Reflect of Globalization on International Business

Globalization refers to the increasing unification of the worlds economic order through reduction of such barriers to international trade as tariffs, export fees, and import quotas. The goal is to increase material wealth, goods, and services through an international division of labor by efficiencies catalyzed by international relations, specialization and competition. It describes the process by which regional economies, societies, and cultures have become integrated through communication, transportation, and trade. The term is most closely associated with the term economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, the spread of†¦show more content†¦the fact that the market is highly competitive, the poor would be pushed out of game and this would even increased income disparities with in the industrial countries .the multi-national institutions which have small cap ital in industrial countries, may transfer to the countries with lower cost. These institutions would easily make profits in the expense of the poor. Then power would be shifted from local institutions to trans-national ones. Many agree that globalization by itself is not a problem. But, laws which are designed to regulate the global transactions shall consider the existing realities the failure of which may rise various impediments against globalization. Institutions like IMF, The World Bank, The WTO, The ILO, and other specialized agencies as well as business, trade unions and other NGOs are in a lead to guide the process to this effect. To be beneficiaries of these institutions, sates have to revise their domestic laws in conformity with the guiding principles and regulations of the above institutions. In the due course, they are expected to enhance social infrastructures and respect human rights. The other face of this achievement would enable poor countries to get assistance and donations from these powerful donor institutions. As a result, limitations on free trade would be minimized and this in turn may lead to the flow of foreign direct investment whichShow MoreRelatedAnalysis : Managing Across Borders1132 Words   |  5 Pagescommunication pattern of the strategies (Mazanec et al. 2015). 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