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In the era of jet travel and networked business communications, the battle for market share was increasingly fought on a global playing field, involving all of the world's major high-income markets — Japan, Europe, and North America. Companies and nations converged as global markets for standardized consumer products appeared; transnational companies now sold the same reliable, low-priced goods in Brazil as they did in Biafra.

Even as the economic changes occurred, however, and despite the re-ignition of Cold War tensions during the late Carter and early Reagan administrations, ideological shifts occurred that reflected the emerging age of globalization. One was a new international outlook encouraged by better communications, transportation, open borders, deregulation, and the revival of nineteenth-century, laissez-faire liberalism. Business leaders began to think globally and to develop global networks that could exert influence over national political leaders through money and ideas.

During the energy crisis of , America's corporate elite reached out to foreign business leaders. Led by Chase Manhattan's David Rockefeller, they formed the multinational Trilateral Commission in , with members from business, politics, law, and academia in America, Western Europe , and Japan. The idea was to facilitate cooperation among resource-rich nations, but outside of government supervision.

Similarly, European business leaders began to meet in Davos, Switzerland , in to develop a common international strategy for European business. This network expanded in the s to include world business and political leaders. In those years it launched the annual World Economic Forum, held every January and bringing together the world's movers and shakers to network, deal, and discuss public policy issues. Similarly in America during the Carter and Reagan years, business lobbying expanded from initial efforts to contain unions to the pursuit of an active agenda of deregulating markets, cutting taxes, and promoting free trade.

The deregulatory business agenda reflected another important paradigm shift that encouraged globalization. The Washington consensus had stressed an active and expansive role for the federal government , but in the s economic thought turned toward a less-regulated marketplace. Under the influence of academic economists Murray Weidenbaum and Milton Friedman , a neoclassical attack on Keynesian interventionism was launched during the Reagan years. It emphasized entrepreneurship, reliance on the Federal Reserve System and monetary policy to manage the economy, tax relief, labor-market competition, deregulation, fluctuating exchange rates, and free trade in goods.

In time, this consensus came to include free trade in money, or capital account convertibility. President Ronald Reagan can be credited with fostering the second era of techno-economic globalization by expounding on the possibilities for freedom, political and economic, under U. He was the first president to push openly for free trade and privatization of government services, and one of the first to appreciate how new technologies of communication were transforming the marketplace and weakening the authority of totalitarian regimes.

As he left office the technoglobal revolution was accelerating, bringing major changes to economics and politics, and to culture and society as well. His successors wrestled with the implications of globalization at home and abroad. They initiated new integrative bodies that restructured the global economy, such as the North American Free Trade Agreement NAFTA and the World Trade Organization WTO , institutions that emphasized a rules-based economic system and liberalization of international commerce and that further integrated business processes worldwide.

The freer exchanges of goods, capital, and culture inherent in globalization arose from the Cold War's ashes and took America into a new era in which transnational contacts rivaled state power. The Clinton administration perceived that globalization had the potential to harmonize behavior, customs, and politics and usher in prosperity, development, and democracy.

As the world's only superpower, the United States would lead the way toward openness, free access, and political stability. Also, President William Jefferson Clinton's enthusiasm for globalization was not shared by all Americans; many wondered if globalization was both inevitable and desirable. As the new millennium began, the business community seemed united in support of globalization, but among ordinary people there were concerns about jobs, food safety, harm to the environment, sovereignty, cultural homogenization, and the like. Americans were as unsure about the costs and benefits of this second era of globalization as they had been during the first one before World War I.

The Clinton administration veered from postwar history and adopted the universalist, integrative, and democratic posture of globalization. Economics replaced security on the U. The administration tied free markets to democracy. After the Mexican peso crisis of , the president placed economic diplomacy at the center of foreign policy, supporting the consolidation of market democracy throughout the world, an ideology that put him in stride with global business but at odds with many in his own party who were tied to the traditional big government, workerprotection liberalism of the past.

The outpouring of analyses of globalization grew during the mids. Scholars, journalists, and politicians focused on the concept and process, but above all, on its influence. The widespread use of the Internet million people in brought the issue into homes throughout the world. When added to the Clinton administration's oftentimes single-minded purpose of expanding American trade and investments over-seas, the establishment of NAFTA and the WTO, and the soaring rebound of the U.

