Discuss the impact of globalization or cultural difference ,leadership challenges in global market, the importance of cultural competence. Give recent references.
Impact of Globalization
Globalization is a process of extending boundaries through interaction among individuals, companies, economies, and aided by technological advancements. This process has an effect on the culture, environment, economic development, political systems, and on human well-being around the world. The article briefs about what globalization is and what are its positive and negative impacts on the economy. On one hand globalization refers to integration of economies around the world to remove restrictions on trade and finance, globalization also refers to exchange of cultural ideas. Thus, the effect of globalization reaches all countries around the world-from richest to poorest.
Emergence of Global Phenomenon
Globalization had been known in the United States and the rest of the world for quite some time. However, globalization as a phenomenon emerged after World War II after removal of tariffs by the General Agreement on Tariffs and Trade (GATT). Eventually GATT became the World Trade Organization (WTO). WTO also functions to reduce tariffs to encourage tariffs across the world. Other organizations like the International Monetary Fund (IMF) and the World Bank control the flow of funds to developing countries along with WTO. There are mixed opinions on the impact of globalization. Some believe that globalization hinders poor countries efforts to work their way out of poverty whereas others believe that rich countries are able to maintain their position of dominance over rest of the world. However others are also of the belief that globalization helps poorer countries by presenting them with opportunities to engage in free trade with other countries.
Negative Effects of Globalization
With globalization countries are forced to conform to the competition which forces them to lower their social standards ...
The solution discusses the impact of globalization or cultural differences.