Contemporary Business Issues in a Globalized Environment

Main Body

Globalisation is is the process in which commercial entities, societies and communities from various countries interact and conduct business activities with each other. Currently most of the things become global as people are coming in to contact with each other. It is affecting individuals as well as the countries which are part of it (Globalisation, 2010). It has reduced barriers of communication between people from different nations. Integration between territorial divisions is being enhanced after it as now organisations are conducting operational and executional activities all around the world. It has increased due to cross border developments in transport, ICT and communication. Currently national boundaries have been decreased due to massive use of social media and websites. Businesses are becoming global as they are willing to establish their business all around the world in order to be developed. It affects individuals as well as countries. There are various factors such as ecological, financial, technological, legal and socio cultural that may influence both of them (Crane and Matten, 2016).

Globalisation has affected me as it impacts various aspects of individuals such as religion, transport, music, language, food and clothing. It has helped me to interact with people who are from different communities. It has enhanced my knowledge regarding their culture. After globalisation communication barriers between two or more countries has been decreased. I am benefited due to this change because now I am able to get good education in different countries. Before globalisation the cost of studying out side of your country was very high but now it has benefited individuals like me who are willing to study in foreign because now the cost has been decreased. There are various disadvantages of it, on some of the people like me as people from developing countries are poor from developed countries. It results in exploitation of labour from financially weak nations. In such territories individuals are not well aware of technologies and cases of fraud with innocent people is also being increased due to this. For example, employment has been increased after globalisation and people come from a small country for job in a developed one. Here their passport is being kept by the employers and they molest them by treating well educated person as servant because they don't have any other option to survive there.

Globalisation has influenced well developed countries like America. It has helped the American companies to sell their products and services world wide and also facilitates them to purchase items on lower prices for American Citizens. Influence of the country has been spread all around the world after globalisation. A huge rise in the multinational corporations has resulted due to this. It has helped the organisations there to offer their merchandise to other countries and keep their nation on the top of the world (Influences of globalisation on U.S., 2018). Real time communication has been increased on cross border level because it has removed all the barriers and made the interaction easy. Negative impact of this is that many of the American citizens have lost their jobs because individuals from other countries are ready to work on low wages. The competition has been increased between them. Another drawback of globalisation for America is that it has increased the trade deficit for the nation. It is very important for the legal bodies to find out ways to overcome this situation in order to be the strongest and powerful territory of the world.

Globalisation has influenced the external environment and its factors like financial, technological, socio culture, legal, ecological etc. have influenced individuals as well as the counties such as United States, Australia, United Kingdom etc. It is very important for the people and nations to identify all of them and figure out their impacts whether it is positive or negative. It helps them to be prepare for the consequences that may take place in future. A detailed analysis of their influences are described below in detail.

Influences of socio cultural factors such as beauty, language, material culture, values, attitudes, customs, education etc. have been increased after globalisation. It guides me to learn various thins such as foreign language, their customers and also provide me an insight in to their culture and values. After globalisation it has become easy to study in foreign. Now I can explore things and go to different countries according to my interest. For example, if I am interest in studying management then I can go to Boston or Seoul which are best known for such type of educations. Now the barriers of going in out of the home nation for study or other activities have been decreased due to concept of globalisation (Smith, El-Anis and Farrands, 2017).

There are various influences of socio culture factors on countries like America. After globalisation the tourism is being increased as the travelling related barriers have been reduces by the governments. It has resulted in the enhancement of terrorism in America such as the incident of 9/11. Another influence of it is that, if touristy crimps then it may help to make higher national income from outsider sources.

After globalisation financial factors have influenced individuals and countries as well. It includes foreign direct investments for organisations, capital, revenues, price of goods and services etc. It is essential for people and nations to gather information of the impacts of these elements so that appropriate strategies can be formulated to decrease their effect.

Financial factors such as price of goods and services has influenced me because now I am able to buy foreign products on low price in my home country. But in some cases seller set a higher price of imported goods which is a negative point for me because I have to pay a high amount for the purchased item (Hamilton and Webster, 2018).

These factors also influences countries by increasing foreign direct investments for the business. In Local business entities funding of external investors in being increased which is helping them to execute operational activities in more effective manner. After globalisation American organisations have started to sale their products and services all around the world. It has helped them to increase their profits and incomes from outsider sources. Negative impact of such factors on America after globalisation is that it has increased trade deficit for the country. It has resulted because the US Dollar is the world's most reserved currency and other nations are reserving it to attain surpluses as America is the most powerful territory globally.

After globalisation legal factors such as government policies, rules, regulations and legislations have started to influence countries and individuals. These are imposed by the government and political parties of the nation in order to assure that all the activities by organisations and people are performed under law.

