Question

write a literature review on Globalization in its place : Market place?  Show the  link between the previous work that has been done in the field of research interest and the content. Clearly show the references to the key articles and texts that appreciate their relevance in the search area. Limit 1000 words.

Answer 1

Review on Globalization in its place - Market places;

Globalization of markets is one of the most fascinating developments of this century. Its impact on economic transactions, processes, institutions,and players is dramatic and wide ranging. It challenges established norms and behavior and requires different mindsets. Yet, it creates opportunities for the well prepared participants who can be proactive and visionary.Globalization of markets involves the growing interdependency among the economies of the world; multinational nature of sourcing, manufacturing,trading, and investment activities; increasing frequency of cross-border transactions and financing; and heightened intensisy of competition among a larger number of players..This phenomenon has been fueled by advances in communication and transportation technologies, the spread of economic growth and wealth around the world, the loosening of barriers to trade, and the formation of regional economic blocs.

But the Globalization of markets is best reflected in the "internationalization" of business transactions. This means that one or more aspects of economic activity carries an international character. One of the parties to the transaction be a foreign partner; the transaction involve a foreign currency; financing may involve foreign lenders; technology may originate from a foreign partner; and so on.

It is possible to identify at least five dimensions or facets of the globalization in its Market place.

First is the fluid nature of manufacturing and sourcing activities. Today, business activity flows freely to places best equipped to perform it most economically and efficiently. This is especially apparent in the case of the service industry.

Second, competition for customers and markets has intensified significantly as a result of globalization. Whereas only a handful of multinational companies dominated international trade a couple of decades ago, today companies from all parts of the world are participating in worldwide business. Companies from practically every nation are jockeying for positions in various industries.

Third, the types of international business transactions have proliferated. In the past, much of international business activity was in the form of export-import and foreign direct investment. Today, transactions are varied
and more complex: contract manufacturing, franchise operations, countertrade, turnkey construction, technology transfers, international strategic alliances, and more.

Fourth, technology spreads freely and rapidly between markets and players. Technological leadership does not provide a monopolistic advantage for very long. Companies must capitalize on their discoveries quickly, before others match them.

Fifth, borrowing-financing activity has become worldwide as well.Businesses finance their growth and expansion through international capital markets. As such, they are able to take advantage of varying interest rates and currency markets by tapping a wide variety of funding sources.

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