Globalization What Is Globalization, and What Are Essay

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Globalization

What is globalization, and what are some of the traditional international trade theories that support the concept of globalization?

Globalization is the continual integration of economic, political and sociocultural systems to enable a more efficient and economical level of trade across international boundaries. The pace of globalization itself is accelerating as a result of increased cost and time pressures to continually improve time-to-market and quality levels throughout a myriad of different industries (Ozlen, 2012). The continual evolution of globalization includes progression from mercantilism to free trade, global oligopolies and the inclusion of comparative advantage (Osland, 2003). Each of these theories supports a different aspect of globalization and illustrates how different theorists regard the trajectory of growth that will occur in the next five to ten years (Ozlen, 2012)

List the major drivers of globalization and provide three examples of each.

The four strategic drivers of globalization include cost drivers, competitive drivers, government drivers and market drivers (Osland, 2003).

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Three examples of the cost drivers include lower costs of labor, more efficacies from greater collaboration within global supply chains, and price stability based on more reliable global supply chains. Three examples of the competitive drivers include the greater emphasis globalization forces companies to put on customers, greater global competition on the quality dimension, and faster time-to-market as competitors vie for greater sales overall in more rapidly-expanding markets.….....

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