The Impact of Globalization on Management in Developing Countries

The Impact of Globalization on Management in Developing Countries.

ABSTRACT

Globalization is the term used to describe the growing worldwide interdependence of people and countries. This process has accelerated dramatically in the past decades largely due to advances in technology. With the advent of globalization, trade barriers between countries have come down, movement between countries has become easier and the world’s major financial markets have been integrating.

This growing worldwide integration has produced diverse consequences – economic, political, cultural, environmental, and otherwise. These consequences may be beneficial or detrimental. This work examines the effects globalization has on developing countries.

The instrument for data collection was the questionnaire. The analysis and findings highlight the two-fold impact of globalization on developing countries. Finally, this work recommends the implementation of sound policies in order to moderate the adverse effects of globalization while consolidating its benefits.

INTRODUCTION

The term globalization covers a wide range of distinct political, economic, and cultural trends. It has become one of the most popular topics of debate around circles. The term could be said to be synonymous with economic liberalization, westernization, and the internet revolution. Social theorists are of the view that globalization refers to fundamental changes in the spatial and temporal contours of social existence, according to which the significance of space or territory undergoes shifts in the temporal structure of crucial forms of human activity.

The term globalization has been used by economists since the 1980s although it was used in social sciences in the 1960s. However, its concepts did not become popular until the latter half of the 1980s. Since the mid-1980s, social theorists have moved beyond the relatively underdeveloped character of previous reflections on the compression and annihilation of space to offer a rigorous conception of globalization. Human societies across the globe have established progressively closer contacts over many centuries, but recently the pace has dramatically increased.

Jet airplanes, cheap telephone service, email, computers, huge ocean-going vessels, instant capital flows, all have made the world more interdependent than ever. Multinational corporations manufacture products in many countries and sell to consumers around the world. Money, technology, and raw materials move ever more swiftly across national borders. Along with products and finances, ideas and cultures circulate more freely. Many politicians, academics, and journalists treat these trends as both inevitable and welcome.

But for billions of the world’s people, business-driven globalization means uprooting old ways of life and threatening livelihoods and cultures. Intense political disputes will continue over globalization’s meaning and its future direction. Globalization has become a major topic of discussion and concern in economic circles of the mid-1990s, it is like an unstoppable reality and most citizens of the world will have to plan their future within this reality.

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StudentsandScholarship Team.