Intercultural Management Globalization Refers to Global Competition Essay

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Intercultural Management

Globalization refers to global competition usually characterized by networks that arise due to international connections which bind people, institutions as well countries in a global economy that is interdependent. Globalization has had a great impact of international business due to the development of economic integration. This has led to less trade barriers as well as an increase in the flow of goods, services, labor, capital and technology all over the world. The world has now becomes increasingly borderless that has made it easy for technological advancements as well as rise of economies that are developing such as India and China. Globalization in a wider sense has resulted to the narrowing down of the difference between border outputs growth rates since there is an increase in economic activities (Deresky, 2011).

Aspects of Globalization

One significant aspect of globalization is the formation of regional trade blocks. There are very many regional trade blocks that are in existence today thanks to globalization. United States is no longer the dominant nation when it comes to business. There are so many emerging blocs in the world economy today which are represented by EU, ASEAN and NAFTA. Most of trade that goes on today is mainly within the three regional free trade blocks which are Western Europe, the Americans and Europe.

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World trade is mainly grouped around there dominant currencies the yen, euro and dollar. The mergence of these trade blocs has led to an increase in globalization therefore they are an important aspect of globalization. Another aspect of globalization is the economic factors that are associated with globalization. There are many opportunities that are offered through globalization which led to the economic development of different countries. There are so many companies that are seen to emerge as a result of globalization. Companies which are found in emerging markets are now offering a great investment opportunity as well as the formation of alliances all over the world. They are also establishing themselves as competitors in the world. Other aspects of globalization are technological connectivity, economic integration, political engagement and personal contact (Deresky, 2011).

Rising nationalist tendencies toward globalization

Most of the developing nations are now becoming more and more conversant with globalization. They are getting used to the idea of globalization and there are some tendencies of some rising nationalists towards this. Developing nations are now wielding their economic power in inroads as well as takeovers that….....

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