Even though there is no generally agreed definition of globalization economist around the world believes that the term globalization refers to international integration in commodity, capital and labor exchange in markets. Keeping in mind the integration of markets it can be said that globalization is not a new phenomenon; in the past also there were two major occurrence of globalization first one in the mid of 19th century and second in the second half of the 20th century. What history tells us is that globalization has not been a smooth process, at times there are accelerated integration but at the same time there can be dramatic reversals (Pieper & Taylor, 1998).
Usually the term Globalization is associated with the rise of economics independence and incorporation as well as the reduction of time and space in terms of economic transactions. Some of the economist views globalization as the rising integration of economies means increase in trade, capital and investment. Some of the other believes integration of markets with a unified mind set of decision making (Danaher, 2001).
In the current world globalization has become a buzz word from the economic point of view to technology to culture to politics means it’s all over the place. With the advent of internet, mobile phones and other technological devices people have been close to each other as they use to be days before. The world has become smaller place goods that were out of the reach from far places are widely available in the any part of the world. Apart from that businesses have also become global where work can be outsourced to any part of the world with just an internet connection (Danaher, 2001).
The global economy is continuing to be fueled up with quickly flowing information, swift knowledge, easy access to facts etc. It has created a world which can be best described as uncertain, where openness has increased, greater options are available, flexibility have grown and all these are affecting the business. In this regard a very good example can be posted of BPO’s that is Business Processes Outsourcing which in other words means increased production with limited manpower. Although the concept of outsourcing is not new, but with the introduction of so many innovative technologies it has become more visible and obvious which have a positive effect on the development of the industry. Some examples of how technology and globalization have played their part in the development of the industry, boosted production and help out trading are given below (Gaburro & Boyle, 2000).
- High-speed production to cater market demand
- Global access via technological advancements
- Product development short due to competition
In short we can say that emergence of technology has played a vital role in making this world a global village and the world has become predominantly very common. With the rapid increase of information exchange the shrinking of borders and the identities of citizenship, the relaxing policies of tariffs, visas and passports, all this means that the phenomenon of globalization is growing day by day (Pieper & Taylor, 1998).
This is just a sample term paper for marketing purposes. If you want to order term papers, essays, research papers, dissertations, case study, book reports, reviews etc. Please access the order form.