Globalization and its Impact on Business and Economic Development

This essay discusses the impact of globalization on business and economic development. It covers the four stages in the phase model of globalization and identifies the strengths and weaknesses of each stage. It also summarizes and evaluates articles from scholarly journals on the topic.

RUNNING HEAD: Management and Organizational Behavior
Management and Organizational Behavior

Management and Organizational Behavior 1
Contents
Essay Plan........................................................................................................................................2
Introduction..................................................................................................................................2
Background..................................................................................................................................2
Conclusion...................................................................................................................................2
Summarizing and Evaluating Articles from Scholarly Journals......................................................3
References........................................................................................................................................9

Management and Organizational Behavior 2
Essay Plan
Introduction
 This section of the essay will discuss the general view regarding why contemporary
organizations consider globalization and global business as a significant issue.
 It will further provide an overview of the discussions made in the essay i.e. naming the
four stages in the phase model of globalization along with specifying the examples used
for the identification of strengths and weaknesses of each stage of the phase model.
Background
 The term global business will be discussed with the help of definitions of renowned
authors.
 The term globalization will be discussed by providing its definition and highlighting how
it affects the corporate world (Irani, 2011).
 Discussion in detail regarding why modern organizations give importance to the process
of globalization and doing business globally (Okoye & Nwaigwe, 2015).
 Detailed discussion will be made regarding the various stages in the phase model of
globalization which include exporting, cooperative contracts, strategic alliances and
wholly owned affiliates with relevant examples.
 Strengths and weaknesses of each stage in the phase of globalization will be identified
and discussed along with its impact on businesses (Muhammad, Faheem, Dost &
Abdullah, 2011).
Conclusion
 All the key points discussed in the essay will be summarized specifying that the stages in
the phase model of globalization impacts the development of businesses.
 It will be specified that there are both strengths and weaknesses of every stage of the
phase model of globalization and that can be skipped by businesses.
 At the end, some recommendation will be provided regarding how the risks in each stage
of the model can be avoided and its successful implementation can be made.

Management and Organizational Behavior 3
Summarizing and Evaluating Articles from Scholarly Journals
Title and Article Reference Irani, F. N. H. A. 2011. Globalization and Challenges; What
are the globalization's contemporary issues?. International
Journal of Humanities and Social Science. Vol 1, no. 6, pp.
216-218.
Aim/ Purpose of Article The aim of the article is to study the contemporary issues of
globalization and its challenges.
Sample, location, method of
data collection and analysis
A descriptive approach is adopted for the article for explain
globalization and its challenges.
Findings/Interpretations
reported in the article
Global integration is increasing at a rapid pace. The changes in
transportation, communication and computer technology has
provided new impulse to the globalization process and has
brought independence in the world. As a consequence,
economies, social movements and laws are establishing at
international level.
Significance/contribution of
the article in relation to your
other articles and your topic
The findings of the article are different from the general view
that the world economy is in progressing phase as a result of
globalization. The contemporary issues arising as a result have
also been highlighted in the article.
Strengths of the article The article is well researched which takes into consideration
every aspect that fosters globalization.
Weaknesses of the article Detailed analysis of the challenges has not been provided in
the article which does not provide clarity to the reader.
Quotes from the article that
you plan to use in your
assignment
“The phenomenon of increased integration of the world
economy as evidenced by the growth of international trade and
factor mobility” (Irani, 2011, p. 217)
Quotes from the article that
you plan to use in your
“But for billions of the world's people, business-driven
globalization means uprooting old ways of life and threatening

Management and Organizational Behavior 4
assignment livelihoods and cultures” (Irani, 2011, p. 217)
Quotes from the article that
you plan to use in your
assignment
“Industrial emergence of worldwide production markets and
broader access to a range of foreign products for consumers
and companies has increased a lot during the globalization
process” ((Irani, 2011, p. 216)

