The paper "What Do You Understand by the Term Globalisation" is a perfect example of business coursework. The world economies are working in tandem with each other and have engaged in trade relations which have increased the relevance of globalization. Globalization has been taken from word global which intends to create an economy where every economy works with one another and have a sense of interdependence. This gives rise to self-development and interest which makes the organization pursue a common purpose. This has been fuelled by the development technology has provided which has simplified work and increased the pace with which work is accomplished.
The process is seen to be at its maximum speed when money and information are concerned as technology has enabled both money and information to be passed on over long distances within a few seconds. Economies have been able to bank on it and increase the transportation of both goods and services over long distances. Globalization is thereby a wide concept which has a purpose of improving the living condition of the people through interaction and results in the transfer of knowledge, culture and technological integration.
Globalization has impacted human life immensely and completely transformed their style of working as more and more focus is being laid to improve the living condition and ensure a proper mix between the different cultures of the world. This paper examines the manner in which globalization has impacted the world economies and the manner in which it has positively and adversely affected all economies. In addition to it, this paper also focuses on the different factors which have led towards the transformation of the economy and the future impact it will have on all organizations. Globalization is an old age concept and has its root beyond 5000 years which has seen constant changes and the impact has been higher especially after the corruption which the Soviet Union highlighted (Agenor, 2004).
The impact of globalization can be seen in all direction especially in the field of technology, social, political and so on which has created both positive and negative impacts on production, investments, trade relations, and dependency on others. One of the major contributors towards globalization is the transnationalization of communication and the changes in politics and cultural integration which has changed the outlook of the market.
The impact has thereby been such that economic changes, a change in the outlook of the entire world, changes in the government formation as the democratic form has gained prominence, and more influence of politics is seen as major developments which globalization has provided. Globalization has strengthened the domestic industry as the opening of the economies has increased the degree of competition that domestic players face from international players and has brought the best out of them.
This has created changes in the lifestyle of people as the different benefits have created a positive impact and have helped to improve the standard of living. The impact of globalization can be seen on all organizations as they had to develop new process and strategies to deal and combat the level of competition which has increased. Domestic companies had to think on a global scale and bring a transformation in their mindset and take decisions after looking at the manner international players perform (Agenor, 2004).
This has improved efficiency in the use of resources and has made organizations work harder and ensure that none of the resources is wasted as it would otherwise make it difficult to have the same efficiency in the use of resources.
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