4 impacts of globalization
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- #4 impacts of globalization how to#
- #4 impacts of globalization professional#
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#4 impacts of globalization professional#
“Hundreds of millions of service-sector and professional workers in advanced economies will-for the first time ever-be exposed to the challenges and opportunities of globalization,” Baldwin explains. Globalization 4.0 is what happens when digital technology enables service-sector workers anywhere in the world to work anywhere else in the world-without ever leaving their office desk. This phase is just beginning, and according to Baldwin, it may bring the most explosive change yet. A common example is establishing a factory or call center in a lower-income nation to save money on salaries. It is characterized by large firms moving some of their functions across international borders to maximize economic gains. Sometimes called “offshoring,” this phase has occurred during the last two decades or so. Organized globalization started to take shape. Recognizing the need to regulate the situation, international organizations such as the United Nations, the World Bank, the International Monetary Fund, and many others sprang into existence. This phase began in the wake of World War II, when hostilities eased and global trade started to pick back up. Bold businesspeople took advantage of the situation to make vast amounts of money their more timid counterparts saw their fortunes tumble correspondingly. It was a period of economic free-for-all, with little to no government regulation or assistance. It was the result of steam and other mechanical power that made long-distance trade easier and cheaper than ever before. Richard Baldwin, professor of international economics at the Graduate Institute in Geneva, Switzerland, explains that the modern world has seen 4 distinct phases of globalization: The modern globalization process has not been a steady progression rather, it has taken place in several phases with their own defining characteristics. Offering both a general MBA curriculum and a concentration in international business, WSU’s Online MBA degree program prepares candidates to juggle the skills of business management and international business. The knowledge and skills to do so can be obtained through academic programs such as Washington State University’s Online Master of Business Administration.
#4 impacts of globalization how to#
Understanding how to operate in this environment is a must for anyone wishing to enter the business world. The era of global business has arrived, and there is no turning back. The trend toward globalization has continued to the present day and is now a virtual juggernaut, blurring borderlines worldwide for large and small businesses alike.
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It picked up speed during the 1400s and 1500s-the era of great European exploration and expansion. Long-distance trade proved to be profitable for all involved, and the practice increased steadily over the eons. In the most basic sense, the process of globalization began about 4,000 years ago, during the Bronze Age, when the world’s first commerce-driven cities emerged.
#4 impacts of globalization free#
In economic terms, it describes an interdependence of nations around the globe fostered through free trade.” Globalization, according to Investopedia, can be defined as “the spread of products, technology, information, and jobs across national borders and cultures.