International business Essay Example | Topics and Well Written Essays - 1250 words - 1

International business - Essay Example 4 2.2.1 Presentation of the factors 4 2.2.2 Analysis of the factors 5 3. Conclusion 6 4. Recommendations 7 References 9 Bibliography 9 1. Introduction Globalization is considered as one of the most critical aspects of modern society. The historical development of globalization has been often related to the advances of technology. In practice, it seems that several factors have led to the globalization of markets and production worldwide. These factors are explored in this study. Emphasis is given on the key characteristics of these factors but also on their potential relationship. In addition, the different performance of these factors in regard to the promotion of globalization in different countries is discussed. It has been proved that there are certain factors that are closely related to the globalization of markets and production but their contribution in the enhancement of the globalization is not similar in countries internationally. The different cultural, political and econo mic characteristics of states seem to be responsible for the above phenomenon. 2. ... The latter form of globalization reflects the development of production standards, such as the ISO quality standards, that are respected internationally but also the potential of firms to establish their production units in foreign countries without facing resistance by the host country (Sobel 2009). 2.2 Which factors most contributing in the globalization of markets and production? 2.2.1 Presentation of the factors In the literature different factors have been found to be involved in the development of globalization, both for markets and for the production process. In regard to the globalization of markets emphasis is given on the following factors: the level of unemployment, the restrictions set for the establishment of foreigners, the economic support provided to businesses, the level of tax and the performance of the economy (Prempeh, Mensah and Adjibolosoo 2004). The educational perspectives and the chances for personal and professional development are also factors that can infl uence the decision of people to move to another country, an activity that is regarded as part of the globalization of markets (Blossfeld 2008). The globalization of markets is also affected by another fact: the number of buyers/ sellers within each market (Prempeh, Mensah and Adjibolosoo 2004). According to Vaidya (2006) the development of markets is affected by certain factors, such as the macroeconomic policies promoted by the government, the legal framework regulating business projects, the level at which a market participates in other financial markets globally and the level at which technology is promoted. As for the globalization of production, reference should be made to the