Drive The Globalization Of Markets And Production

Running head: Globalization and international business Globalization and international business Name of the Student Name of the University Author Note 1 Globalization and international business Globalization isthe phenomenon which enables the economies of the world to combine, it encourages cross border participation in order to expand the scope of the business. One of the most positive side of globalization isthe fact that ithas made the world abigger space where literally the entire world isamarket. This attitude and practice have been very profitable for the growth of many organization and has also changed the fate of consumerism forever. Itcan also be seen as international trade and the flow of investments from different and advanced economies. All this undoubtedly bringing in greater economic benefits for all. Simply put together globalization refers to the interconnection of national economies through trade activities, investments, labor and banking. And because this has become avery important economic ideology itissanctioned by the Government, where the government actually encourages the citizens to participate in this process (Della 2018). Thus, with globalization one thing which has increased many atimes isthe exchange of cultures and travelling of human beings from one place to the other. With this itisalso important to note that globalization itself emerged from the idea of international trade or international business. Itissimply atrade relationship or commercial transactions involving two or more countries and the increase of the same has positively led to technological advancements, controlled government participation, introduced global competition. In away ithas also changed the market, changed the structuring of the cost and increased development of institutions devised for the economy to bloom. And all these factors made globalization extremely successful (Burlacu, Gutu &Matei,2018). Travelling for economic activities often transcends beyond business and either the host or the receiver country end up exchanging alot of other entities. With the positive impacts of this the outbreak of the Corona virus isalso another unintended consequence that has emerged from such cross border economic activities. This istrue that cross border activities include educational fairs, leisure trips as well but those are mostly occasional trips whereas business and economic activities are more frequent. And rightly so globalization isone of the major reasons behind the outbreak of this pandemic because unlike others pandemics which occurred due to poor environment. The 2 Globalization and international business Corona virus has emerged from wealthy and industrialized countries who are extremely active in cross border economic activity (Antr às,Redding &Rossi-Hansberg 2020). Itisimportant to look at how the large number of population concentration in big cities which are also industrial hubs with intense economic activities and the constant influx of people all aimed for urban development isamajor cause behind the outbreak of this pandemic. Places like the Caribbean are at the receiving end of this phenomenon because these are essentially small countries, with developing economies. Thus, they are dependent on the global economic activities precisely the population which makes for agood labor market. With regards to this there isaconstant influx of people travelling to the larger cities which are the business and epicenter of the pandemic resulting into the outbreak in places like the Caribbean (Werner 2020). 3 Globalization and international business REFERENCES Antr às,P., Redding, S. J., &Rossi-Hansberg, E. (2020). Globalization and pandemics (No. w27840). National Bureau of Economic Research. Burlacu, S., Gutu, C., &Matei, F. O. (2018). Globalization –pros and cons. Calitatea, 19(S1), 122-125. Della Posta, P. (2018). The economics of globalization. An introduction (pp. 1-244). ETS. Werner, A. (2020). Outlook for Latin America and the Caribbean: An intensifying pandemic. IMF Blog, Washington, DC, 26.