Globalization An International Economy And Global Markets

As George Soros, the Chairman of Soros Fund Management said: I think there s a lot of merit in an international economy and global markets, but they re not sufficient because markets don t look after social needs (2000). Globalization allows businesses to grow due to the elimination of stringent trade restrictions and tariffs. Globalization also allows undeveloped nations the opportunity to flourish by creating jobs that were previously unavailable. As Lechner states in his Globalization Debates - Good vs. Bad, those in opposition believe that globalization is dangerous due to the â€Å"...inequities of oppressive global capitalism† (2000-2001). So, what are the upsides and downsides to globalization? The world has become smaller and is open to everyone in it. Goods move freely across the globe in numbers not previously seen before. Multinational corporations are located throughout the world. According to a poll by American Express, international business travel is taking off like never before. American Express estimated that over 480 million business trips will be taken in 2016 (American Express, 2014). The top 10 international destinations include Mexico City and Sao Paulo, two nations that have become key players in global production. This increase in business travel has a ripple effect. The airline industry is gaining revenue as business people must travel to international destinations. The tourism industry is gaining revenue as business travelers require hotelShow MoreRelatedGlobalization and Its Impact on International Business Essay1558 Words   |  7 Pages............3 What is Globalization....................................................4 The engines for Globalizations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦5 Globalization’s impacts on international business†¦..7 The road ahead for international business†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦9 Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..11 Reference†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 Introduction Every day we hear it on the news, read it in the papers, overhear people talking about it†¦ and in every single instance the word globalization seems to have a differentRead MoreGlobalization And Globalization1050 Words   |  5 PagesJane Ogagan International Political Science for Public Health Practitioners Seminar Course: 221.614.01 CLASS PAPER Topic Choice 18: â€Å"On balance, globalization expands rather than contracts opportunities for economic prosperity around the world.† Why do you agree or disagree with this statement? 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The neo-liberal market ideals have encouragedRead MoreHow Globalization Affects Developing Countries?1504 Words   |  7 PagesHow Globalization Affects Developed Countries The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in the recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged. What Is Globalization? Globalization is defined as a process which, based