Americans were not the only ones anxious over globalization. In western Europe and many developing countries, globalization was a dirty word, associated in the public mind with American sneakers, blue jeans, burgers, and videos. The French were most skeptical. In one poll, 65 percent said globalization increased the gap between rich and poor; 56 percent thought it threatened national identity.

The French Ministry of Culture sought to rally Europeans and to restrict access for Hollywood films and American television programs. Around the world, defenders of traditional values sought to block the spread of American-style pop culture, but globalization proved a worthy foe. Iranian religious fundamentalists raided homes to confiscate videos and satellite dishes, and in neighboring Afghanistan the Taliban closed movie theaters, burned films, and denied schooling to women.

Try as they might, the fundamentalists could not eradicate this powerfully projected alien culture. Their efforts merely benefited smugglers and the flow of contraband. Many discreetly hid satellite dishes to access Western television. The failure of Islamic fundamentalists to stamp out Western influences, like the inability of state-controlled societies in Eastern Europe to block the appeal of Western democracy and consumerism, demonstrated the power of mass communications in the era of satellites and videocassettes.

It also underscored the global appeal of American values to the young, the well-educated, and the affluent, an amorphous yet tangible element of U. Yet the argument that globalization led to American cultural dominance ignored the appeal of the competition. At the time anti-globalization demonstrators were protesting in Seattle against the WTO in December , children throughout America were gripped by the Japanese fad game Pokemon.

Film industries in India and Hong Kong presented competition to Hollywood, and MTV discovered the need to vary its formula in the world's various regional markets — providing, for example, Chinese music in China and Hindi pop in India. True cultural globalization, not just Americanization, was in effect.

Among the world's cosmopolitan elite — business leaders, government officials, academics, and media types — the requirements of globalization produced a convergence. English became the predominant language of commerce and transnational communications, and business and government leaders wore Western business suits, flew in the same airplanes, stayed in the same hotels, read the same newspapers the Wall Street Journal and the Financial Times , and communicated with cellular phones and e-mail. The acceptance of American-style globalization reflected the success of U.

It also reflected the victories over fascism, militarism, and communism during the twentieth century that allowed the Anglo-American powers to establish the United Nations system, design the institutions of international economic and financial collaboration, and press for acceptance of common standards and the rule of law that were so crucial to globalization. The post — Cold War era of economic globalization, however, also represented a synergistic dimension in which changes in technology, business strategy, and government policies combined to produce effects far more profound than the sum of incremental steps.

The changes hinged on the integration of capital markets, the growing irrelevance of national borders, and the technological leveraging of knowledge and talent worldwide. As the Internet was empowering ordinary people with information, governance of the global system became more segmented in functional supranational institutions run by specialized elites. Integration and mobility were keys. Production, capital flows, and workers were increasingly integrated into a global marketplace dictated by transnational corporations.

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In there were 7, transnational corporations; in the numbers were some 63, parents and , foreign affiliates as well as a large number of interfirm arrangements. Gross product affiliated with the production of transnationals increased faster than global GDP and global exports. Their reach in every aspect of the world economy — from production to distribution — grew exponentially. In the last half of the twentieth century, international trade accelerated. Much of the growth occurred among units of transnational corporations and involved services, which represented one-fifth of total world trade at the end of the century.

From to , the volume of foreign direct investment rose almost fifteenfold; in the latter year it was twice that of By then, dozens of nations had enacted special laws to attract foreign capital. Financial globalization, reflecting the integration of equity and bond markets, was another powerful factor driving world economic integration and growth.

As in late-nineteenth-century Britain, the upper and middle classes increasingly invested their savings overseas. The assets of U. Forty-four million American households held mutual funds, compared to 4. Moreover, the velocity of foreign exchange transactions spiraled. Moreover, in a world of electronically integrated financial markets, money flowed into and out of countries in response to changing market conditions. Technology abetted globalization. World production of technology multiplied six times between and ; international trade in technology soared nine times. Improvements in communications and transportation abetted the process.

In , eighty-nine telephone conversations took place simultaneously through the transatlantic telephone cable. By the end of the millennium, about one million conversations occurred simultaneously by satellite and fiber optics. Add in e-mail and faxes and the ease, speed, and volume of communications have been magnified. Between and , ship tonnage rose sixfold; the unit cost of carrying freight by sea fell 70 percent between and The volume of air freight soared from million to 99 billion ton-kilometers.

