The paper "Globalization of Businesses and Its Beneficial Effect upon the World" is an outstanding example of management coursework. Globalization is regarded as one of the most significant phenomena of the 21st century. Although globalization is an old concept, it has had profound effects on the world in recent times to the extent that globalization has become a buzz word (Archibugi & Michie 1997, p. 32; Rothenberg 2003, p. 3; Horowitz 2004, p. 129). Globalization is not just a phenomenon but is also a movement and a force that affects different dimensions of life, including economic, social, political, environment, health, security, and culture among others.
Today, the world has become a global community because of the globalization process that has occurred in the recent past (International Monetary Fund 1997, p. 2). Although globalization is a buzz word, the concept has different interpretations to different people, including scholars, policymakers and activists some of whom see it as a force that helps in advancing world economies while its critics see it as a serious danger to the economic system of the world (Mittelman 2000, p.
94; Intriligator 2003, p. 5). This essay begins by explaining the different interpretations of the concept of globalization. It then proceeds to assess the extent to which globalization of businesses has had beneficial effects upon the world using real-world examples. The Concept of Globalization Globalization is regarded as a phenomenon, movement, and force. Although globalization is an old concept as applied to businesses and the world economy, the concept emerged in the 1980s that its real effects began to be felt across the globe and is now a buzz word. Despite this being the case, the concept of globalization is not well understood as the concept has had different interpretations; thus means different thing to different scholars, policymakers, and activists.
Rothenberg (2003, p. 2) defines globalization as the process of integration of world economies. According to Rothenberg’ s interpretation, globalization involves the integration of businesses, people, and the government of different nations. Hamilton and Webster (2009, p. 15) define globalization as the linking of political, social, economic, and technologies of different nations. Palmer (2002, p. 4) defines globalization as the removal of state-enforced exchange barriers on trade across the border and the move towards a more integrated world economic system.
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