Three Factors of Globalization: It is worthwhile, therefore, to look into the subject. I will attempt to do so in terms of three factors:
Globalization is driven by various new development and gradual changes in the world economy.
Generally, organizations go global for expanding their markets and increasing their sales and profits. One of the major forces of globalization is the expansion of communication systems. In the present era, it has become easy to distribute information to any part of the world through the Internet.
Some of the important forces behind globalization are shown in Figure The different forces as shown in Figure-1 are explained as follows: Refers to one of the crucial factors of globalization.
Since s, enhancement in telecommunications and Information Technology IT has marked remarkable improvements in access of information and increase in economic activities.
This advancement in technologies has led to the growth of various sectors of economies throughout the world. Apart from this, the advancement in technology and improved communication network has facilitated the exchange of goods and services, resources, and ideas, irrespective of geographical location.
In this way, advanced technologies have led to economic globalization.
Refer to one of the critical forces of globalization. Every- country restricts the movement of goods and services across its border. It imposes tariffs and quotas on the goods and services imported in its country. In addition, the random changes in the regulations create a chaos in global business environment.
Such practices impose limits on international business activities. However, gradual relief in the cross-border trade restrictions by most governments induces free trade, which, in turn, increases the growth rate of an economy.
Acts as a main driver to facilitate globalization. Over the years, with increase in the level of income and standard of living, the demand of consumers for various products has also increased.
Apart from this, nowadays, consumers are well aware about products and services available in other countries, which impel many organizations to work in association with foreign players for catering to the needs of the domestic market. Constitutes an important driver for bringing about globalization.
An organization generally strives hard to grain competitive edge in the market. The frequent increase in competition in the domestic market compels organizations to go global. Thus, various organizations enter other countries for selling goods and services to expand their market share.
They export goods in foreign markets where the price of goods and services are relatively high. Many organizations have achieved larger global market shares through mergers and acquisitions, strategic alliances, and joint ventures. So, these are the major factors that have contributed a lot in globalization and the growth of global economy.forces of globalization and impact to stakeholders INTRODUCTION Globalization can be defined as the process of social, political, economic, cultural and technological .
Title of the Paper: Impact of driving forces of Globalization – Role of Education Globalization has come to be a principal characteristic feature of the new millennium and it has become an inescapable reality in today’s society. No community and society can remain isolated from the forces of globalization.
FORCES OF GLOBALIZATION AND IMPACT TO STAKEHOLDERS INTRODUCTION Globalization can be defined as the process of social, political, economic, cultural and technological integration among countries around the world.
As we can now see, globalization is taking place on many levels. It is helping the growth of MNCs and NGOs, which, in turn, make for increased globalization.
It is also fostering the development of global consciousness and, perhaps, global identity. To condemn or approve of globalization as if it were a monolith is to indulge in simplicities.
Video created by University of Illinois at Urbana-Champaign for the course "Global Impact: Cultural Psychology". Globalization has brought dramatic changes to the marketplace. A proliferation of global brands brings diverse cultures to a consumer. FORCES OF GLOBALIZATION AND IMPACT TO STAKEHOLDERS INTRODUCTION Globalization can be defined as the process of social, political, economic, cultural and technological integration among countries around the world.
However, globalization is frequently confused with internationalization.