Globalization is a process by which the people of the world are unified into a single society and functioning together.

This process is a combination of economic, technological, sociocultural and political forces.

Globalization is the system of interaction among the countries of the world in order to develop the global economy. Globalization refers to the integration of economics and societies all over the world. Globalization involves technological, economic, political, and cultural exchanges made possible largely by advances in communication, transportation, and infrastructure.
Globalization, as a term, is very often used to refer to economic globalization, that is integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and spread of technology.

Globalisation means that the flows of goods, services, capital, technologies and people are spreading worldwide, as countries everywhere open up to wider contact with each other

The effects of Globalization on Industry Globalization has lead to the rise of worldwide markets where countries now have better access to foreign products. Industrially developed countries can now import raw materials required for production of various consumer products. These products can then be exported to different countries. We have seen a great increase in movement of material goods between and inside national boundaries. The world has seen a rapid growth of international trade within the last fifty years, and the numbers are still growing

. Globalisation can create more wealth for everybody, but it can also be disruptive and needs to be harnessed by international rules (International institutions). When business goes global, the rules for fair play must also be set globally. A core element of globalization is the expansion of world trade through the elimination or reduction of trade barriers, such as import tariffs.

Effects of Globalization According to economists, there are a lot of global events connected with globalization and integration. It is easy to identify the changes brought by globalization. 1. Improvement of International Trade. Because of globalization, the number of countries where products can be sold or purchased has increased dramatically. 2. Technological Progress. Because of the need to compete and be competitive globally, governments have upgraded their level of technology.

3. Increasing Influence of Multinational Companies. A company that has subsidiaries in various countries is called a multinational. Often, the head office is found in the country where the company was established. An example is a car company whose head office is based in Japan. This company has branches in different countries. While the head office controls the subsidiaries, the subsidiaries decide on production. The subsidiaries are tasked to increase the production and profits. They are able to do it because they have already penetrated the local markets. The rise of multinational corporations began after World War II. Large companies refer to the countries where their subsidiaries reside as host countries. Globalization has a lot to do with the rise of multinational corporations. 4. Power of the WTO, IMF, and WB. According to experts, another effect of globalization is the strengthening power and influence of international institutions such as the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank (WB). 5. Greater Mobility of Human Resources across Countries. Globalization allows countries to source their manpower in countries with cheap labor. For instance, the manpower shortages in Taiwan, South Korea, and Malaysia provide opportunities for labor exporting countries such as the Philippines to bring their human resources to those countries for employment. 6. Greater Outsourcing of Business Processes to Other Countries. China, India, and the Philippines are tremendously benefiting from this trend of global business outsourcing. Global companies in the US and Europe take advantage of the cheaper labor and highly-skilled workers that countries like India and the Philippines can offer 7. Civil Society. An important trend in globalization is the increasing influence and broadening scope of the global civil society. Civil society often refers to NGOs (nongovernment organizations). There are institutions in a country that are established and run by citizens. The family, being an institution, is part of the society. In globalization, global civil society refers to organizations that advocate certain issue or cause. There are NGOs that support women's rights and there are those that promote environment preservation. These organizations don't work to counter government policies, but rather to establish policies that are beneficial to all. Both the government and NGOs have the same goal of serving the people. The spread of globalization led to greater influence of NGOs especially in areas of great concern like human rights, the environment, children, and workers. Together with the growing influence of NGOs is the increasing power of multinational corporations. If the trend continues, globalization will pave the way for the realization of the full potential of these two important global actors.

Globalization and its Meaning Broadly speaking, the term globalization means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Cross border integration can have several dimensions cultural, social, political and economic. In fact, some people fear cultural and social integration even more than economic integration. The fear of cultural hegemony haunts many. Limiting ourselves to economic integration, one can see this happen through the three channels of (a) trade in goods and services, (b) movement of capital and (c) flow of finance. Besides, there is also the channel through movement of people.
The advancement in technology and various inventions in the past century have brought about a major change in the world today, the biggest being the integration of societies. Thanks to technology, we can now communicate with people from all around the world with great ease. The internet has also allowed us to transfer huge amounts of data to a place half way around the world in a matter of seconds. The various means transportation are a lot faster and we can now travel half way around the world within a day. This has led to globalization, where different economies, societies and cultures of the world are integrated through a global network

Globalization has affected the world in many different ways. Here are few of the effects of globalization. The effects of Globalization on Industry Globalization has lead to the rise of worldwide markets where countries now have better access to foreign products. Industrially developed countries can now import raw materials required for production of various consumer products. These products can then be exported to different countries. We have seen a great increase in movement of material goods between and inside national boundaries. The world has seen a rapid growth of international trade within the last fifty years, and the numbers are still growing. The effects of globalization on the Financial Market Different economies of the world have greater access to funds since they now have better access to external borrowings. Trade in national currencies increased dramatically in the recent past to support the increasing levels of trade and investment.

