TITLE

Worldly wise

AUTHOR(S)
Perrin, Sarah
PUB. DATE
October 2001
SOURCE
Accountancy;Oct2001, Vol. 128 Issue 1298, p30
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article focuses on the effects of globalization on the economic status of international business enterprises. Globalization is a macro-economic and social phenomenon that brings businesses both changes and challenges. However, evidence suggests that more globalization does not necessarily mean faster economic growth nor do companies that go global automatically achieve greater financial returns. The word globalization has been variously interpreted. Economic explanations associate globalization with liberalization, highlighting deregulation and reduced barriers to trade in goods, services and financial flows as well as the exchange of ideas and knowledge. However, most importantly, globalization means deterrritotialization where geography, space, place, distance and borders cease to be significant barriers to communication. Thus, communications technology has played a major role in driving globalization forward by facilitating cross-border contact. Also, capitalism and governments are important to develop regulatory environments and multinational institutions that have fostered globalization. Hence, these include institutions developed to oversee the international trading regime.
ACCESSION #
5452243

 

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