Globalization: Introduction
Globalization is a term used to describe how trade and technology have made
the world a more connected and interdependent place. Globalization also captures in its scope the economic and social changes
that have come about as a result.
Globalization is a
historical process that began with the first movement of people out of Africa
into other parts of the world. Traveling short or long distances, migrants,
merchants and others have delivered their ideas, customs, and products to new
lands. (archive-yaleglobal.yale.edu. 2022
Theodore Levitt, a former professor at the Harvard
Business School credited with coining the term "globalization" and
with championing the undervalued role of marketing (nytimes. 2022)
The goal of globalization is to
provide organizations with a superior competitive position with lower operating
costs and to gain greater numbers of products, services, and consumers. (Investopedia. 2022)
There are a number
of benefits of globalization such as Access to New Cultures, The
Spread of Technology and Innovation, Lower Costs for Products, Higher Standards
of Living across the Globe, Access to New Markets, Access to New Talent,
International Recruiting, and Managing Employee Immigration. (velocityglobal.2022)
In general, globalization decreases the cost of
manufacturing. This means that companies can offer goods at a lower price
to consumers. The average cost of goods is a key aspect that contributes to
increases in the standard of living. Consumers also have access to a wider
variety of goods. (nationalgeographic. 2022)
References
archive, n.d. archive-yaleglobal.yale.edu. [Online]
Available at: https://archive-yaleglobal.yale.edu/history-globalization
[Accessed 02. 08. 2022.].
investopedia, n.d. www.investopedia.com.
[Online]
Available at:
https://www.investopedia.com/articles/economics/10/globalization-developed-countries.asp
[Accessed 03. 08. 2022.].
nationalgeographic,
n.d. nationalgeographic.org. [Online]
Available at: https://www.nationalgeographic.org/article/effects-economic-globalization/
[Accessed 04. 08. 2022.].
nytimes, n.d. nytimes.com.
[Online]
Available at: https://www.nytimes.com/2006/07/06/business/06levitt.html
[Accessed 02. 08. 2022.].
velocityglobal, n.d. velocityglobal.com.
[Online]
Available at:
https://velocityglobal.com/blog/globalization-benefits-and-challenges/
[Accessed 03. 08. 2022.].
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