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Globalization Notes

Globalization Notes

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Published by: Heavy Gunner on Jan 11, 2009
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International EnvironmentGLOBALIZATION
Globalization
in a literal sense is international integration. It can be described as a process by which the people of the world are unified into a single society and functioningtogether. This process is a combination of economic, technological, socio cultural and political forces. Globalization, as a term, is very often used to refer to economicglobalization that is integration of national economies into the international economythrough trade, foreign direct investment, capital flows, migration, and spread of technology.
According to IMF
,” It represents the growing economic interdependence of thecountries worldwide through increasing volume & variety of cross border transactions ingoods & services & of international capital flows & also through the more rapid &widespread diffusion of technology.”
FEATURES OF GLOBALISATION:
1.Operation & planning to expand business throughout the world.2.Erasing difference between domestic & foreign market.3.Buying & selling of goods & services from any country.4.Establishing manufacturing & distribution facilities in any part of the world.5.Product planning& development are based upon international considerations.6.Sourcing of material from any part of the world.7.Global orientations in strategy formulation.8.Considering the entire globe as a single market.
EMERGENCE OF GLOBALIZATION
The word "
globalization
" has been used by economists since 1981; however, its conceptsdid not permeate popular consciousness until the later half of the 1990s. The earliestconcepts and predictions of globalization were penned by an American entrepreneur-turned-minister Charles Russel who first coined the term 'corporate giants' in 1897. Thefirst era of globalization during the 19th century was the rapid growth of internationaltrade between the European imperial powers, the European colonies, and the UnitedStates. After World War II, globalization was restarted and was driven by major advancesin technology, which led to lower trading costs.1
 
Globalization in its largest extent began a bit before the turn of the
16th century
, in
Portugal
. The country's global adventurism in the 16th century linked continents,economies and cultures as never before. The westernmost country in Europe was the firstto significantly probe the Atlantic Ocean, colonizing the west coast of Africa. In 1488,The Portuguese established ports, forts and trading posts as far west as Brazil, Japan andTimor and along the coasts of Africa, India and China. For the first time in history, awave of global trade reached all corners of the world.Globalization is viewed as a centuries long process, tracking the expansion of human population and the growth of civilisation that has accelerated dramatically in the past 50years. Early forms of globalization existed during the Roman empire, the Parthianempire, and the Han dynasty when the silk road started in China, reached the boundariesof the Parthian empire, and continued onwards towards Rome. The
Islamis golden age
isalso an example, when
muslim traders
established an early global economy across theworld. Later during the
mughal empire
global trade was enhanced. Global integrationcontinued through the expansion of 
European trade
, as in the 16th and 17th centuries,when the Portugues and Spanish empire reached to all corners of the world.Globalization became a business phenomenon in the 17th century when the
Dutch EastIndia Company
, which is often described as the first multinational corporation, wasestablished. Because of the high risks involved with international trade, the Dutch EastIndia Company became the first company in the world to share risk and enable jointownership through the issuing of shares: an important driver for globalization.Liberalization in the
19
th
century
is sometimes called "The First Era of Globalization" a period characterized by rapid growth in international trade and investment, between the
European imperial powers, their colonies, and, later, the United States
. It was in this period that areas of sub-saharan Africa and the Island Pacific were incorporated into theworld system. The
"First Era of Globalization"
began to break down at the beginningwith the
first World War
, and later collapsed during the late 1920s and early 1930s.
RECENT EVOLUTIONS
Globalization in the era since
World War II
was first the result of planning byeconomists, business interests, and politicians who recognized the costs associated with protectionism and declining international economic integration. Their work led to the
Bretton Woods Conference
and the founding of several international institutionsintended to oversee the renewed processes of globalization, promoting growth andmanaging adverse consequences.These were the
International Bank for Reconstruction and Development (the WorldBank)
and the
International Monetary Fund
. It has been facilitated by advances intechnology which have reduced the costs of trade, and trade negotiation rounds,originally under the auspices of GAAT, which led to a series of agreements to removerestrictions on free trade.2

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