As with shipping, costs fell sharply. Between and the average revenue per mile for air transportation dropped from 68 cents to 11 cents in constant dollars. Cheaper airfares also enhanced individual mobility. Between and international tourist arrivals rose twenty-five-fold — from 25 million to million.

By , two million people crossed a border somewhere in the world every single day. Some of them were political refugees; others simply seeking economic opportunities. At the end of the twentieth century, some million people lived outside the country of their birth. This amounted to 2. Many of them remitted earnings to families and relatives in native countries.

From to , the number of immigrants living in America tripled from 9. Many of the foreign students who entered the United States for graduate education remain, contributing to the brain drain from developing lands but augmenting the supply of highly trained professionals in America. In one-third of Silicon Valley 's scientists and engineers were foreign born. Many of the less educated who remained in their homelands, moving from countryside to city, have joined the global economy.

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Labor became part of a global assembly line ; transnationals working for the Nike Company and other multinational firms assembled products from components manufactured in factories throughout the world, while management, administration, and research and development were done at the headquarters. Service jobs in law firms, insurance, and data entry focused on electronic production, which meant that jobs flowed in and out of countries at great speed. Globalization had, simply, changed the world and its business, including the projection of national power and diplomacy.

Along with the globalization of brands like Nike, McDonald's, Coca-Cola, and Marlboro, the process also benefited sports teams. Michael Jordan's star qualities, as well as the global reach of satellite television, established a worldwide following for the Chicago Bulls. An influx of eastern European players strengthened the international appeal of the National Hockey League. The National Basketball Association's open-door policy to talent attracted forty-five foreign players from twenty-nine countries, and as a result the NBA broadcast in countries and forty-two languages.

Major League Baseball, which began opening its season in foreign locations, inaugurated the season with players, 25 percent of them born outside the United States. As a result of Ichiro Suzuki 's success with the Seattle Mariners, the team's home games were televised live in Japan. Thousands of Japanese baseball fans even flew to Seattle to attend home games of a club owned by Nintendo president Hiroshi Yamauchi. Along with rapid growth and increasing integration of markets, however, the age of globalization produced greater volatility. The Mexican peso crisis of and the Asian economic crisis of — underscored the vulnerability of the market-driven globalization system and how quickly strife could spread in a world linked by high-velocity communication, financial, and transportation networks.

The Asian economic crisis also showed globalization's impact in the political arena. It aroused concerns about the merits of Western-style, free-market globalization to an extent that street protests, stimulated by the economic downturn, forced Indonesia 's dictator of thirty-two years from power while politicians jockeyed for control in Thailand , the Philippines , South Korea , and Malaysia. Over the preceding decade Wall Street , Washington, and international financial institutions had encouraged emerging economies to deregulate capital markets and open to foreign banks and financial institutions, but countries in Latin America and Asia paid for the deregulatory bonanza.

By opening their markets, they made themselves susceptible to pressures from abroad and the international economy, and also lost independence over their fiscal policies. Abrupt changes in one country, region, or the world economy reverberated throughout these poorer nations, causing crises. Yet the bankers and U. They stressed the benefits of liberalization under the process of globalization.

Opposition to the pro-globalization agenda emerged among a disparate alliance of activists concerned about the environment, labor standards, and national sovereignty. In the first Bush administration had refused to accept the entire Rio de Janeiro Treaty that protected biodiversity of plant and animal species. An argument also erupted over the existence of global warming , which many scientists and environmental groups blamed on the emission of carbon-based gases into the atmosphere. A total of nations, including the United States, signed the Kyoto accord of that pledged to reduce such global emissions to 5.

America would cut its release of carbon-based gases by 7 percent. But President Bill Clinton faced staunch opposition from powerful business interests such as the Business Roundtable , the Chamber of Commerce, and the National Association of Manufacturers who thought the agreement flawed.

The Senate voted 95 to 0 to oppose the protocol if developing countries like China and India were not also required to cut their emissions. As a result, the administration never sent the agreement to Capitol Hill for ratification. Bush countered that additional studies were needed to better understand the problem. It was clear that, just as with the economy, globalization of environmental concerns might require international intervention. Environmental concerns indicated that there was not a consensus on globalization. Many people, especially in the labor and environmental movements and within academia, shunned this new globalization system, and argued that globalization undermined stability and prosperity and was leading to the disintegration of national economies and cultures.

