Define the concept of globalization. Think about how globalization has changed t

Question

Define the concept of globalization. Think about how globalization has changed the way firms operate today. How might a new firm today leverage global business strategies to succeed?

More recently, some business experts recommend semi-globalization as international firms have come to realize that a global, one size fits all strategy, does not work. Do you agree or disagree? State your reasons why or why not.

Your initial response should be a minimum of 400 words and include at least two professional sources to support your analysis (i.e., business or law journal articles, textbooks, news publications).

Explanation / Answer

1. Encourages producers and consumers to benefit from deeper division of labour and economies of scale

2. Competitive markets reduce monopoly profits and incentivise businesses to seek cost-reducing innovations

3. Enhanced growth has led to higher per capita incomes – and helped many of poorest countries to achieve faster economic growth and reduce extreme poverty measured as incomes < $1.90 per day (PPP adjusted)

4. Advantages from the freer movement of labour between countries

5. Gains from the sharing of ideas / skills / technologies across national borders

6. Opening up of capital markets allows developing countries to borrow money to over a domestic savings gap

7. Increased awareness among consumers of challenges from climate change and wealth/income inequality

8. Competitive pressures of globalisation may prompt improved governance and better labour protection

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