Globalization Summary Statement
We find from Globalization101, that globalization can be defined as “a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology” (2014). In our current era, technology allows for the development of international partnerships which gives nations and businesses the ability to connect on a more efficient level than was previously attainable. Globalization also allows for the abolition of barriers to trade, communication. Accordingly, before the Internet, Globalization did exist but was less refined than it currently is. From Jones, one will also learn that Globalization can also allow for the abolition of barriers to trade, communication and cultural exchange in an effort to promote the prosperity of all nations involved. There are of course two sides for globalization, critics assure that globalization will result in global turmoil and wrought ruinous results while proponents argue that it will allow for increased financial health in the global economy.
Due to the increase of technologies available to world-wide businesses, executives can now communicate effectively with satellite locations without losing the main focus of the organization. Because of this new concept there has been an increase in globalization. Globalization will never be rendered completely obsolete as financial systems seek to increase prosperity, though because of the implications from an over-reliance on a global market companies must be more careful. One corporation to observe in their globalization strategy is Wal-Mart, which has financially prospered since the inception of its globalization process in 1991 (Loganathan, 2013). This retail giant has capitalized by expanding its footprint around the globe through the use of communication between executives while still to his day Wal-Mart remains the...