According to this view, workers had become pawns in transnational corporate agendas, the environment had been deregulated by the free-market rules of the WTO, and financial markets had been so decontrolled that the joint efforts of a handful of individuals could destabilize entire nations as in Indonesia in The anti-globalization protesters took to the streets to voice their objections. The WTO ministerial meetings convened in Seattle in December to plan a new set of world trade negotiations called the Millennium Round, but huge demonstrations shut down the meetings.

There were also optimists who saw the free market and meteoric advances in technology as a great boon or as an irreversible phenomenon that could not be halted. They announced that the world had entered a period of unity unlike the divisive forty-five-year Cold War that rewarded flexibility, high technology, and individualism. Public opinion polls showed Americans divided on such issues as globalization and free trade.

As the twenty-first century opened, the globalization revolution continued to roll forward. While the global spread of information, the integration of markets, and the erasure of borders had the potential to promote global peace, prosperity, and the convergence of basic values, there was a dark dimension often ignored by corporate boosters. For one, globalization benefited organized criminals as well as corporations. Narcotics accounted for about half, but a trade in people was also lucrative.

In the health area, globalization presented a number of challenges. Public health officials worried that increased human mobility enhanced opportunities for microbes. The risks ranged from trade in illegal products and contaminated foodstuffs, divergent safety standards, indiscriminate spread of medical technologies and experimentation, and the sale of prescription drugs without approval of national authorities.

With some two million people crossing borders daily, industrialized nations faced threats from emerging infectious diseases, exposure to dangerous substances, and violence such as chemical and bioterrorist attack. Furthermore, the spread of information on the Internet empowered individual terrorists like the Unabomber to exact their own revenge on global society.

Globalization was a phenomenon of the twentieth century, although it was often hidden from view. Its effects on diplomacy were enormous. In the age of instantaneous communication, rapid transport, and volatile markets, it was apparent that complexities of international relationships had moved far beyond the expertise of professional diplomats and foreign ministries.

Diplomats and governments no longer served as gatekeepers. In the networked world, individuals, nongovernmental organizations, and officials communicated rapidly and regularly. But while technological innovation and information had networked millions of individuals into a system without central control, it is worth emphasizing that governments helped fund the networking revolution.

The U. Moreover, Washington's commitment to market opening, deregulation, and liberalization of trade and finance provided the policy impetus that led to a variety of international agreements and arrangements promoting an open world order. Thus have diplomacy and techno-economic globalization been linked since the post — Civil War era.

Aaronson, Susan Ariel. Ann Arbor , Mich. Adler, William M. New York, By one of the growing number of critics from the labor side. Barber, Benjamin R. Jihad vs. A classic account of the cultural debate over globalization. Bauman, Zygmunt. Globalization: The Human Consequences. Covers the dark side of globalization.

Boli, John, and George M. Stanford, Calif. Explains one of the institutional elements of globalization. Center for Strategic and International Studies. Washington, D. Discusses how globalization has changed diplomacy. Chandler, Alfred D. Cortada, eds. Dragsback Schmidt, Johannes, and Jacques Hersh, eds. Globalization and Social Change. London, New York, Eckes, Alfred E.

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Everard, Jerry. London and New York, Fraser, Jane, and Jeremy Oppenheim. Accessible and informative account of the velocity and scope of late-twentieth-century globalization compared to other eras. Friedman, Thomas. The Lexus and the Olive Tree. A spritely, optimistic analysis. Giddens, Anthony. Gray, John. A leading British conservative intellectual criticizes globalization. Greider, William. Anecdotal but in-depth criticism of the business globalization process by a leading progressive.

Held, David, et al. Global Transformations: Politics, Economics, and Culture. Cambridge, Holton, Robert J. Globalization and the Nation-State. London, For the role of the state and politics. Jameson, Fredrick, and Masao Miyashi, eds. The Cultures of Globalization. Durham, N. Excellent starting point for understanding the cultural aspects.

LaFeber, Walter. Michael Jordan and the New Global Capitalism. A leading diplomatic history revisionist analyzes globalization through the career of a famous sports star. Lechner, Frank J. The Globalization Reader. Malden, Mass. Extensive coverage of all aspects of the phenomenon. Levitt, Theodore. The article in which the term "globalization" was coined. Luttwak, Edward. Micklethwait, John, and Adrian Wooldridge. Mittelman, James H. The Globalization Syndrome: Transformation and Resistance. Princeton, N. Oloka-Onyango, J. A useful United Nations — based summary, including globalization's noneconomic impact.

