What is Globalization?
The process by which businesses or other organizations develop international influence or start operating on an international scale.
Investopedia defines globalization as the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
It also states that Globalization is a social, cultural, political, and legal phenomenon.
- Socially, it allows the different populations to work together
- Culturally, because of this exposure individuals are able to exchange thoughts, beliefs, and artistic expression between cultures. Globalization also highlights the development of a single world culture
- Politically, in the light of globalization, many intergovernmental organizations like the United Nations (UN) and the World Trade Organization (WTO) are now in the spotlight
- Legally, globalization has contributed to the creation of international laws.
Globalization has been occurring since we can remember and is not a new concept. In the early century, merchants would travel the oceans to new lands and acquire new and rare commodities to sell in their native countries. With the immense transformation brought about by the industrial revolutions, there has always been a movement of Globalization from transportation to communication and now the digital era has begun.
As we are moving into this new digital age there is much controversy about the benefits of this change. We have already said that globalization drives economic growth and allows ideas to cross borders and improve quality of life. However, some individuals state that this growth has begun to take away a sense of community and causes a gap between the privileged or influential and the rest of the world.
The Indian and Chinese economies are some examples of where globalization has benefited the country and we see this increasing trend in many smaller players and newer entrants. Indonesia, Cambodia, and Vietnam are among fast-growing global players in Asia.
Kelmer Group has offices in Shanghai, Hong Kong and Vietnam and we are looking to help our clients benefit from these countries and their booming economies.
In order to find out how you can utilize these markets to grow and create higher revenues for your business, get in touch with one of our experts who would be more than happy to assist your business needs or find out more about our services online: