Globalization refers to economic integration and diversification beyond domestic borders. It entails the propensity for businesses and investment capital to extend beyond local and national markets to international markets. Globalization encompasses both international trade and cultural exchange around the world. It is characterized by both economic and cultural interconnectedness and integration due to the interaction of cultures and ideas around the world. The process is fueled by global trade, investment and advancement in information technology. Globalization is a continuous process, and it can be traced to the early ages when man was engaging in barter trade.
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Businesses should integrate diversity into their operations to overcome the challenges accompanying globalization. Adherence to trade rules and regulations is also key for a business to thrive in the global market.
Day, R. (2007). Globalization and political ethics. Leiden: Brill.
Hamilton, S., & Wood, B. (2009). Globalization. Edina, Minn.: ABDO Pub.