Globalization Phenomenon: Innovation And Entrepreneurship

Introduction

The globalization phenomenon started a few centuries ago and has been shapping many dimensions of our lifes without us realizing it. This engine started as an economic process but soon lead to tremendous changes in our society – the way we eat, work or travel is now a product of it. The current generation is now protagonist of one of the biggest challenges of all – to connect the dots between all this heterogeneity around the world, without neglecting their own identity. Markets were revolutionized - they are no more selling in a local perspective – now, clients might have different nationalities from producers. However, engaging with international business policies will first need the consent and mediation of governments. So,

Both factors depend a lot of the economic freedom rate of nations. Economic freedom is related with market-based systems and property rights, where there are much more incentives for individuals or companies to start or develop processes and ideas. If we take a look at the Index of Economic Freedom Map (Fig. 1), we are able to verify that most African, some South America and Asian nations (with some specific exceptions) are characterized by a low economic freedom. But countries where economic freedom is high, generally registrated more economic growth. Also, in these countries economically free, the majority of them are described for having a democratic political system. We may imply that economic freedom goes hand in hand with democratic policies. On the other hand, The Freedom House also reports that for the eight consecutive year, there was “an overall erosion in global freedom, with 54 countries registering declines”, associating this fall to the “authoritarian powers’ active resistance to democratic change”. Nations instead of building up a stronger and global position are backing up. From all the evidences considered, it seems reasonable to assume that globalization instead of taking steps forward, is retreating. Global institutions should step in these situations, where nations stumble to succeed and evince the economical potential of a more-free

While totalitarists regimes are maintained, where liberty is a condition banned from the rights of the individuals, the world still has a long path to make till the desired integration of the economic system is reached. Also, terrorism and repressive governments are barriers of political globalization that, in the end, will hold back economic globalization. As Olu Fasan said “once a country makes a commitement to economic openness and integration, it is inevitable and, indeed, imperative, that it must have the appropriate legal and institutional framework to support its integration into the global economy”. Sooner or later, nations will have to suffer a transformation, which turns its systems into more a more legitimate one, that is, democratic. But it’s important to understand democracy not as an end in itself, but as a mean that tries to promote the best and fair