Globalization Essay

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Interconnectedness of today’s world Globalization Done By: Bruktawit Shetta International Business Instructor: Dr. Ncumbe Concordia College Alabama February 10, 2015 Interconnectedness of today’s world Globalization Introduction International business as defined by Wikipedia comprises all commercial transactions (private and governmental, sales, investments, logistics, and transportation) that take place between two or more regions, countries and nations beyond their political boundaries. Usually, private companies undertake such transactions for profit; governments undertake them for profit and for political reasons. It refers to all those business activities which involve cross border transactions of goods, services, resources between two or more nations. Transaction of economic resources include capital, skills, people etc. for international production of physical goods and services such as finance, banking, insurance, construction etc. As education portal explains, “globalization refers to the changes in the world where we are moving away from self-contained countries and toward a more integrated world. Globalization of business is the change in a business from a company associated with a single country to one that operates in multiple countries. The term globalization includes the various arenas like the economic, political, social and even technological sectors. This shows that it is inevitable for a company to function alone and that interaction across borders is inescapable.” The ultimate goal of globalization is making/bringing the world to a one environment. Globalization has a great impact in today’s world, it’s far from the truth to say anyone or anything can function alone like an island. Hence, for a company to survive and grow looking for a new target market is very important. Or even broadening your horizon of influence is a very

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