Management and Organizational Behavior 5
Title and Article Reference Okoye, H. N. and Nwaigwe, L. C. 2015. The impact of
globalization to business and the world economy.
International Journal of Business and Management
Review. Vol 3, No. 5, pp. 17-32.
Aim/ Purpose of Article The aim of the article is to determine the impact of
globalization to business and the world economy.
Sample, location, method of
data collection and analysis
The article adopts Historical Research Design. Also,
developmental study and Ex-Post- Facto Research Design
is applied to some extent.
Findings/Interpretations
reported in the article
Industrialized nations benefit from globalization through
marketing network and expanded demand. Developing
economies gain through improved welfare packages,
exchange of expertise and improved commodities. War
against injustice, racial discrimination and religious
fanaticism is also assisted with the help of globalization.
The effect of rescue operations, international disasters and
humanitarian services are also eliminated through
globalization.
Significance/contribution of
the article in relation to your
other articles and your topic
The findings of the article provide a deeper knowledge
regarding the positive and negative aspects of globalization
and do not present the biased view of the author.
Strengths of the article The article does not present the biased view of authors
regarding globalization and its impact as both positive and
negative aspects are covered.
Weaknesses of the article The article places more emphasis on the impact of
globalization on world economy rather than the impact of
globalization on businesses.
Quotes from the article that
you plan to use in your
assignment
“The economies of the world have linked up through
expanding international trade in services and also in
primary and manufactured goods” (Okoye & Nwaigwe,
2015, p. 19)

Management and Organizational Behavior 6
Quotes from the article that
you plan to use in your
assignment
“In some cases, they establish new plants in the foreign
country for economic reasons as sending finished products
would make it very expensive and unaffordable to the
other country” (Okoye & Nwaigwe, 2015, p. 19)
Quotes from the article that
you plan to use in your
assignment
“Information technology therefore includes all the media
involved in the dissemination of ideas and information
leading to the production of goods and services required by
management and business generally to enhance quality
products, as at, and when needed” (Okoye & Nwaigwe,
2015, p. 21)

Management and Organizational Behavior 7
Title and Article Reference Muhammad, A.C., Faheem, M.A., Dost, M.K.B. and
Abdullah, I., 2011. Globalization and its impacts on the
world Economic development. International Journal of
Business and social science, Vol 2, No. 23, pp. 291-297.
Aim/ Purpose of Article The purpose of the article is to measure the effect of
globalization on the fastest growing industries of the
world.
Sample, location, method of
data collection and analysis
Literature review has been performed by the authors on
the scholarly articles relating to the topic globalization
and economic development.
Findings/Interpretations
reported in the article
The findings of the article provide the five stages of
economic development and the effect of globalization on
the economic development of the world. The article
provides that the industrial sector along with employment
get influenced by globalization. The use of information
technology becomes necessary for corporations due to the
global competitive environment. The picture of world
trade, international institutions and global market has
changed at a rapid pace resulting in increased standard of
living of people.
Significance/contribution of
the article in relation to your
other articles and your topic
There are a number of articles on globalization but they
do not explain its impact on the economic development.
This article explains the effect of globalization on global
markets, international institutions, foreign direct
investment and various other aspects. It aims to find out
the true sense of globalization.
Strengths of the article Strong literature has been reviewed by the authors which
makes the article well researched.
Weaknesses of the article The article does not reflect the views and opinions of the
authors on the topic.
Quotes from the article that “Globalization has given a new thought to the businesses

Management and Organizational Behavior 8
you plan to use in your
assignment
worldwide. A lot of Strategic changes have been occurred
in the businesses. Now target market for businesses is not
only their home land, but the overall world” (Muhammad,
Faheem, Dost & Abdullah, 2011, p. 291)
Quotes from the article that
you plan to use in your
assignment
“In the present global competitive environment it is a
necessary to use the information technology innovatively
and skillfully” (Muhammad, Faheem, Dost & Abdullah,
2011, p.294)
Quotes from the article that
you plan to use in your
assignment
“Now in this era of globalization, the focus of industries is
to produce foreign commodities and to facilitate the
consumers in all over the World” (Muhammad, Faheem,
Dost & Abdullah, 2011, p.295)

Management and Organizational Behavior 9
References
Irani, F. N. H. A. 2011. Globalization and Challenges; What are the globalization's contemporary
issues?. International Journal of Humanities and Social Science. Vol 1(6), pp. 216-218.
Muhammad, A.C., Faheem, M.A., Dost, M.K.B. and Abdullah, I., 2011. Globalization and its
impacts on the world Economic development. International Journal of Business and social
science, Vol 2(23), pp. 291-297.
Okoye, H. N. and Nwaigwe, L. C. 2015. The impact of globalization to business and the world
economy. International Journal of Business and Management Review. Vol 3(5), pp. 17-32.