prepare and submit a term paper on Globalization Today. Your paper should be a minimum of 1750 words in length.
You will prepare and submit a term paper on Globalization Today. Your paper should be a minimum of 1750 words in length. Interestingly, the debate does not lie solely on whether it is a modern or a traditional occurrence. Some argue that it has adverse effects on countries’ economies while others rebut this notion. This paper seeks to analyze globalization aspects in relation to the international marketing.
Often, there tends to be confusion of what exactly entails the issue of globalization but as this section will highlight, this word is used more in regard to international trade. According to Cerny (2009), globalization refers to the increased interdependence of economies in regard to finance, trade as well as macroeconomic policy. Others described globalization as the diffusion of values, technology and practices that influence lives globally (Pieterse, 2012). Still, it is explained as social geography reconfiguration that is characterized by supra territorial and trans-planetary growth between various groups of people (Srivastava, n.d.).
While the above explanations and descriptions of the term globalization may vary in wording, the central word coming out clearly is cross-border relations. That is to say that a country is no longer relying solely on its resources but others as well. Three words are closely associated with globalization: liberalization, internationalization and universalization.
Liberalization is used to imply that countries decide to lighten the trade restrictions that tend to stifle the ability to go about trading activities. Nothing explains this part better than a case of the Indian economy. It was reported that in 1991, the country’s economy suffered adversely where its currency reserve crippled to $1billion. After embracing the LPG policy (Liberalization, Privatization and Globalization), the country’s major sectors, agriculture financial, industrial and health, improved tremendously (Dharini, 2014). Earlier, the country’s restrictions on foreign investors were somewhat punitive thus making it hard.