Literature Review – The Argument and Findings
Globalization is a critical provision in the current world. Its positive effects on the world’s economy, international trade, and business administration are numerous. For example, IT has enhanced the connectivity and exchange of information among business entities. Additionally, globalization has led to the establishment of international standards to unify the global economic systems suitably.
It has integrated national economies into the global market through trade, ventures, and fiscal flows. Nonetheless, globalization has both advantages and disadvantages that surround its establishment and enactment in various economic sectors (Friedman, 2008). Advantageously, globalization has enhanced free and democratic trade between nations. It has also augmented the liquidity of business capitals in the global limelight.
This has allowed various investors in developed countries to establish and execute investment quests in the developing states. In terms of communication, countries have become more manageable with enhanced capability and dynamism to operate across borders. Through globalization, it is possible to share vital information regarding health, trade, economy, culture, religion, and sports instantaneously. Additionally, the speed and ease of ferrying commodities have also increased tremendously. Another advantage is that globalization has diminished cultural and religious barriers among nations.
The spread of democratic values, interdependence among nations, increased environmental protection, minimized wars between nations, and advanced business opportunities are also some of the advantages of globalization.
The negative effects of globalization are evident. It has established bureaucratic rules and rigidity within various economic sectors. Endeavors to match the modern provisions of globalization have been disadvantageous to most countries. Through globalization, economic disruptions in a given country are likely to affect other countries globally. This was evident by the 2007/08 global economic crisis that started in the U.S. and spread all over the world. Additionally, the search for cheap labor from developing countries has shifted numerous job opportunities away from developed countries (Friedman, 2008).
This has created an employment imbalance among the concerned countries. Negative corporate influences, spread of materialistic lifestyles/attitudes, cultural distortions, national and individual sovereignty infringement, pollution threats, and exploitation of underprivileged countries are also some of the disadvantages of globalization.
Proposal
Abstract
The world has become interconnected through globalization. In this context, different industries operate together to establish stronger economies. Various sectors ranging from health to agriculture need one another to remain competitive and relevant in the global market. Globalization has unleashed several business opportunities in various countries. This is a vital provision when considered critically.
The emerging trends in the world have created new administrative dockets with special academic, social, and managerial requirements. These can only be achieved by ratifying various aspects of globalization. The problem in this context is that all countries and organizations that have failed to embrace the new administrative provisions, introduced through globalization, are disadvantaged. Globalization requires business administrators to adopt novel managerial trends. The conventional managerial cultures are getting lost due to globalization (Ocampo 251). The applicability of some of the administrative cultures has become irrelevant as indicated earlier.
Introduction
Ideally, globalization and technological advancement have increased competitiveness amongst business entities and organizations. The proposed research paper would like to elucidate more on the aspects of globalization with more emphasis on the advantages and disadvantages. With the high rate of competitiveness, there is significant pressure for most multinational corporations (MNCs) to adopt more innovative and novel strategies towards enhancing strategic ventures into newer and fresh markets. Through globalization, the extension of major business dealings into the developing world has raised the level of competition and strategic management inputs within diverse business entities (Ramamurti & Hashai 2011, p. 34).
There is a general observation that rapidly developing economies normally offer through globalization. When considering how globalization has affected the world, it is evident that most countries have been willing to embrace new technologies. The project has straight, measurable, relevant, and achievable goals since countries’ adaptation of new operational trends is a necessity. Globalization aligns with numerous corporate goals ranging from product quality to operational efficiency (Sirkin, Hemerling & Bhattacharya, 2008). The developed and developing nations must embrace new technologies, teamwork, accept changes as they emerge, and uphold positivity. The provisions of globalization are costly; nonetheless, the returns are bountiful.
Motivation/problem statement/importance of problem
The aspects of globalization have been critical to most countries, individuals, and organizations. Researching more on its advantages and disadvantages is important when considered critically. Generally, the western business principles have eventually conjoined with the eastern business mentality to provide an entire fresh mentality that upholds profit as well as competition regarding globalization. It is notable that in these interactions, sustainability, as well as collaborations, has become eminent in the globalized world.
