Globalisation - int business Essay Example | Topics and Well Written Essays - 2000 words

Globalisation - int business - Essay Example On account of such transformations taking place on a massive scale the concept of globalization has also been described by many as the end of mankind’s ideological evolution (Cazdyn and Szeman, 2011: 25; Herod, 2009: 39); of renewable natural resources (Brauch et al., 2009: 679); as well as the end of the world – thus inciting controversies; both - within and beyond the academic and literary circles. As the process of globalization intensifies, the debates, controversies and criticisms surrounding the same are likely to grow simultaneously. This paper aims to discuss various key aspects of globalization beginning from the general definitions of the term to the key features, impacts and implications, theoretical underpinnings of the concept, and criticisms as well as counterviews surrounding it. Definitions: The term globalization has been defined differently by different authors. ... in Glenn, 2012 p. 46). Ohmae (1992) defines the term merely as "the onset of the borderless world" (p.14) According to Friedman (1999) globalization is "the inexorable integration of markets, nation-states and technologies to a degree never witnessed before- in a way that is enabling individuals, corporations and nation-states to reach around the world farther, faster, deeper, and cheaper than ever before, and in a way that is also producing a powerful backlash from those brutalized or left behind by this new system... Globalization means the spread of a free-market capitalism to virtually every country in the world" (p.7-8). As observed from the above definitions, the concept of globalization is diverse and encompasses a wide range of issues and aspects within its gamut, thus indicating its vast outreach and scope. It can be deduced that globalization is a trans-border process fuelled by technological developments and impacting simultaneous changes in political, social, economic, an d cultural structures worldwide. The key features of globalization, based on the definitions provided above, are described in the following section. Key features: Some of the key features of globalization include liberalization of international trade, privatization and deregulation of markets and trade policies, global integration of humanity, compression of spatial dimensions, etc. to name a few. Liberalization of international trade: The liberalization of global trade and the increase in cross-border trade is one of the key characteristics of globalization. There is a significant rise in international trade due to liberalization of international trade policies. The liberalization of