Exploring the dynamics of globalization in business reveals its role in integrating markets and economies worldwide. It enhances competition, fosters economic interdependence, and drives innovation. However, globalization also presents challenges such as labor exploitation and income inequality. Strategies to overcome these include inclusive policies and supporting SMEs.
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Globalization is the process of integrating markets, production, financial systems, and industries on an international scale
Globalization should be distinguished from internationalization, which is the strategic process of a company expanding into foreign markets
Globalization offers benefits such as increased connectivity and innovation, but also poses challenges such as labor exploitation and income inequality
Globalization has led to heightened competition as businesses enter new markets
Globalization has facilitated foreign direct investment and provided access to emerging markets for companies seeking growth
Globalization has enabled businesses to expand through e-commerce and the proliferation of global brands
Globalization has positive impacts such as increased mobility of labor and resources, employment opportunities, and knowledge exchange
Globalization can also have negative impacts such as undermining local businesses, cultural homogenization, and exploitation of labor and resources
Strategies such as people-centered growth, tackling tax evasion and corruption, and supporting SMEs and individuals can help address the challenges of globalization
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The process has led to a more unified ______ economy due to the integration of markets, corporations, and financial systems.
global
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Globalization vs. Internationalization
Globalization is economic integration globally; internationalization is a company's strategic expansion into foreign markets.
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Impact of Globalization on Competition
Globalization increases competition by allowing companies to enter new markets and compete internationally.
