work impeccably across borders. It has created an opportunity to rethink and adapt “ New Ways” of conducting business. According to Friedman (2006, p. 545), it is a culmination of Albert Einstein’ s quote that “ Imagination is more important than knowledge” . The countries that understand and explore these connections have become business-friendly. They have and will create business value on an unparalleled scale.
Based on the information, this essay will discuss how a global business could harness these ideas to create a better world for all countries especially the countries that do not benefit from globalization. Some of the ideas that will be discussed include interdependence, inclusion, openness, opportunity and hope. James (2005, p. 196) defines globalization as the process of worldwide integration emerging from the exchange of views, ideas, products and other cultural aspects. Globalization also extends specialization away from national borders, the labor market and becomes a major to understanding economic and production history.
Countries which have enjoyed the benefits of globalization include western businesses or entrepreneurial firms in rising economies like Poland, Singapore, China, Taiwan, Indonesia, India, UAE and Qatar among others (Budhwar & Mellahi 2007, p. 5). Economic benefits which come from these companies have been able to improve individual income and country’ s GDP. Deregulation, reducing trade barriers and increased innovation has led to growing cross-border trade over the years hence expanding GDP at a rapid pace (James 2005, p. 193). When developing countries like Singapore allows foreign investment like the western companies into their country, they come with new ideas and concepts in business.
In most cases, these companies inculcate the culture of innovation, which then trickles within the country (Friedman 2005). When this culture is fostered, it leads to new ways of doing things in order to sustain competition. Hence, local companies’ managers would insist on innovation in all levels of management. For instance, In the US, individuals and firms have often applied technologies and the majority of the innovative technologies are developed in the US (Bremmer 2006, p. 276).
When the company invests in a foreign country, they come with and continue with such knowledge. Therefore, the foreign investment provides opportunities for the host developing country to have access to innovation which is not always available to them. Developing countries that have borrowed innovation culture today recognize it as key to gaining market advantage. This factor has made even the local product to match western ones which are believed to be superior. Furlund (2008, p. 3) contends that a lesson can be drawn from Singapore which has moved from poor to developing (second world) countries.
To uplift the economy of the country to compete at an international level economic as the 21st century unfolds, Singapore has put up strong measures to support entrepreneurship, promote innovation, train her labor force and draw foreign talents (Furlund 2008, p. 19).
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