Legal factors has influenced me globalisation has resulted in higher tourism and the judicial restrictions on travelling has been reduced by the government. It is very beneficial for me because now I can travel in different countries due to decreased limitations of higher authorities of the nations. The negative impact of these factors is that when tourism increases then terrorism is also been enhanced. While travelling to a country I may also have to deal with terrorist activities. Now I have a thought that I am not safe out side of my country which is an unfavourable influence of globalisation (Khojastehpour and Johns, 2014).

Influence of legal factors is being increased after globalisation on the countries like America. Now the government of the nation have decreased the trade barriers for the foreign companies which are wiling to be established in United States. But at the same time strictness related to legality of operational activities is also being increased. As America is the most powerful country in the world hence the legal parties of the nation cannot afford the risk related to illegal activities.

There are various other factors such as technological that have also started to influence after globalisation. It has left impact on individuals as well the countries which are the part of it. It includes internet connectivity, technology enhancement, automation etc. It may affect people and nations favourably or unfavourably. A detailed argument on this point is being provided below.

Technology enhancement have influenced me because now I can communicate with anyone from anywhere in the world because it has removed all type of barriers. People like me are very much interested in new and innovative products that may help us to enhance our standard of living. Now I can buy any foreign product in my home country and be aware of the current market trends and culture. It has helped me enhance my technological knowledge. There is a negative influence of such factors as affecting mental and physical health. Nowadays people like me does not interact with the people around them, but they prefer to talk with individuals on social media. Technology is affecting personal relation of human being. Excessive use of new gadgets is also affecting metal health of persons of my age group because we have an addiction of them (Kopnina and Blewitt, 2018).

After globalization technological factors have also started to influence the countries like America. As the country depends upon technology progress but after economic process it has become harder because growth of the nation is slowing down. It has resulted in de-industrialisation which is a unfavourable situation for the territory because now if any technology related is required then it is bought from other countries. Government has started to buy from other because it costs less but it is negative situation because it affects the employment within the nation (Scherer, Palazzo and Matten, 2014). A positive influence this on America after globalisation is that it has facilitated the business owners to sale their products in other countries as communication is become easy with the help of latest technology.

All the above described factors have started to influence individuals as well as well developed countries like America. It is very important for the legal authorities of the nation to formulate appropriate strategies that may help them to overcome all the problems that may affect their economy after globalisation. All the barriers related to communication, interaction and business activities have been reduced after it in order to facilitates different organisations to operate their executional activities globally (Lilley, Barker and Harris, 2014).

Now after globalisation financial factors have helped the business entities which are operating their business in America to enhance their funding from external sources. There is an another advantage of these elements which that the barriers to sale local products in international market has also been reduced. Tourism after globalisation has been increased which has resulted in enhanced national income of America. Socio cultural factors have helped individuals and nations to exchange the values, attitudes and knowledges with different territories. It helps people to learn different cultures. Education in foreign is become more easy and now persons from developing countries may go to any nation where they are willing to study (Najam, Runnalls and Halle, 2016).

There are various types of negative influences of globalisation on society, individuals, and nations. These are terrorist activities are continuously increasing because of decreased obstacles for travelling. It has also resulted in trade deficit at America as the currency is reserved by different countries. This nation is known as world most powerful territory that's why others try to reserve its prevalence in order to attain surplus. As employment after economic process is enhanced hence job related frauds with innocent people is also being increased. It is very important for the legal authorities of the nations to take strict actions against these problems so that the crime can be reduced. America's economy depends upon technology progress but after globalisation it development of this becomes slow due to de-industrialisation. For individuals there are advantages as well as disadvantages of technological development. If use of gadgets become an addiction then it may affect their mental health. It is beneficial for them to be aware of things that are happening around them with the help of social media and other websites (Influence of technology, 2018).

Conclusion

The above essay concludes that globalisation is the process of promoting cross border trade, communication and interactions. It is very beneficial for the individuals as well as the countries as it may results in higher national income by enhancing tourism, foreign direct investment for the organisations etc. There are various factors that have started to influence the nations and people after globalisation these are legal, technological, ecological, financial, socio culture etc. All of them influences positively as well as negatively by creating issues like terrorism and providing facilities like lower regulations on foreign trade.

References

• Aharoni, Y., 2014. Coalitions and Competition (Routledge Revivals): The Globalization of Professional Business Services. Routledge.
• Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
• Hamilton, L. and Webster, P., 2018. The international business environment. Oxford University Press.
• Khojastehpour, M. and Johns, R., 2014. The effect of environmental CSR issues on corporate/brand reputation and corporate profitability. European Business Review. 26(4). pp.330-339.
• Kopnina, H. and Blewitt, J., 2018. Sustainable business: Key issues. Routledge.
• Lilley, K., Barker, M. and Harris, N., 2014. Educating global citizens in business schools. Journal of International Education in Business. 7(1). pp.72-84.
• Najam, A., Runnalls, D. and Halle, M., 2016. Environment and Globalization: Five Propositions (2010). The Globalization and Environment Reader, p.94.

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