Analyze the drivers and consequences of globalization. In your paper be sure to address the following:
a. Analyze at least three drivers of globalization and how these drivers impact your organization (please use Financial Services/Money Transfer Business - Western Union) or one that you are familiar with financially.
b. Describe the risks associated with global investing.
c. Explain the importance of cultural sensitivity and ethics in global finance.
Some of the most important drivers of globalization are:
1) Elimination of trade barriers and establishment of free trade agreements: This has been one of the most important drivers of globalization as the removal of trade barriers and establishment of trade agreements opened up huge markets for global corporations and significantly increased bilateral trade.
For our money transfer business, the increasing trade between nations has proved to be a boon as such increase in bilateral trade means increasing need of transferring funds from one country to another.
2) Another major driver is improvement in communication technologies, such as internet. The significant improvement in communication technologies has been cited as one of the most important innovations of all time as it has completely shrinked the geographical distances between nations and have redefined the physical boundaries of trade. Such technologies have made the world a global village. In today's world, one can use the benefits of internet and ecommerce to trade anywhere in the world as well as communicate with people all over the world at almost zero costs.
These technologies have ...
Analyze at least three drivers of globalization and how these drivers impact your organization