O'Rourke, Kevin H. Cambridge, Mass. One of a handful of historical treatments. Prakash, Aseem, and Jeffrey A. Hart, ed.

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Responding to Globalization. Rodrik, Dani. Has Globalization Gone Too Far? Articulate and thought-provoking early warning about the negative effects of globalization. Rupert, Mark. Sassen, Saskia. Soros, George. Warnings of impending collapse from a giant of global finance capital.

Tomlinson, John. Globalization and Culture. Chicago, Highly theoretical treatment of the complex interaction of culture in international society. Wallach, Lori, and Michell Sforza. Criticism of the globalization phenomenon from Wallach, one of the protest organizers. Went, Robert. Globalization: Neoliberal Challenge, Radical Responses. Concise but balanced assessment. Zachary, G. Zeiler, Thomas W. Eckes, Jr. First history that addresses the synergistic relationship of globalization and U. Defying the label Americanization, the Beatles epitomized globalization.

They emerged in the new era of rapid travel and electronic communications, influenced by black rock 'n' roll brought to Liverpool by American sailors and spurred by their initial fan base from nightclubs in Hamburg, West Germany. Beatlemania seized England in , grew in popularity in Australia, and emerged on the Continent. The hit spread to the non-English-speaking world. The Fab Four then debuted in the United States on the Ed Sullivan Show, playing to a television audience of 73 million people, about 60 percent of total U. Mass global hysteria set in. In the queen honored them for their contribution to the British foreign trade balance.

Two years later, they took part in the first live global satellite broadcast, representing Britain on "Our World," a special originating in eighteen countries on five continents. Wit, cleverness, and aggressive marketing catapulted the Beatles to fame, but they also tapped into the growing cohesion of youth worldwide that attested to the cultural and economic pressures of globalization.

Timing the release of their album Sgt. Pepper's Lonely Hearts Club Band, for maximum exposure, they caused a mini-explosion within the Beatles craze itself, as youth across the planet apparently bought the record and played it in unison. It was a moment of unified pop culture. The Beatles flowed across borders, commercially and culturally, exploiting communications technology and open markets — elements of the globalization process. Cite this article Pick a style below, and copy the text for your bibliography. July 10, Retrieved July 10, from Encyclopedia.

Then, copy and paste the text into your bibliography or works cited list. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.

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Globalization refers to the process of integration across societies and economies. The phenomenon encompasses the flow of products, services, labor, finance, information, and ideas moving across national borders. The frequency and intensity of the flows relate to the upward or downward direction of globalization as a trend. There is a popular notion that there has been an increase of globalization since the early s. However, a comparison of the period between and to the post- World War II era indicates a greater degree of globalization in the earlier part of the century than the latter half.

This is true in regards to international trade growth and capital flows, as well as migration of people to America. If a perspective starts after , globalization is a growing trend with a predominance of global economic. Between and , total output of export and import of goods as a proportion of GDP rose from This amount continues to grow throughout the s. Hence, the general direction of globalization is growth, but it is often unevenly distributed between wealthier and poorer countries.

A primary economic rationale for globalization is reducing barriers to trade for the enrichment of all societies. The greater good would be served by leveraging comparative advantages for production and trade that are impeded by regulatory barriers between sovereignty entities. In other words, the betterment of societies through free trade for everyone is possible as long as each one has the freedom to produce with a comparative advantage and engage in exchanges with others.

This economic rationale for global integration depends on supporting factors to facilitate the process. The factors include advances in transportation, communication, and technology to provide the necessary conduits for global economic integration. While these factors are necessary, they are not sufficient. Collaboration with political will through international relations is required to leverage the potential of the supporting factors.

Globalization from to came to an end with World War I , as various countries pursued isolationism and protectionism agendas through various treaties — the Treaty of Brest-Litovsk , the Treaty of Versailles , the Treaty of St. Germain , and the Treaty of Trianon These events contributed to the implosion of globalization for more than forty years. Toward the end of World War II , forty-four countries met in an effort to re-establish international trade. The milestone is referred to as Bretton Woods, named after the New Hampshire country inn where the meeting was held.

In , the International Trade Organization ITO was established as an agency of the United Nations , with fifty member countries and the Havana Charter to facilitate international trade, but it failed. GATT involved a number of different multilateral rounds of trade negotiations to reduce trade barriers and facilitate international trade. Subsequent trade rounds involved more members and additional issues, but the basic foundation of GATT remained the same.

