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Globalization

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International Business Environment Assignment – 1 Title:- Drivers of Globalization Submitted to: Mr. Mahesh Chandra Joshi Submitted by: Group - S Samveg Jain – RQ3702B24 Rahul Arora - RQ3702B19 Arvinder Singh Virdi – RQ3701 Shiwanee Rao – RQ3701 Section – SPQ09 Contents CONTENTS..........................................................................................................2 INTRODUCTION TO GLOBALIZATION.....................................................................1 DRIVERS
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  International Business EnvironmentAssignment – 1Title:- Drivers of Globalization Submitted to:Submitted by: Group - SMr. Mahesh Chandra JoshiSamveg Jain – RQ3702B24Rahul Arora - RQ3702B19Arvinder Singh Virdi – RQ3701Shiwanee Rao – RQ3701Section – SPQ09  Contents CONTENTS .......................................................................................................... 2INTRODUCTION TO GLOBALIZATION ..................................................................... 1DRIVERS OF GLOBALIZATION .............................................................................. 2REASONS/BENEFITS OF GLOBALIZATION .............................................................. 3  T RADE .....................................................................................................................................4E NVIRONMENT ............................................................................................................................5I NVESTMENT ...............................................................................................................................6 T ECHNOLOGY .............................................................................................................................7C ULTURE ...................................................................................................................................8I NTERNATIONAL M ONETARY F UND .......................................................................................................8I NTERNATIONAL L AW ......................................................................................................................9 REFERENCES ...................................................................................................... 9  Introduction to Globalization Globalization is a process of interaction and integration among the people, companies, andgovernments of different nations. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being insocieties around the world.Globalization is not new, though. For thousands of years, people and corporations have been buying from and selling to each other in lands at great distances, such as through the famedSilk Road across Central Asia that connected China and Europe during the Middle Ages.Likewise, for centuries, people and corporations have invested in enterprises in other countries.In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914.But policy and technological developments of the past few decades have spurredincreases in cross-border trade, investment, and migration so large that many observers believethe world has entered a qualitatively new phase in its economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flowsof foreign investment nearly doubled, from $468 billion to $827 billion. This current wave of globalization has been driven by policies that have opened economies domestically andinternationally. In the years since the Second World War, and especially during the past twodecades, many governments have adopted free-market economic systems, vastly increasing their own productive potential and creating myriad new opportunities for international trade andinvestment. Governments also have negotiated dramatic reductions in barriers to commerce andhave established international agreements to promote trade in goods, services, and investment.Taking advantage of new opportunities in foreign markets, corporations have built foreignfactories and established production and marketing arrangements with foreign partners. Adefining feature of globalization, therefore, is an international industrial and financial businessstructure. 1  Technology has been the other principal driver of globalization. Advances in informationtechnology, in particular, have dramatically transformed economic life. Information technologieshave given all sorts of individual economic actors such as consumers, investors, businesses,valuable new tools for identifying and pursuing economic opportunities, including faster andmore informed analyses of economic trends around the world, easy transfers of assets, andcollaboration with far-flung partners.Proponents of globalization argue that it allows poor countries and their citizens todevelop economically and raise their standards of living, while opponents of globalization claimthat the creation of an unfettered international free market has benefited multinationalcorporations in the Western world at the expense of local enterprises, local cultures, and common people. Resistance to globalization has therefore taken shape both at a popular and at agovernmental level as people and governments try to manage the flow of capital, labor, goods,and ideas that constitute the current wave of globalization. Drivers of Globalization The media and almost every book on globalization and international business speak aboutdifferent drivers of globalization and they can basically be separated into five different groups: ã Technological drivers Technology shaped and set the foundation for modern globalization. Innovations in thetransportation technology revolutionized the industry. The most important developmentsamong these are the commercial jet aircraft and the concept of containerization in the late1970s and 1980s. Inventions in the area of microprocessors and telecommunicationsenabled highly effective computing and communication at a low-cost level. Finally therapid growth of the Internet is the latest technological driver that created global e-businessand e-commerce. ã Political drivers 2
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