MGMT 422 – Management Concepts
By: Troy Tolson Jr Romel Reaves Hector Gray Demonte Alston Globalization
Globalization is the process of increased interconnectedness among countries most notably in the areas of economics, politics, and culture. Put in simpler words, globalization is growth on a global scale. A more common example of globalization is the fast food industry; sweeping across our nation especially, fast food, which has quickly become one of the richest corporations in the world. From first-hand experience, one can prove that through the years eating out, or eating on the go, has become far more common amongst American citizens as well as
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There are four main characteristics involved with globalization. These characteristics are improved technology in transportation and telecommunications, movement of people and capital, diffusion of knowledge, and non-governmental organizations (NGOs) and multinational corporations. An improvement in technology in transportation and telecommunications plays a major role in the expansion of ideas and new inventions. In the past, people could not communicate with others across the globe, but nowadays all it takes is a simple phone call or email and you will be communicating with that person instantly. Also, with the improvements in airplanes, within hours you could travel across the world. Globalization is closing the distance gap between countries and our world is “shrinking.” Globalization has also allowed people to travel the world in search for jobs and new livelihoods. It has increased migration into developed nations and gives the people of lower class societies a chance to be successful. Globalization has also caused are knowledge to diffuse across the world. Once one country knows something new then very quickly everyone else will know. Lastly, globalization is slowly removing country borders because nowadays countries are becoming more and more dependent on each other to thrive.
Globalization can help a struggling country become a powerful one. Since 1950, world trade has increased by about 20 times from $320 billion to $6.8