GLOBALIZATION AND ITS EFFECTS ON WORLD BUSINESSES

Abstract

As we’ve arrived to the era of globalization and live through it, we realize this is the best time to be alive because of the flourishing new opportunities in every field. As former U.S president has rightly said, “No generation has had the opportunity, as we now have, to build a global economy that leaves no-one behind. It is a wonderful opportunity, but also a profound responsibility. “The 21st century globalization is an irreversible theory that brought in never ending opportunities, growth, economic expansion and accessibility ever seen in the history of Mankind .The globalization of society, as mentioned before , gives accessibility for a business and the businessman to expand as well as reach the target audience from various countries at ease. Unlike previous generations where procurement, establishment or procurement of businesses took ages to become real, the rapid technological advancements and the efforts of countries in forms of covenants, agreements and treaties prove to be a boon for current businesses. Through this paper, the author would mainly deal with question of how the processes of business has become better with the advancement of technology as well as society. The world economy provides a large audience for every business due to ease in accessibility thereby, also helping in cross-culture trade which on side lines also help the world know each other better. Through this paper, I would also mention the different ways in which Technology aided the business, the ease in procedure as well as different international and regional law and policies that have lubricated the process further in this century. The conclusion will definitely include the pros and cons of such globalization of economies as it is very important to understand the both sides of a world for better understanding in order to solve the setbacks or loopholes that are not helping us reach our full potential as global economies. The effects of such globalization of economies on various aspects of lives and different scales of businesses such as small and medium scales will also be assessed in detail.