Globalization is Nothing New

Abstract

The assignment outlines the contextual differences between the terms "Globalization" and "International Business" by summarizing scientific explanations in the economical literature as well as associated social-cultural and politicly related approaches. It depicts the different contemporary perceptions of both terms and searches for new and unprecedented sets of environmental determinants within the explanations provided for the term Globalization in order to identify differences from International Business

As a conclusion, the assignment argues, that globalization is in fact nothing unprecedented in terms of economy and could be subsumed under the term international business.

Globalization and International Business

A) Semantic Overview International Business – Globalization

Both terms are not referred to as commonly agreed upon definitions in the literature and are therefore subject to different interpretations in various contexts. However, for further evaluation, the assignment approached both terms’ definition as follows: While “International Business� seems to be used predominantly in a wider and more descriptive sense for economic cross boarder trade, “Globalization� is a fairly new term, used to describe the process of a transforming international trade towards more liberalization and its impacts that can supposedly be associated with social-cultural and political changes on a global scale. It is most commonly used to discuss the relationship of trade increase in the past decades with issues like free markets, dissolving of purely national companies, global inequity developments, reduction of national political influence and reduction of cultural diversity in favour standardization and integration as regions become increasingly interconnected and inevitably dependant on each other (e.g. Spero/ Hart 2003).

The key semantic difference of both terms as defined in this work shall be, that International Business describes a factual situation, where cross boarder trade does take place and deals with associated developments that influence its operations on the basis of a stable set of environmental determinants. Globalization on the contrary claims the existence of a new, transformational process of economic and social-cultural issues pushing towards a new state of global economy. Althou...

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