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Global Marketing Author's Note: The Rise of Globalization

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Added on  2021-04-17

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GLOBAL MARKETING 1 GLOBAL MARKETING Global Marketing Author’s Note: Globalization can be defined as the process by means of which an increasing interaction between the various people or companies is achieved by means of the improved communication as well as the transport facilities (Omar and Band, 2012). The Economic Online (2018), on the other hand, defines the concept of globalization as “the integration of markets in the global economy, leading to the increased interconnectedness of national economies” (Economicsonline.co.

Global Marketing Author's Note: The Rise of Globalization

   Added on 2021-04-17

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Running head: GLOBAL MARKETINGGlobal MarketingName of the Student:Name of the University:Author’s Note:
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1GLOBAL MARKETINGGlobalization can be defined as the process by means of which an increasinginteraction between the various people or companies is achieved by means of the improvedcommunication as well as the transport facilities (Omar and Band, 2012). It is to be noted thatthe term gained popularity in the 1970s and its rise is generally associated with theintroduction of the telegraph system as well as the steamboats which facilitated the process oftransport and communication between the people from the diverse parts of the world (Wright,2016). It is to be noted that the large scale use of the process began in the 1820s and helped inthe improvement of the economies of the various first world nations of the world (Mowforth& Munt, 2015). However, it should be noted that the concept is a very ancient one and evenin the traditional times the various civilizations like the “Indus Valley Civilization”,“Egyptian Civilization” and others used to trade with their neighboring civilizations(Mowforth & Munt, 2015). A new dimension to the concept of globalization was added bythe “International Monetary Fund (IMF)” in the year 2000 when it described four importantprecepts of the concept of globalization namely, “trade and transactions, capital andinvestment movements, migration and movement of people, and the dissemination ofknowledge” (The Economist, 2018). The Economic Online (2018), on the other hand, definesthe concept of globalization as “the integration of markets in the global economy, leading tothe increased interconnectedness of national economies” (Economicsonline.co.uk, 2018). It isto be noted that the various companies as well as business organizations follow the path ofglobalization to expand their business in other foreign lands to increase the amount of theirannual profit as well as sales. Therefore, taking about the significance of the concept ofglobalization Bill Clinton, the ex-President of the United States of America said, “Nogeneration has had the opportunity, as we now have, to build a global economy that leavesno-one behind. It is a wonderful opportunity, but also a profound responsibility.”
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2GLOBAL MARKETINGPaul Krugman in his “Brexit: The Morning After” said “It seems clear that theEuropean project – the whole effort to promote peace and growing political union througheconomic integration – is in deep, deep trouble” (BBC, 2018). In the opinion of GuyVerhofstadt, the EU negotiator “All British citizens today have also EU citizenship. Thatmeans a number of things: the possibility to participate in the European elections, thefreedom of travel without problem inside the union. We need to have an arrangement inwhich this arrangement can continue for those citizens who on an individual basis arerequesting it” (BBC, 2018). It is to be noted that government of the United Kingdomproposed to join the “European Economic Community (EEC)”, the prototype of the EU in theyears 1963 and 1967. However, the proposal was rejected by Charles de Gaulle, the thenFrench President. However, the appeal of the United Kingdom was approved under theleadership of the next President of France, Edward Heath (European Union, 2018). It is to benoted that the treaty provided several economic as well as trade benefits to the UnitedKingdom. It is interesting to note that “under the Maastricht Treaty, the EuropeanCommunities became the European Union on 1 November 1993, reflecting the evolution ofthe organization from an economic union into a political union” (Inglehart & Norris, 2016).However, the United Kingdom government under the leadership of its then Prime MinisterDavid Cameron proposed a veto to exit the EU. It is significant to note that the vote wassupported by a majority of 51.9% of the voters out of the 72.2% of the people who voted inthe process (CNN, 2018). According to a source, the exit of the United Kingdom is likely toadversely the future prospects of the United Kingdom not only in terms of the economy butalso in terms of the population density of the nation (The Guardian, 2018). According toanother source, the deal is likely to lower the per capita income of the individual citizens ofthe United Kingdom by at least 404 pounds I addition to the 1.3% of the overall GDP of theUnited Kingdom (BBC, 2018). In addition to this the deal is also likely to effect the higher
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3GLOBAL MARKETINGeducational policies of the government and also the students who wish to pursue their highereducational over there. It is to be noted that “The European Union is the second-largesteconomic bloc in the world, with a gross domestic product (GDP) of $16.2 trillion in 2015compared to the United States (U.S.) at $17.9 trillion and China’s $10.9 trillion. Without theUnited Kingdom (U.K., 2015 GDP of $2.8 trillion), the EU and its 27 remaining countrieswill still be the second largest with a GDP of $13.4 trillion” (Dr Thomson and Gebbie, 2017).Therefore, it would not be too far-fetched to say that the divorce bill is likely to affect theeconomic climate of the United Kingdom in an adverse manner without causing muchsignificant damage to the economy of the European Union (Goodwin & Heath, 2016).However, many people use the famous lines of the 18th Century poet Alexander Pope tojustify the move of the United Kingdom-“And see, my son! the hour is on its way,That lifts the Goddess to imperial sway;This favourite isle, long severed from her reign,Doveline, she gathers to her wings again”However, the most significant threat which the exit poses to the United Kingdom is“relations with the Republic of Ireland, and the borders with France and between Gibraltarand Spain are uncertain” is likely to get affected by the “divorce bill” passed by thegovernment of Theresa May (The Independent, 2018). The impact which the divorce bill islikely to have on the educational climate of the United Kingdom has been adequatelysummed up in the words of Ken Mayhew, “Emeritus Professor of Education and EconomicPerformance at Oxford University” when he said about impact of the divorce bill, “Brexitposes the following threats to higher education: loss of research funding from EU sources;
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