The effects of globalization economically The idea of free trade has been around ever since the early 18th century. Since then on, we have seen the growth of a global common market, allowing the freedom of exchange of goods and capital. Lowered restrictions on foreign direct investment have allowed corporations to set up factories in places where the cost of production is the lowest. This has increased the number of job opportunities in underdeveloped countries. Globalization has brought about diversity in the products and services in many countries, and has led to a lot of growth. It is a growing phenomenon where different societies are becoming similar in the way the function and behave

Advantages of Globalization
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Goods and people are transported with more easiness and speed o the possibility of war between the developed countries decreases o free trade between countries increases o global mass media connects all the people in the world o as the cultural barriers reduce, the global village dream becomes more realistic o there is a propagation of democratic ideals o the interdependence of the nation-states increases o as the liquidity of capital increases, developed countries can invest in developing ones o the flexibility of corporations to operate across borders increases o the communication between the individuals and corporations in the world increases

o environmental protection in developed countries increases

What is Globalization? Before we proceed to the various globalization issues in business, it is important to understand what exactly it means. Globalization is nothing but the functioning of a business on a global level. When you treat the entire globe as your potential market, you globalize your business. Usually, there are certain barriers when it comes to the functioning of the business on an international platform. These barriers might include ones such as political, financial, and even geographical. When a businessman overcomes these barriers, he successfully globalizes his business. This concept can be looked at from another perspective too. Today, the sharing of information has reached a level we thought it never could. Upcoming artists and basically other 'like-minded' people could never share their interests, projects and views over a common thought. Globalization and international business thus, also mean the sharing of ideas and views on an international level. Globalization Issues in Businesses Business is not just a corporate firm that provides certain goods and services. Business is any initiative started to earn profit. If this business, for earning more profit, is operating from different regions in the world, it will be affected by certain globalization issues in business. A business can be an IT firm developing some software, and a business can also be a merchant trading in cloth or something as simple as pickles. Let's check out both, the pros and cons of globalization on a business. Pros: Increase of Market One of the best advantages of globalization is that it increases your prospects and your opportunities. When you look at the entire world as your customer, you suddenly increase your profit margin by many folds. Similarly, a bigger market also means better competition. Thus, prices will be negotiated for you, and you can choose what is most profitable to you. The best example of this is labor. If you can't afford the labor in one place, you can look at many other. A bigger market also offers many other benefits, such as opening up of related businesses, more tie-ups, more mergers, more acquisitions, and simply, just more business at the end of the day! Foreign Currency Globalization issues in business also include positive ones, and this is one of them. Gl obalization has also brought about a huge investment in poor countries in terms of labor and capitalization. With this, we see global development of countries together. The standard of living improves for many, and poverty reduces considerably. There is less difference between the values of global currencies, as they have to deal with one another on various platforms. Every country will gain something or the other from another country and thus, it becomes important that currencies are not hiked to an extent that they remain out of maximum purchasing capacity. There is more stability in global financial relations. Technological Development Technological development is a great boon for almost every country. Technology is something that is continuously redefined. Continuous innovation in the smallest parts of the world, lead to technological changes for the better. These technological advances can be shared with the entire world through globalization. Better the technology, better the output, and better the output, better the profit. As

soon as a business goes global, it becomes aware of different technologies all around the world. These technologies and technological innovations can be implemented in the business for better gain. Cons: Shift in Employment Though a business creates a lot of employment due to globalization, it does not do so necessarily in the actual country that it is home to. This is one of the most discussed globalization issues in businesses today. This might affect the business from the social perspective, where it also has a responsibility towards the society it functions from. When you hire people from another country to work for you, you create employment in that country and not in yours. Though English is the official language almost everywhere in the world, in some countries, it might pose itself as a barrier. Specially when employees of the same company, from two different countries, need to communicate on the same subject. Recessions and Depressions This is perhaps one of the most negative effects of globalization on businesses, as compared to any other. Before globalization came into the picture, companies were affected by financial situations pertaining to their own country only. Let's take this one example to understand the concept better. A business called 'A' functions from the United States, and has sister companies in India and Australia called 'B' and 'C' respectively. There are 50 more companies like A, which is quite a possibility. If recession affects the United States, it will automatically affect India and Australia as well. This means that due to globalization, the dependability of one country on another has increased to a greater extent than before. Unfair Payments One of the most common complaint against globalization in businesses is that it leads to unfair payment of wages and salaries. Skilled labor is paid differently in different countries by the same company. Thus, the rich company goes on becoming more rich while the labor's skills are yet not appreciated with justice. This leads to strikes, less employee retention, and problems with the unions.