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Globalization

Rationale In all corporate areas, this is the most recent transition. The term "globalization" refers to the integration of national economies and cultural practices around the world through the transmission and adoption of new ideas, technology, and items. Today's organizations engage in a global market characterized by increased competition, interconnection, collaboration, and the challenge of doing business across borders (Walter, 2021). The majority of enterprises' output is sold abroad. As a result of globalization, companies are tailoring their worldwide business strategies, marketing plans, and production efforts to local markets. Most companies outsource overseas to boost profits and remain competitive. To capture competitive opportunities, firms are increasingly accepting and using outsourcing. In this way, companies save money and improve earnings (Segal, 2019). Historical Context Despite popular belief, centuries or millennia of history can shed light on globalization. The beginnings, growth, and effects of globalization might help explain the idea and the debate around it. Given the enormous volume of literature and varied opinions on globalization, scholars believe it's more important than ever to understand its historical context (Cuevas, et al., 2021). The global economy of the 21st century is founded, at least in part, on the centuries-old development and expansion of international trade and business.  Political

All businesses are worried about how the political situation will change across the world in the future. Political factors have a huge impact on globalization.

Economic

Taxes and other monetary policies have affected globalization. Tariffs and sanctions also affect businesses throughout the world. Social The social dimension of globalization refers to how globalization impacts individuals, communities, and the world as a whole. Globalization's consequences on jobs, salaries, working conditions, and social security are much debated. Technological In reaction to recent technological advances, several governments are investing in science and technology.

Legal The ability of states to uphold economic, social, and cultural rights, including the freedom to form and join trade unions, the right to work, and the guarantee of a living wage and social security, is becoming increasingly difficult as a result of globalization.

Environment

Climate change, the release of greenhouse gases, the acidification of the oceans, deforestation (and other habitat loss or destruction), and the introduction of species from other planets all hurt the world's biodiversity. Theory and Theme Since the 1970s, the word "globalization" has been used a lot in political and academic discussions. It is usually used to talk about things like the spread of communication technology and the opening of McDonald's in developing countries like China and India. This usage of the term "globalization" dates back to the 1970s (Sachs, 2020). People, cultures, communities, and businesses all over the world are becoming more and more connected. However, the word "globalization" is notoriously vague and is often used as a shorthand way to talk about this trend. This is because the term "globalization" is used to describe the phenomenon in everyday conversation (Skare and Soriano, 2021).

Case Study

Globalization and expanding their businesses all over the world have helped many Japanese companies, like Toyota and Honda, become very successful. They are able to capture the competencies of globalization. McDonald's is now present all over the world (Ergashev and Farxodjonova, 2020).

Conclusion

Globalization changes the views and ways of thinking of every individual as well as businesses.

Reflection

Globalization is a clear sign of a future that will be more and more digital and is one of the most important parts of modern progress around the world. In the event that this occurs, I am considering the ways in which it will affect the course of my life and the steps I may take to make the most of the situation. Both the term "globalization" and what it refers to are generally comprehended by people. By using Gibbs' cycle to look into how I felt about it, I was able to gain some insight. What I read about it initially captivated and interested me very much. When I agreed to do the study and evaluation, I was well aware that there were many different points of view. For example, some people questioned the costs of the process and how the results would affect politics.

Reference Cuevas García-Dorado, S., Cornselsen, L., Smith, R. and Walls, H., 2019. Economic globalization, nutrition and health: a review of quantitative evidence. Globalization and health, 15(1), pp.1-19. Ergashev, I. and Farxodjonova, N., 2020. Integration of national culture in the process of globalization. Journal of Critical Reviews, 7(2), p.477. Sachs, J.D., 2020. The ages of globalization. In The Ages of Globalization. Columbia University Press. Segal, U.A., 2019. Globalization, migration, and ethnicity. Public health, 172, pp.135-142. Skare, M. and Soriano, D.R., 2021. How globalization is changing digital technology adoption: An international perspective. Journal of Innovation & Knowledge, 6(4), pp.222-233. Walter, S., 2021. The backlash against globalization. Annual Review of Political Science, 24(1), pp.421-442.