Globalization concept map

institutional

labor Globalization markets

organizational

Globalization is the word used to describe the growing interdependence of the world's economies,
cultures, and populations, brought about by cross-border trade in goods and services, technology, and
flows of investment, people, and information. Globalization means the integration of economies and
societies through the flow of information, ideas, technology, goods, services, capital, finance, and
people. The true meaning of Globalization in a broad sense is connecting in all areas of human life. It is
the process by which other companies or organizations enhance their international reputation or start
operating internationally. Globalization is the system of interaction among the countries of the world in
order to develop global economy. It refers to the integration of economics and societies all over the
world. It involves technological, economic, political and cultural exchanges made possible largely by
advances in communication, transportation and infrastructure.
Institutional -It is defined here as a process of institutional change in the modes of intercourse among
nations and regions of the world, prompted by technologies that increase the volume of exchange of
knowledge, culture, and commerce. Relating to organized establishments, foundation, society, or he
like, or to the buildings they occupy: The association offers an institutional membership discount to
members to members of affiliated groups of the nature o an established organization or institution:
institutional bureaucracy. Globalization of labor has contributed to rising. Labor compensation in
advanced economies by. Boosting productivity and output, while emerge- in market countries have also
benefited from. rising wages. Over the past two decades, labor has become increasingly globalized.
The integration of China, India, and the former Eastern bloc into the world economy, together with
population growth, has led to an estimated fourfold increase in the effective global labor force, which
could more than double again by 2050. In organizational the official definition of “globalization” is the
process by which business or other organizations develop international influence or start operating on
an international scale. More simply, globalization refers to an open flow of information, technology, and
goods among countries and consumers. Market globalization gives businesses an opportunity to propel
brand awareness, increase sales and establish market in new economies. Using the same global
marketing can save money. Especially when compared to customized marketing by country. But going
across the board globally isn’t always the way to go. Markets are best reflected in the
“internationalization” of business transactions. This means that one or more aspects of economic
activity carries an international character.