The primary drivers of globalization are rapid advancements in technology, culture, economics and politics. With each passing year, the speed at which transactions take place and the spreading influence of cultural forces serve to integrate international societies. The most prominent driver of this trend is the advancement of technology.Know More
On a large time scale, the world has been on a gradual, but accelerating, track of globalization for the last thousand years. Advancements in transportation technology enabled intercontinental trade, and this led to the exchange of goods, ideas and cultural influences over large portions of the planet. By the 17th century, explorers and merchants were capable of circumnavigating the globe; this was the first time the world became a single, contained system of politics and economics.
In more recent times, the advancement of technology has accelerated the trend of globalization. For instance, telecommunications technology allows for instantaneous exchange of information around the world in the form of telephone calls, emails and video conferences. Digital technology allows for distribution of information content around the world, so European music or American films can reach remote villages in Asia and Africa within minutes. This advancing technology allows for commercial opportunities on broader market scales as well as exchanges of cultural elements to an unprecedented degree. As a result, children growing up anywhere in the world can experience the same culture and pursue the same economic opportunities as they mature. Political forces around the world are also serving to open up trade between nations and facilitate cooperative development of commercial opportunities.Learn more about Economics
Globalization is generally regarded as a good thing because it creates open market opportunities and fosters efficiency between suppliers, partners and customers through a network of distribution; for example, a company can sell electronics in the United States or Japan with equal ease. This type of efficiency allows for the ease of integration between markets for optimal management of inventory and distribution while boosting aggregate demand and helping to grow the employment potential and income of the world economy.Full Answer >
The advantages of globalization include employment and education while the disadvantages include loss of culture and health issues. Globalization brings countries together to trade and do business with each other.Full Answer >
The four stages of globalization are domestic marketing, export marketing, international/multinational marketing and global marketing, according to Zeepedia.com. Global marketing means a firm sells products and services in a majority of countries around the world, duplicating its national efforts in international subsidiaries.Full Answer >
Drivers of the globalization of firms include government, competition, cost globalization and market drivers. Globalization has also been driven by technology, including use of the Internet, mobile phones and satellite-tracking technology.Full Answer >