How is globalization changing the modern world markets?

Essay by stunna643College, UndergraduateA, January 2007

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Globalization of Business

Globalization-the increased movement of goods, services, people, information, and ideas across national borders and around the world.

The term globalization is not an idea or catchphrase anymore; it has arrived and is touching economies from all around the world in many different ways. There is significant evidence that the global market is increasing and reaching nations that provide for people and give them a sense of composure and flow within their economy, and therefore, their lives. Therefore, how then are people in one country affected by this global market as customers, producers, investors, managers, workers, taxpayers, and citizens as businesses compete at a global standpoint? (Weidenbaum).

The foundation for globalization is primarily the advances in technology such as telecommunications and transportation. Citizens of modernized countries have access to products and information that come from all four corners of the world. These readily accessible goods and services assist and facilitate the expansion of international trade and growth of local markets.

The countries where labor is considerably cheap tend to produce most of the goods found in retail stores around the globe. Other factors that cause the rapid growth of globalization is the increasing world population, the internet, and reliance on fossil fuels that are limited to mostly smaller nations. Businesses then in turn take advantage of these resources at hand, and flourish into the modern world markets. Combining all the forms and practices used by businesses to 'go global' is also becoming more simple, and in more ways than one, unproblematic (Hiess).

Globalization affects every citizen of the world because of its vast array of success on economies, governments, and its markets. The introduction of foreign products and investments in one country changes the function and usage of currencies, labor, and trade. Thus, implementing more of a global...