‘’Globalization is a widely and somewhat loosely used term intended to describe the recent and rapid process of intercontinental economic, social, and political integration. This worldwide integration allows people to communicate, travel and invest internationally, and helps companies market their produces widely, acquire capital human and material resources more efficiently share advanced technology, and enjoy economics of scale. While many benefit from globalization, others are hurt economically, some cultures may be harmed, and local environments may suffer.
Essentially, globalization is about a close integration of countries and people worldwide which has been brought about by the freedom of mobility, development of various means of communication and elimination or at least reduction of barriers to the circulation of capital, knowledge and to a lesser extent people across borders. Globalization is an umbrella term for a complex series of social, political and economic aspects identified as an increasing interaction and integration between people and countries worldwide. This international interdependence is characterised by the continuously increasing international migration, elimination of obstacles of free trade and global economic integration which is one of the powerful driving forces of international businesses that move capital, goods and technologies, but also people across borders (Kritz and Zlotnik, 1992). International business refers to a wide range of business activities undertaken at the international level. Along with rapidly increasing globalization, international business has become a popular topic and has drawn the attention of business executives, government officials and academics.
I think globalization is very important and it become more necessary for now socials, so I want to talk about globalization. Globalization is the fact that different cultures and economic systems around the world are becoming connected and similar to each other because of the influence of large multinational companies and of the influence communication. Globalization will increase opportunities for firms to expand production in foreign markets, and countries has many benefits from economic synergy and collaborate in handing political, social and economic challenges and broad market allow producers to get more goods , and the global supply networks more purchasing options for the public and private entities. I collet some information from
(Mukherjee, 2008). Globalization became an increasingly used term with technological innovations-most significantly the World Wide Web or Internet- that made financial transactions and recordkeeping of international shipments quicker and easier. Thomas L. Friedman (2005) describes the "flattening" of the world economy through globalized trade, outsourcing, supply-chaining and political liberalization. The use of technologies allows businesses, such as large multi-national corporations, to maintain customers, suppliers and even competitors on a world-wide basis. The breakdown of businesses into components along its value-chain creates opportunities for multiple businesses located at various spots on the globe to participate in the production of a single good or service.
1.0. Abstract This study aims to focus on the rising necessity and continuously changing impact of globalization on socio-economic development with respect to technology and innovations. The melting boundaries among nations and sense of togetherness which is driven by technology and innovations, has brought a revolutionary change in the business activities with a challenging impact on global business. The world has become a global village now. With globalization, business has publicly become more competitive, responsive and service oriented.
The analysis also shows that the fee gap between the international and domestic purchases might increase rather than decrease due to the exponential increase in the inter-country business transactions. However, there is a cloud with silver lining. The blockchain technology which is gaining popularity, if applied in this instance will certainly have an impact as per expert opinion. We closely monitor for any implementation of this technology to provide better service at a lower interchange fee. Keeping this mind, we are very positive about the technology being implemented that will certainly affect the fee structure and charges with respect to the countries and the companies who implement this
Globalization involves the increasing interconnection of local and nationalistic economies across the world. It increases border movement of goods, people, technologies, ideas and services throughout the world. It lets other countries to join the rest of the world and become part of worldwide interrelatedness. As the biggest companies are no longer national firms but universal partnership. In my opinion, globalization is an important issue, as it allows countries to collaborate politically, socially and economically.
Some of the benefits of globalization are accessing to capital markets across the world enables a country to borrow during tough times and lend during good times, it promotes domestic investment and growth through capital import, worldwide cash flows can exert a corrective force against bad government policies, it prevents excessive domestic regulation through global financial institutions, international finance leads to healthy competition and, hence, a more effective banking system, it provides information on the vital areas of investments and leads to effective capital allocation and international finance promotes the integration of economies, facilitating the easy flow of capital. So what's the harm if the entire world is coming together on a common platform? Why are we even discussing whether globalization is good or bad for the world? As I said earlier, everything has a good side and a bad side. The bad side of globalization predominantly revolves around the fact that the preferences differ from nation to nation, and coming to a consensus on any issue becomes more difficult when too many nods are required.
Globalization of banking sector in Saudi Arabia allows the foreign companies to trade with them, thus more cost and resource availability in the kingdom and more chance to grow the industries, giving chance to KSA banking sector to flourish much more resulting in mature country’s banking infrastructure. Q2. Give suggestions for improvement in banking industry of your company. Few suggestions for improving Saudi Arabia’s banking sector are as follows: 1. It must allow expatriates as well to work in the banking sector.
As globalization has increased so has trade and FDI. These changes have resulted in the reduction of barriers between countries and a growing change of the power structure of the international system. Multi National Enterprises (MNE’s) and other companies have been able to remove some of the power from the governments and gain more influence in how the world works. With how things stand in some countries today it is possible for a foreign company to sue its host country if that country adds governmental regulations like environmental restrictions that end up decreasing the companies’ profits. This ability by these companies is a fairly new idea and continues to change.