Globalization

Introduction

Globalization is a term that has, in many instances, come to replace the older and no less complex notion of “development.” In fact, globalization, has replaced the term development as the new action word of contemporary international governance discourse. Not simply a term that describes an inevitable process that is shaping the modern world, globalization, when conflated with development, is a meta-policy guiding the way to social and economic well-being in the global community (Charles, pp. 48).

Globalization is the creation and expansion of economic and social connections among people and organizations around the world. The movement of people, goods, ideas, technology, and money fuels the process across national boundaries (Inoguchi, pp. 59). The populations of different cultures have interacted and established economic and cultural links for centuries. In the middle Ages, merchants and explorers exchanged goods and ideas throughout Europe, across North Africa, and between the Middle East and Asia. However, in recent decades, globalization has advanced at an increasingly rapid pace. Two major forces in this development have been the Internet, which has sped up communications, and businesses, which have expanded to reach markets on distant continents (Hamilton, pp. 69).

Although people still identify with their local communities and national governments, many increasingly see themselves as part of a global society. However, globalization does not affect all regions in the same way. Individuals and corporations in industrialized countries tend to benefit more than those in developing countries.

Economic Issues Arise During Global Expansion

The organizations or the multinational companies are facing different kinds of issues related to the global expansions, the crisis facing by the world's economy is creating problems in the development process of the companies, and all the economic factors affecting the performance of the companies must be taken in consideration before taking any decision about expanding the company globally. ...