GLOBALIZATION

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Introduction
Some definitions of globalization focus solely on cross-border trade-for example, globalization as the absence of borders and barriers to trade between nations (Ohmae, 1995). The International Monetary Fund describes globalization as "the growing economic interdependence of countries worldwide through the increasing volume and variety of cross border transactions in goods and services and of international capital flows, and also through the more rapid and widespread diffusion of technology". Although these definitions convey a sense of dynamic change and boundary they portray the outcomes of globalization too narrowly. Brown (1992) defined globalization as the interconnections between the overlapping interests of business and society, a definition that acknowledges the broader context in which globalization takes place. To ensure a systems view, globalization is defined here as a process leading to greater economic interdependence and networks and the economic, political, social, cultural, and environmental results of that process. There is plentiful, if sometimes contradictory, research on the financial and economic aspects of globalization; the broader impact of these phenomena, however, has received less attention by business scholars. According to The components of globalization include GDP, industrialization and the Human Development Index (HDI). The GDP is the market value of all finished goods and services produced within a country's borders in a year, and serves as a measure of a country's overall economic output. Industrialization is a process which, driven by technological innovation, effectuates social change and economic development by transforming a country into a modernized industrial, or developed nation. The Human Development Index comprises three components: a country's population's life expectancy, knowledge and education measured by the adult literacy, and income.

Globalization and Technology
Technology has something to do with change. With technology, the world has changed drastically. Most of the innovations from the technological advances have very important effects on the lives of peoples of the world, which has witnessed radical changes especially after 1960’s revolutions on the microelectronics technologies. Even there are some people who argue that the history is made by technology as a result of their highly criticized techno-determinist view. Advances in technology are one of the main reasons that globalisation has escalated in the past decade. In information and communication technology, innovations have become smaller in size, more efficient and often more affordable. In transport technology, vehicles have tended to become larger and faster, as well as becoming more environmentally friendly and cheaper to run. Whether for personal use or for business, technology has made the world seem a smaller place and assisted in the rise of globalisation. New technologies play a fundamental part in making globalization possible. Without aeroplanes, telephones, satellites, computers and tele- visions it would not be possible to transfer information from one place to another, thus allowing for the speed and the intensity which characterize the modern world. These give rise to a rate of diffusion and transfer of knowledge which is greatly superior to that of the past. In other words, it was the new technologies that allowed the emergence of the ‘global village’ The ease in which technology has interconnected the world has made it possible for corporations to compete in an ever-increasing global market. Yet to operate effectively in this international market, businesses must take the appropriate steps to prepare their products, services, and business teams for foreign countries and cultures. The simulation The Fundamentals of Globalization is designed to provide participants with the opportunity to practice globalization management skills in a secure, virtual environment before facing the...
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