Globalization

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Globalization of business and its impacts on emerging economies. Introduction Globalization is viewed as development which has a profound effect on the economical subject as a whole such that it is the process that defines the present age. Frankel (2002), an economist, sees globalization as the most powerful process which has contributed to shaping the global economy around 40 years ago. Globalization is highly characterized by the fact that the national borders and distance do not matter anymore and business can take place all over the world, for the economic purposes, the geography and nation state are no longer important. South Africa joined the global economy in early 1990s when the globalization process was starting to gain momentum. Together with adapting the globalization forces, South African economy had to manage the emergence of its market status. Globalization can be used to describe a number of events or changes that occur around the world. Different economists have tried to define globalization in different ways but no definition is precisely accepted. Mittelman (2000) refers to globalization as a variety of activities and processes and not a unified and single phenomenon. This activities and processes refer to the way barriers are reduced between different nations. With this, the globe can be referred to as a global village whereby the space and distance disappear, and whereby there exists a common pool of resources and single community. The globalization process encourages social, economic and political interaction. This therefore activates the multiple analysis levels in the field of economic, culture and society, and politics. These fields play a vital role in placing a new meaning to globalization. The World ... ... middle of paper ... ...improve the economic output through increasing efficiency in processes, Globalization has also enabled large companies in realizing their economies of scale which reduces prices and costs. Although globalization has been of great importance to any given market economy, there are also some negative effects that are associated with globalization. This include; Globalization increases the interdependence between different nations, this can cause global and regional instabilities, Globalization may also lead to national sovereignty, through the rise of different nation states, leaders may tend to become more xenophobic or nationalistic. Finally, the benefits associated with globalization may become unfairly distributed among rich individuals and nations, this has led to creation of larger inequalities and lead to conflicts in both international and national levels.

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