In the second round, the Kennedy Round of the mids, the focus continued with tariff reductions. In the third round, the Tokyo Round to , countries participated to reform the trading system, resulting in tariffs on manufactured products which were reduced to 4. Important issues revolved around anti-dumping measures, and subsidies and countervailing measures. The reduction of trade barriers enabled about an average of 8 percent growth of world trade per year in the s and s. In the fourth round, the Uruguay Round to , countries participated to develop a more comprehensive system.

An increasing importance was placed on globalization and on new, uncharted territories such as intellectual property. Additionally, other areas were discussed for coverage under new regulations, including agricultural and other old world industries including textiles. The WTO encompasses trade in goods, services, and intellectual property related to trade with a more efficient dispute settlement system. The mission of this round was to give a hand up to impoverished peoples and nations of the world by lowering more trade barriers and strengthening local workers, farmers, and other members of agricultural communities by creating new rules for assisting underdeveloped nations.

The overall goal is to create a truly global economy by stimulating all economies everywhere, rather than favoring those that are already thriving in well-developed nations. However, the Doha round has been plagued by deadlock and contention; less-developed nations have accused wealthier nations of protectionist policies, especially regarding national agricultural subsidies and tariffs.

Talks to reach an agreement collapsed in , , , , and The increase of globalization surfaced many complex and controversial issues as economies and societies became more interdependent with greater frequency of interactions between one another. A number of important trends make up globalization, including: 1 location of integration activities; 2 impact upon poorer societies; 3 flow of capital; 4 migration of laborers and labor; 5 diffusion of technology; 6 sustainability of the natural environment; 7 reconfiguration of cultural dynamics; and 8 development of organizational strategies for global competition.

Many authors specialize in exploring each issue with much greater depth. The purpose of reviewing the different trends in this essay is to provide some highlights concerning the interrelated complexities underlying globalization. Location of integration activities. The extent of globalization unfolds in an uneven fashion to the degree that the question is raised whether international trade is more focused on regional rather than global integration. According to global economists' forecasts, most of these agreements will eventually work in unison as parts of a larger, more global agreement.

Georgios Chortareas's and Theodore Pelagidis's research findings on openness and convergence in international trade indicate that intraregional trade increased more than global trade in most situations. Within NAFTA, intraregional exports rose from 34 percent in the s to more than 56 percent in ; exports between Asian country members amounted to 48 percent in ; and exports within the EU were sustained at about 62 percent.

By , exports from the United States to Mexico had quadrupled, and exports from the United States to Canada doubled. The trend of rapid exports growth continued into The impact is exacerbated because 70 percent of the world's poorest population lives in rural communities and depends heavily on agriculture as a staple of survival and economy.

Hence, one of the concerns with uneven distribution of globalization is its impact on poorer economies by perpetuating systems of inequality. Opponents of free-trade agreements suggest that in many cases, especially the case of DR-CAFTA, trade agreements can further hinder the progress of the. Impact on poorer societies. A challenge to globalization is that inequality arises from imbalances in trade liberalization, where the rich gain disproportionately more than the poor.

Ajit K. Ghose examined the impact of international trade on income inequality and found that inter-country inequality increased from to , in a sample of 96 national economies, but international inequality measured by per capita GDP declined. The ratio of average income for the wealthiest 20 percent compared to the poorest 20 percent rose from 30 to 74 from the early s to the late s.

According to a GDP listing of nations released by the CIA World Factbook from , the per capita difference between the top 10 percent of countries and the remaining 90 percent shows an overall decline in international inequality, but a disparity remains nonetheless. In one billion people owned 80 percent of the world's GDP, while another billion survived on one dollar.


However, during the same period, when factoring average income that is weighted by population, income inequality dropped by 10 percent. Global income distribution became more equal with other measures such as purchasing power parity or the number of people living in poverty. The World Development Indicators for showed a drop in the absolute number of people living on one dollar per day from 1.

Thus, the impact of globalization on inequality is a complex issue depending on the particular measures. More specific examination needs to account for other contributing factors, such as how regionalism increases concentration of trade between countries that are wealthier and leaving poorer countries at or below the margin. Flow of capital. The flow of capital relates to both regionalism and inequality issues. Two forms of capital flow are foreign direct investments FDI made by business firms and investment portfolios, diversified with foreign assets or borrowers seeking foreign funding.

