Current Managerial Trends

71 defined as the process of worldwide economic integration and growing interdependence, interconnectedness through the flow of goods, services, capital, people and information among nations in the western world. The key drivers of globalization are the innovations in information and communication technology, advancements in e-commerce and online payment systems, emerging smartphone and devices, improvements in transport technology, massive international job mobility, new immigration laws, workplace diversity, intercultural integration, etc. Globalization has in recent years been seen as generally beneficial, having been seen as fostering greater interdependence among nations and facilitating freer and increased flows of international trade, capital competition and information. However, there are also certain costs and losses to some countries resulting from the globalization process. It is fair and necessary to compare these two sides to ensure that the impact on all nations is given the desired attention. Paradoxically, much concern on the possible or imagined costs of globalization on advanced countries has been expressed recently rather than the losses to developing countries. The growing concern among many observers in the advanced nations over the impact of globalization on their ability to sustain high living standards, in the face of loss production and markets to developing countries, has been critically examined. Globalization is leaving a lasting impression. While not perfect, globalization has been extremely successful. It has created millions of jobs, raised millions out of poverty and improved the quality of life in countries that once were considered incapable of contributing to the world economy. Indeed, the benefits of globalization and global outsourcing are far reaching. With shared interests in building robust markets, generating greater profits for all and building stronger relationships, East and West are more interdependent upon one another than ever before. Globalization has made the world a borderless ‘one-village’.

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