Globalization as Radical Economic Transformation: Critical Implications

By Prasad, Anshuman | Journal of International Business Research, January 1, 2006 | Go to article overview

Globalization as Radical Economic Transformation: Critical Implications


Prasad, Anshuman, Journal of International Business Research


ABSTRACT

Globalization is a highly complex process of enormous significance for business organizations across the world. However, compared to the research attention received by globalization in several other social scientific disciplines, the topic seems to have remained somewhat under-studied within business scholarship itself. This article, accordingly, seeks to make a contribution to business research by way of offering a comprehensive conceptual discussion of different aspects of economic globalization, and what these might imply for business. Toward that end the article discusses the major processes that constitute the phenomenon of economic globalization, their potential effects and consequences, and the implications of globalization for businesses and management. The article suggests that the dynamics of globalization may be seen as leading the way to a radical transformation of the entire economic landscape of the world. Thriving in such a brave new economic world will require an extraordinary degree of creativity and ingenuity, and a willingness to give up established patterns of thought and old mindsets on the part of individual firms.

INTRODUCTION

Globalization is widely viewed as a highly complex process of enormous significance for business organizations across the world. However, researchers have also noted that compared to the attention globalization seems to have received in some of the other social scientific disciplines (e.g., economics, political science, sociology, or anthropology) the topic remains surprisingly understudied within business scholarship itself (Jones, 2003 ; Parker, 2003). Accordingly, this paper seeks to make a contribution to business research by way of offering a comprehensive conceptual discussion of different aspects of economic globalization, and what these might imply for business. Toward that end the paper discusses: (1) the major processes that constitute the phenomenon of economic globalization, (2) their potential effects and consequences, and (3) the implications of economic globalization for businesses and management.

Globalization is a much discussed topic with an extensive popular as well as scholarly literature, the latter in turn stretching across a range of different disciplines. Not surprisingly, perhaps, there is considerable disagreement among analysts about the overall nature and significance of the phenomenon. Even the definition of globalization is a matter of some debate, with Parker (2003) pointing out that there already exist some 35 different definitions of the term. In general, however, scholars tend to agree that globalization needs to be viewed as a multi-dimensional phenomenon involving not only economic aspects but also cultural, political, technological, ideological and similar other features (Appadurai, 1996; Held & McGrew, 2003; Singh, 2005; Stiglitz, 2002; Pieterse, 2004). The specific focus of this paper extends only to the economic aspects of globalization.

Economic globalization may be conceptualized as the "growing economic interdependence among countries as reflected in increasing cross-border flows of... goods and services, capital, and know-how" (Govindaraj an & Gupta, 2000). Much has been written on the long history of economic globalization, with scholars pointing to the various phases or waves of globalization occurring over the past several centuries (Arrighi, 1999; Held, McGrew, Goldblatt & Perraton, 1999; Robertson, 1992). The focus of this paper is on the contemporary phase of economic globalization, a process seen as beginning during the post-World War II period and gathering substantial momentum since the decades of the 1970s and the 1980s. The accelerating pace of the current phase of economic globalization is attributed to a number of factors, including technological advances in the areas of transportation, telecommunication and information processing, as well as political and ideological developments (Friedman, 2005; Govindarajan & Gupta, 2000; Jones, 2003; Prestowitz, 2005).

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 as Radical Economic Transformation: Critical Implications
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.