These have also led to increased competition for resources. Because of increased globalization and technology, closed markets including the African continent have grown and become magnified within the global business world. Most international organizations intend to remain competitive in their operations and market visibility. In their strategies, they produce quality products that are marketable within China, Asia, and globally (Bertho, 2008). Through globalization, another strategy utilized is a considerable business positioning that favors operations of any business globally. These provisions have necessitated more research on the aspects of globalization as indicated before.
Related work
Why Companies are Competing with Everyone from Everywhere for Everything? (Globalism)
Observably, there is a new regime of global business competition notable in the world’s most acclaimed corporations to domestic enterprises in the 21s t century. The notable insight is that the international small businesses developed within the rapidly-emerging economies continue to challenge the giant ones. According to the previous research carried out, multinational corporations have for a long time been globalization forebears.
Unfortunately, they are presently facing stiff competition from their previous underdogs (Hein & Lars, 2003). Generally, advancement in globalization and technology has played a critical role in enhancing the level of business dealing and operations. Technological applications in the late 21st century have potentially improved business processes, advertising mechanisms, networking, and outsourcing for existent and fresh opportunities. Corporations that do not embrace globalization, technology, and novelty are drastically edged out of competition and rendered non-performers. Additionally, the scramble for the developing nations for greener investments has been eminent within most multinational corporations that have realized the benefits of globalization.
Concurrently, globalization has increased social networking. The clients are therefore easily available and the market size is constricted or narrowed through technology. According to this research, global corporations, therefore, have to struggle and compete for the narrow existent market within the global economy (Hitt, Ireland & Hoskisson, 2011). The proposed study will address such issues by pointing out the advantages and disadvantages of globalization.
Proposed solution
Hypothesis under Test.
Globalization has credible advantages to the economy and social growth of the world; nonetheless, it has considerable disadvantages.
Overview of the proposed Solution
Embracing globalization is important to various nations. In this context, the concerned question will relate to the most accessible data concerning the concerning research methodology. Precisely, the central research question is; what are the advantages and disadvantages of globalization? It is from such strategies that the whole business scenarios related to globalization rely on. It is proper to consider various aspects of this concern before rendering everything inconsiderable in various contexts. The ability to manage the globalization prospects in such circumstances is considerable (Ocampo, 2002). Additionally, unveiling the similarities and differences assumed in such situations is important. Another important issue in this scenario relates to the demanded globalization prospects in the entire set-up.
Specific research contributions if the project is successful
The research, if successful, will demonstrate the advantages and disadvantages of globalization to the economy and social growth of the world.
Evaluation Methodology
The research will adopt a purposive research technique/method that holds requisite incentives to ensure the realization of credible results. The technique is relevant in ensuring that, the purposive nature of the study (to establish the advantages and disadvantages of globalization), is achieved. This research will go through research design, literature review, primary data collection, data compilation, analysis, and derivation of the intended findings. According to Ocampo (2002), a purposive research technique will provide the researcher with a superior study mechanism that is relevant in executing investigations with well-orchestrated objectives.
The technique ensures that the purposive nature of the topic under study is understood adequately. This will help in identifying viable sampling techniques including respondent identification and delivery of credible information.
References
Bertho, M. (2008). The Impact of Globalization on the United States: Volume1. Westport, CT: Praeger.
Friedman, T. (2008). The World Is Flat: A Brief History of the Twenty-First Century. Vancouver: Douglas & McIntyre Press.
Hein, W. & Lars, K. (2003). Globalization, Global Health Governance and National Health Politics in Developing Countries: An Exploration into the Dynamics of Interfaces. Hamburg: Deutschen Übersee-Institut.
Hitt, M., Ireland, R. & Hoskisson, R. (2011). Strategic management: competitiveness & globalization, Concepts. Chicago, OH: Cengage Learning.
Ocampo, J. (2002). Globalization and Development: [economic and Social Commission for Latin America and the Caribbean], Twenty-Ninth Session, Brasilia, Brazil, 6 – 10 May 2002. Santiago: UN, CEPAL/ECLAC.
Sirkin, H., Hemerling, J. & Bhattacharya, A. (2008). Globality: competing with everyone from everywhere for everything. New York: Business Plus.