Globalization Is A Key Component Of A Corporation 's Global Business Strategy

1196 WordsOct 15, 20165 Pages
Globalization is a particular process driven by international trade and investment intentions that works to integrate the companies, people, and governments of different nations. Globalization has an impact on several key factors of the global nations and citizens. Just a few of the things impacted by globalization are the environment, political systems, culture, economic development, prosperity, quality of life, and the well-being of people in societies around the world. Information technology has been a major driving force behind globalization and that information technology has now become a key component of a corporation’s global business strategy. Advancements in information technology have dramatically influenced economic life, as well as giving consumers, investors, and businesses valuable new tools for identifying and pursuing economic opportunities throughout the world. Information technology and tools based on IT enabled them to identify the economic trends happening globally more securely, as well as letting people involved in economic transactions and collaborations work more conveniently with people located in other regions throughout the world (Jilberto, 2002). Regionalization (Whiting,1996) in economic terms illustrates and encompasses the way the communities within a region, like governments, the people of the state, and regional associations, pool their material and non-material resources to build up associations for better economic functionalities. The
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