Impact of Globalisation and Rise of Protectionism

This report analyzes the impact of globalisation and protectionism on the retail industry, specifically focusing on Marks and Spencer. It evaluates the effects on business profitability, factors leading to protectionism, and unemployment rates.

IMPACT OF THE
GLOBALISATION AND
RISE OF
PROTECTIONISM

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
CHAPTER 2- LITERATURE REVIEW.........................................................................................2
Concept of Globalisation........................................................................................................2
Impact of Globalisation process makes the running a business or increases its Profitability.2
Concept of Protectionism.......................................................................................................4
Factors that lead to protectionism...........................................................................................5
Unemployment rate during the Globalisation and during rise in Protectionism....................7
CHAPTER 3: RESEARCH METHODOLOGY.............................................................................9
CHAPTER 4: DATA ANALYSIS................................................................................................10
CONCLUSION AND RECOMMENDATIONS..........................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
Globalisation is the process where the different market of the global economy
integrate together to sell and purchase goods and services. It is the inter-connection between
the different national economies. The market where the globalisation is generally includes
that commodity, insurance, money, credit, capital and financial market which includes
coffee, tin, electronics, gold and oil. In the 21st century, the entertainment and sport is also
part of globalisation. Protectionism is the policy made by the country in order to limits the
unfair competition from the different foreign industries. It is generally act made by the
government which make policies and take action to restrain the international trade in order to
protect the local business and job in the global competition. These two factors have the great
impact over the different industries in terms of market share and profitability. For this
project report Marks and Spencer have been selected which is listed in the London stock
exchange and specialised in selling the home products, clothing, food and luxury goods. It is
the first British retailer to make pre-tax profit of more than £1 billion.
Aim
To analyse the Impact of Globalisation and Protectionism on the retail industry: A case study
on Marks and Spencer.
Objective:
 To evaluate the impact of Globalisation process complicates running a business or
increases its Profitability.
 To access the factors lead to rise of protectionism
 To evaluate unemployment rate during the Globalisation and during rise in
Protectionism
Rational
Globalisation is the very important aspect for every organisation to enhance their market
share and profitability. All companies need to sell their products and services to the
international market so that they can compete with the different global firms in order to
increase their quality and customer satisfaction.
1

CHAPTER 2- LITERATURE REVIEW
Concept of Globalisation
According to the view of Baylis and Smith, (2017) globalisation is the process from
which regional and national culture, economies and societies are integrated with the help of
international network of transportation, communication, immigration and trade. In the recent
years, globalisation is focusing on the economic side of the world such as international
capital inflow and outflow, foreign direct and indirect investment and trade. More recently it
has been expanded to the technology, media, biological factors, political, socio-cultural and
media. It has been increased by the World War II in the year 1990 and the trade in
international alone have increased from the estimate 100 times from the $95 billion to the
$12 trillion in the last 50 years from the year 1995. In the contradicting view of Crane and
Matten (2016) it is the process of enabling the investment and financial market to operate in
the global market and it is the result of the enhanced communication. It has make the simple
process of doing the business and run the financial market in the international market. It is
the modern communication that have made it possible, for the retail organisation, to deal
with the client in the proper way, call centre have helped them lot. It is the grater trade in the
products and services between the different region and nation. It enhances the transfer of
fund or capital with the help of foreign direct and indirect investment and the Tarns-national
organisation. It helps the global brands to serve their products in the different lower and
higher income countries as well as helps the employees to migrate from one country to other
for higher income. It is fast shifting of the balance of financial and economic power form the
developed to the developing market and economies. It enhances the expenditure on
innovation, infrastructure and investment in all the parts of the world.
Impact of Globalisation process makes the running a business or increases its Profitability.
According to the view of Kraidy, (2017) Globalisation have become the most leading
factor which have become the important concept for every business organisation from the
last few decades. It affects the society, environment, economy and business in several ways
and mostly all the firms have been affected by these changes. These have mostly enhanced
the competition and have rapid change in the data transfer and information technology. In
the contradicting view of Crane and Kawasaki, (2016) Globalisation have leads to increase
in the competition level which can be in terms of products, services, price, cost, technology
2

adoption, fast production and feedback, target market etc. it is very significant for every
business to find the need of globalisation. The business need to make the effective and
efficient strategies so that they can promote their products and services to the different
foreign market as well as in the home countries. For the different organisation, it is
significant to understand the various needs and demand of the different customers around the
world in order to creates the global marketing mix of product, price, place and promotion to
serve the products and services to the specific country wants.
According to the view of Hay and Marsh, (2016) an organisation cannot think that
there are competitors only in the domestic market, there are large number of rivalries that are
appearing all time in the international market. Many organisations can increase their
profitability by making their higher margin of products, expanding the market and
exchanging the different products and services to the different market and companies. In the
contradicting view of Enloe, (2016) there are different factors that leads to profit from which
cost is the important one, if the organisation purchase the raw material from the different
and international vendors, the cost of procurement will be reduced and they will able to
manufacture the products at the low cost. It will enhance the profit margin of the
organisation and they will able to earn large profit. Other than that the important factor is
market share and customer satisfaction. Due to introduction of globalisation, domestic
companies have made different types of alliances with the international organisation which
help them to sell their products and services to the global companies. This will help them to
increase in the target market and they will render large goods and services which enhance
the profitability of the organisation.
According to the view of Nayak, (2016) the companies who are in the search to gain
competitive advantage in the global market, they need to gain international brand name and
information system. It is difficult for them to build their brand name that sounds exciting in
many languages and is offensive in none. The strategies of the firms should be customised in
order to have the best knock for the buck. The perfect use of globalisation is depended on the
company’s contract with the international organisation, their products, suppliers, partners
and customers. In the contradicting view of Breznitz and Etzkowitz, (2016) there are various
factors which leads to increase in the profitability through globalisation that are the product
line have become broader, they will able to serve the additional international markets which
3

