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Globalization Essay

1006 words - 5 pages

Assignment 4.2/International Business
10/20/13
National American University
Heather Morris

The impact of globalization on labor markets has re-emerged as an important policy issue, reflecting the broader public debate about the interrelated concerns of downward pressure
on wages, increased job insecurity, and jobs moving from OECD countries to developing
countries with lower wages.
Two relatively recent phenomena are at play here. One is the accelerating participation in
world trade of many developing and transition countries, particularly the large, vastly
populated economies of China and India. These countries’ increased trade and
foreign direct investment have, according ...view middle of the document...

Usually, private companies undertake such transactions for profit; governments undertake them for profit and for political reasons.[1] It refers to all those business activities which involve cross border transactions of goods, services, resources between two or more nations. Transaction of economic resources include capital, skills, people etc. for international production of physical goods and services such as finance, banking, insurance, construction etc.
A multinational enterprise is a company that has a worldwide approach to markets and production or one with operations in more than a country. An MNE is often called multinational corporation or transnational company Well known MNCs include fast food companies such as McDonald's and Yum Brands, vehicle manufacturers such as General Motors, Ford Motor Company and Toyota, consumer electronics companies like Samsung, LG and Sony, and energy companies such as ExxonMobil, Shell and BP. Most of the largest corporations operate in multiple national markets.
In recent years, the concept of competitiveness has emerged as a new paradigm in economic development. Competitiveness captures the awareness of both the limitations and challenges posed by global competition, at a time when effective government action is constrained by budgetary constraints and the private sector faces significant barriers to competing in domestic and international markets. The Global Competitiveness Report of the World Economic Forum defines competitiveness as "the set of institutions, policies, and factors that determine the level of productivity of a country".
The term is also used to refer in a broader sense to the economic competitiveness of countries, regions or cities. Recently, countries are increasingly looking at their competitiveness on global markets. Ireland (1997), Saudi Arabia (2000), Greece (2003), Croatia (2004), Bahrain (2005), the Philippines (2006), Guyana, the Dominican Republic and Spain (2011) [2] are just some examples of countries that have advisory bodies or special government agencies that tackle competitiveness issues. Even regions or cities, such as Dubai or the Basque Country(Spain), are considering the establishment of such a body.
The institutional model applied in the case of National Competitiveness Programs varies from country to country, however, there are some common features. The leadership structure of NCPs relies on strong support from the highest level...

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