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Globalization refers to the shift toward a more integrated and interdependent world of economy. Globalization of markets is merging of historically distinct and separate national markets into one global marketplace. "Consumer products such as Citigroup credit cards, Coca-Cola soft drinks, video games, McDonald’s hamburgers, Starbucks coffee, IKEA furniture, and Apple iPhones are frequently held up as prototypical examples of this trend. By offering the same basic product worldwide, they help create a global market (Hill, Hult 2017)."
Globalization is also seen as a constraint on national economic policies. Huge swings in capital flows have been associated with severe financial crises and economic disruptions in a succession of previously rapidly growing emerging market economies (Fischer, 1999). Globalization is also seen as a constraint on national economic policies. Huge swings in capital flows have been associated with severe financial crises and economic disruptions in a succession of previously rapidly growing emerging market economies.
Lastly, Martens & Raza explained the impact globalization has on the 21st century. Globalization is something more than purely economic phenomenon manifesting itself on a global scale. Furthermore, its visible impacts of globalization are the greater international movement of goods and services, financial capital, information, people. In addition, there are technological developments, more international cultural exchanges facilitated by the freer trade of more differentiated products as well as tourism and immigration changes in the political landscape and ecological consequences (Martens & Raza, 2009).
Reference:
- Hill, C. W., & Hult, G. T. (2017). International business: Competing in the global marketplace. New York, NY, NY: McGraw-Hill Education.
- Fischer, S. (1999, November 19). Global Markets and the Global Village in the 21st Century: Are International Organizations Prepared for the Challenge? -- Address by Stanley Fischer. Retrieved September 02, 2020, from https://www.imf.org/en/News/Articles/2015/09/28/04...
- Martens, P. & Raza, M. (2009) Globalization in the 21st Century: Measuring Regional Changes in Multiple Domains; Measuring Global Impacts and Consequences.
Explanation & Answer
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Running Head: RESPONSE
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Institution name
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I agree with the way you have integrated concepts of globalization, ranging from the
definition, technology, and the impact in the 21st century. International business has thrived over
the years due to globalization. According to, McMillan, & Rodrik, (2011), for firms to survive
with the global changes, they have to change strategies from the traditional targets to alternative
measures to improve the organization’s competitive...