Some Caribbean countries receive more than 10 percent of their GDP from remittances. While developing countries are the primary recipients of remittances, transaction costs can amount to 10 to 15 percent per transaction. Reducing such obstacles would benefit poorer countries with heavy dependencies on remittances. The flow of money across national borders relates to the migration of both labor and work. Migration of labor and work.

An important dimension of globalization is the migration of people. While the proportion of migration was greater during the earlier mercantilism period, sovereign border controls to a large extent create a filtration process for migration. About million people lived in a different country than their birth country in They can be separated into three categories: million international migrants, 16 million refugees, and , asylum seekers.

An important global trend in the future is the movement of labor from developing to developed countries because of the latter's need for labor with an aging population. Family-sponsored migration makes up 45 to 75 percent of international migrants who mainly originate from developing countries to countries in Europe and North America. The number applying for entry into developed countries often far exceeds the number permitted.

Due to extensive legal processes, some migrants enter illegally, while others become illegal with expiration of legal status. With the aging of baby boomers in many developed countries, future globalization of migrant labor flow is receiving more attention, especially in education, health care, retirement funding, and housing.

Although migrant labor often entails the movement of people in search of work, a related globalization trend is the migration of work to different geographical locations. While multinational corporations MNCs often seek low-cost labor, innovation advances in computer technology, satellite communication infrastructures, Internet developments, and efficient transportation networks enable companies to distribute work in ways not possible before. Compression of time and space with Internet technology allows for the distribution of work to take place around the world with global virtual teams.

The phenomena of outsourcing and offshoring expand on the earlier sourcing of low-cost manufacturing. During the s. Expansion of MNCs in the s encompassed highly skilled workers, service work, and global virtual teams. Firms started to outsource information technology IT functions as early as the s, but a major wave of outsourcing started in with the shortage of skilled IT workers in developed countries. At the same time, the trend of shifting work around the globe to leverage the different time zones began with the financial industry's ability to shift trading between the various stock exchanges in New York , Tokyo, Hong Kong , and London.

Technological innovations in computers and the Internet enabled other industries, such as software engineering, data transcription, and customer service centers to also shift work around the globe. Higher education and high-skill health care jobs are also embarking on global outsourcing. The impact of global outsourcing is not just a relocation of jobs, but also a dampening of employee compensation levels in more developed economies. The migration of labor and work create complex globalization dynamics in management of people and finances for most firms.

Diffusion of technology. Innovations in telecommunication, information technology, and computing advances all support progression of globalization. In the World Wide Web had 20 million users, exploded to million by late , and had over 1. However, the rapid growth and adoption of information technology is not evenly diffused around the world.

The gap between high versus low adoption rates is often referred to as the digital divide. In , over 30 percent of Americans and Europeans had Internet access, while the number for Africa was 1. The digital divide reflects other disparities of globalization. Globalization of computer technology also entails a growing trend of computer crimes on an international basis, which requires cross-border collaboration to address.

Additional globalization trends related to computer technology include developments in artificial intelligence , high-speed connections such as wireless applications, the use of handheld and mobile devices to access the Internet and e-mail, and integration with biotechnology. Sustainability of the natural environment. The impacts of globalization on environment sustainability are hotly contested, with major environmental protests held at international economic meetings or prominent multilateral trade forums. In the United Nations publication Brundtland Report named for Gro Brundtland, Prime Minister of Norway , galvanized international attention on sustainable development was a major concentration.

The assumption was that the degradation of the environment in developing countries was due primarily to poverty. Some advocates of globalization consider free trade to be a solution to alleviate poverty and subsequently, reduce pollution. However, the arguments depend upon corporate social responsibility, managerial knowledge of environmental sustainability, and the level of ignorance in the developing community. Critics find that often large MNCs have greater financial resources than some developing countries, which can be used to compromise and derail regulatory regimes from protecting the environment.

One of the landmarks on environmental globalization is the Kyoto Accord, an international treaty to reduce greenhouse gas emissions based on exchanging limited pollution credits between countries. After lengthy, multilateral, and complex negotiations, the Kyoto Accord was concluded in December , for ratification by national governments.

On February 16, , the date for the Kyoto Protocol to take effect, nations ratified the agreement. Even though the United States is the world's largest polluter in volume and per capita output of greenhouse gases, the Bush administration refused to ratify the Kyoto Accord. Reconfiguration of cultural dynamics. Culture is another area of complex controversies with globalization. Competing perspectives about how globalization affects cultures revolve around the debates of cultural homogenization versus cultural diversification. The optimistic view of cultural globalization is that cultural diversity focuses on freer cultural exchanges with broader choices and enrichment of learning from different traditions.

