Globalization and Business

Paper Summary:

This paper relates that economic globalization is a system in which businesses move around the globe to take advantage of cheaper production and greater consumption of their product, called trans-nationalization and de-territorilization. The author stresses that a lot of companies will be affected by changes in their traditional settings, but each of the companies will have to react differently, depending on the circumstances. The paper concludes that businesses? primary importance must be the globalization of capitalism.

From the Paper:

"Even the market here specializes in different types of production for the global market according to their own strengths. There are countries that capitalize on their location strengths like Singapore. Singapore survives on a free trading centre for all the countries in that region and the world. It has a big port which has been suitably developed for that purpose. The goods coming in from the international market are then sent on to the individual countries in smaller vessels according to their requirement or port capacities. Similar is the situation for outgoing cargo. China produces in low cost manufacturing as it has a lot of low cost manpower and probably less awareness about the effects of pollution. It also prepares low cost items for the West to consume which the West cannot economically manufacture. The labor in the West has to live in a certain level of life, which makes it very difficult to employ them for the production of low profit items."

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