Globalization: Trends and Perspectives

By Bishop, Tiffany; Reinke, John et al. | Journal of International Business Research, January 2011 | Go to article overview

Globalization: Trends and Perspectives


Bishop, Tiffany, Reinke, John, Adams, Tommy, Journal of International Business Research


INTRODUCTION

Due to globalization, the business world has been completely transformed over the past thirty years. The economy is now more international with shares being traded between citizens of different countries on a daily basis. With the internationalization of industry and the economy there is a need for increased regulation from the governments of all countries involved. It is important to understand globalization to be a good business person in the world today. First, it is important to have a good understanding of the definition of globalization from several different business sources. Also, it is necessary to review the history of globalization so that it can be understood how we got to where we are today. Furthermore, there are several different trends that are occurring in the business world due to increased globalization. Professionals have different perspectives on how globalization has affected business today. Many scholars question whether or not globalization is positive or negative, especially for developing nations. These professionals feel that globalization brings both pros and cons to the world as a whole. Finally, business people should use this gained knowledge of globalization and apply it to future situations in the business environment.

A clear definition of globalization is important before beginning. Globalization is the increasing integration and interdependence among countries resulting from the modern flow of people, trade, finance and ideas from one nation to another. The World Bank, a strong supporter of globalization, defines it as, "the growing integration of economies and societies around the world." (Mukherjee, 2008). Globalization became an increasingly used term with technological innovations-most significantly the World Wide Web or Internet- that made financial transactions and recordkeeping of international shipments quicker and easier. As improved communication networks brought far-flung businesses together, it also brought different cultures together expanding the concept of globalization which now intersects the media, ideas, politics, the arts and other social artifacts across the planet. Globalization has expanded beyond its economic roots and has proliferated into human rights, the environment and even national security. Although these new initiatives do not look similar to the ones we are used to seeing the difference is that today's agreements come equipped with their own governance structures. This has led to an astonishing shift of policy-making prerogatives from individual nation-states to a host of new, higher level political institutions. This is a cause for celebration the notion that political institutions have come together to grow in size, importance and boldness is today's conventional wisdom.

HISTORY OF GLOBALIZATION

Globalization began as soon as the world began to become connected at the beginning of human history. Trading began centuries ago when European explorers began trading on their voyages overseas. Trade opened up and countries began trading gems, spices, silk, gold and silver. Eventually trading companies in each country were formed and international trade began. International trade steadily increased up until World War 1. The beginning of World War 1 ended the first big boom of globalization for trade and international investment. After this time the Suez Canal opened up along with new railroads which decreased the transportation time between Europe and Asia (Mukherjee, 2008). This increased the amount of trade that was taking place, which increased the competition between countries to participate in international trade. During this time trade was centered near England and those countries that had excess resources, land, and capital. In the 19th Century the United States made a transition to the center of international trade with the U.S. share of manufactured goods increasing from 30% in 1840 to near 60% in 1913 (Mukherjee, 2008) However, the United States began to migrate toward being the center of trade, but their progress was hindered by the Great Depression and World War II.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Globalization: Trends and Perspectives
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.