People have greater. Cultural diversity and quality are diminished with mass produced goods being directed toward a common denominator. The process involves a sense of far-reaching, anonymous cultural imperialism. Debates from each perspective are intense with substantial evidence that also reveals complex ties to social and political dynamics within and between national borders.

Cultural globalization continues into the foreseeable future with many more controversial dynamics related to three important issues: 1 the impact of extractive industries on the socio-economic, cultural exclusion and dislocation of indigenous peoples and their traditional knowledge; 2 international trading of cultural goods and knowledge; and 3 inflow of immigration impacts on national culture, which creates a tension between a sense of threat to the national culture and migrant demands for respect to their traditions in a multicultural society. Development of organizational strategies for global competition.

The multiple dynamics of globalization — regionalism, inequality, financial flow, migration of labor and work, technological innovations, environmental sustainability, and cultural dynamics — form a turbulent and complex environment for managing business operations. While seven trends were highlighted to provide a brief sketch of interrelated complexities and controversies globalization, it also surfaced other significant issues.

Global concerns revolve around terrorism, rapid transmission of pandemic diseases and viruses, the rise of China 's and India's economies, an aging population in wealthier northern countries versus younger growing populations in the southern hemisphere, and advances in bio-technology.

These issues are intricately embedded in the globalization processes. Globalization entails both opportunities and threats for creating and sustaining competitive strategies. Emerging economies offer resources in terms of labor, as well as expanding market opportunities. However, geopolitical relationships and backlashes from perceptions of cultural imperialism, such as the tensions between the United States and the European Union during the Iraq war create challenges for business operations.

Global managers have a wide range of options to deal with globalization. Organizational strategies for international operations involve two related demands — the need for local orientation and the need for integration as shown in Figure 2. Firms with low need for local orientation, but high need for integration require a global strategy that centralizes core operations with minor modifications for local adaptation.

However, firms with a need for high local orientation, but low need for integration, require a multinational strategy that decentralizes significant operations to respond to local market conditions. Firms integrating a high need for both local orientation and organizational integration should strive for a transnational strategy. In addition to selecting a strategy for global competition, managers also need to make decisions regarding the internationalization process.

Two processes are important. First, the development of innovations in a home market as products move along the product life cycle stages. Firms can take products entering into the plateau of a mature stage to new international markets. Often the flow moves from developed to developing countries. Second, stages of internationalization with foreign entry modes that involve increasing resource commitment and risks.

The stage approach to internationalization takes time because it involves licensing and exportation, which can be mired with national and international bureaucracy. Kenichi Ohmae argued that the speed and complexities of globalization require firms to rethink their internationalization processes because incremental stage models are often too slow. Given the rate and quantity of knowledge within the global business community, firms are likely to face competition in their home markets, with comparable innovations before they are able to establish a foothold in the international marketplace.

The incremental stage models are too slow for competing in an increasingly integrated global economy. Ohmae suggested that firms form global strategic alliances with partners established in three major markets — North America , Europe, and Asia, particularly Japan. Development of global competitive intelligence and innovation among partners provides for rapid market development and the establishment of strategic positions in multiple locations.

Basically, globalization into the twenty-first century creates a fundamentally different competitive environment that shifted from incremental internationalization processes to almost simultaneous deployment of innovations. This internationalization process also shifts the work of global managers from managing a field of expatriates to collaborating with strategic partners across national borders, managing global offshore outsourcing vendors in multiple geographical locations and working remotely with telecommuting staff in regions of import and export.

Globalization is the culmination of complex and controversial trends that include a degree of geographical integration, inequalities, financial flows, labor and laborers, technological innovations, environmental sustainability, cultural dynamics, and organizational strategies for global competition. Given a historical perspective, globalization has fluctuated over time and many indicators support a trend of increasing globalization since the s. The United States is no longer the dominant super-power in the global economy; the rise of both China and India are the most important developments in globalization of the economy since the onset of the twenty-first century.

Asia is proving to be a powerful competitor and excellent partner in commerce as economic trends move toward a universal system. The United States and China should not be considered foes — their mutual respect is a major consideration for international business in the future.

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Global managers have options for strategies and structures, as well as different internationalization processes.