will reduce the cost of manufacturing, there is increase in the assets of the organisation with
the help of economies of scale, new equipment such as Information technology and proper
relationship with the global customers and suppliers.
Concept of Protectionism
According to the view of Milanovic, (2016) Protectionism is the policies and actions
that are made by the government in order to protect the international trade with the intention
to protect the competition of the local jobs and business. The common method of the doing
the protectionism is doing the tariff quotes on the import of the goods and services as well as
subsidies or tax cuts granted to local businesses. The key motive of the protectionism is to
create the localised business and organisation more the competitive by enhancing the price
and limiting the quantity of the importing in the territory. In the contradicting view of Gill,
(2016) argues that it is the type of policy and practices which limits the unfair trade
competition from the different foreign companies. There are four ways by which the
government can do protectionism is they immediately increase the price of the imported
products and services. By that it has become the low competitive which it is compared to the
local brand, other than that government make the subsidies the local companies which can
be in the form of tax credit or the direct payment. The third method of doing the
protectionism is to impose the quotas on the products and services that is being imported.
And the forth way is to lower down the currency value which create the export cheaper and
competitive at the large basis.
According to the view of Coleman, (2016) Protectionism is the governmental laws
which have key motive to protect the fragile economy and the critical sector from the low
quality and cheaper import of goods and services by imposing several duties which is called
as tariff and non-tariff barriers, quotes and quality regulations. All the counties implement
the protectionism in one or the other form. In the contradicting view of Martell, (2016) it the
laws which is made by the political party or government in order to restrict the trade between
the two countries to import goods and services. Due to this the competition between the local
business increases as well as unemployment rate decreases in the short run. But when it is
made for the long run, the competition in the international trade will reduce.
4

Factors that lead to protectionism
There are several factors that have led to increase in the protectionism in the country.
According to the view of Knudstorp and Christensen, (2017) one of the reason is it protect
the infant industry, this is the most traditional reason which is given by the developing
countries. They say that they have some sun-rising companies which have great ability to
transform in the international business and they need more time increase their market share
with that they need to train their employees and learn to manufacture goods with the cost
effective techniques. So that organisation need temporary protection from the international
companies which sell goods at the low price so the government put the tariff to protect them.
In the contradicting view of Haynes, (2016) other factor is government want to protect jobs
other than the sun-rise industries, there are also sun-set companies which is at the decline
stage, in such situation, the companies at the maturity stage but still they are inefficient such
as in the year 2002 when the President of the UK have imposed 8 to 30 % of tariff on the
steel industry in order to increase the steel mills, if it would not have happened the country
would have gone to the structural unemployment.
According to the view of Payne and Askeland, (2016) the other factor is revenue, in
the developing countries. It is very difficult for the government to earn the sufficient amount
of money from the corporation and income tax, the reason behind it is the high level of
unemployment and there is only few large scale industries. So the government impose some
tariff on the international products in order to increase the revenue such as it is shown in the
graph.
5

In the contradicting view of Luard, (2016) the other factor is national security, the
government of the country believe that they are not in the position of competitive advantage
in manufacture the products and serving the services, so different measures of protectionism
have been taken to secure the survival. Steel and agriculture industry which is most
significant for every country, when there was war in the UK, the government have made
tariff on the rice in order to protect the frames and they can grow more food.
According to the view of Baylis and Smith, (2017) the most important factor which
lead to the protectionism is to protect the consumer from the unsafe goods and services. It
is often made when the consumer are not aware about the safety and quality of the goods
that they consume. The government have acted as the agent to guaranteeing the consumer
about the safety of goods, the cars which have been imported must be done with the safety
inspection so the government made some tariff to protect the customers that the goods does
not harm them. In the contradicting view of Crane and Matten (2016) the one of the most
6
Illustration 1: Revenue from tariff
(Source: Reasons for Protectionism, 2009)

important factor is unethical practice so of the countries impose trade restriction so that they
can encourage other countries to stop and take action against the unethical international
trade. According to the view of Hay and Marsh, (2016) the other factor is protected the
dumping the goods and services. Some countries try to earn more profits so they try to sell
large quantity of goods to the other countries. In the contradicting view of Enloe, (2016)
This is not the good act to sell large quality of goods where demand is less than supply and
people start purchasing them because of low cost, it is called as dumpling of products. So the
government make some import in order to protect this activity.
Unemployment rate during the Globalisation and during rise in Protectionism
Unemployment rate is the measurement of prevalence of unemployment which is
calculated by the number of unemployment people by the individual who are currently
working for any organisation or company.
7

Figure 1: Unemployment
(Source: Economics, 2014)
According to the view of Nayak, (2016) the globalisation have been introduced in the
year 1990, after that when it was introduced it has negative impact over the employment
rate, the unemployment rate has started increasing, the UK people were job less because the
citizen of the different countries started coming to the country and doing job. The UK citizen
were not finding the best job for them and they unemployment rate started increasing. In the
contradicting view of Breznitz and Etzkowitz, (2016) when such situation was found by the
government of the UK, they start tinkling and planning for the strategies which overcome
the problem and the globalisation will serve benefits not problem. In the year 1993, they
have planned for the Protectionism where they have made some tariff in order to protect the
job of citizen and after that the unemployment rate started decreasing.
8

CHAPTER 3: RESEARCH METHODOLOGY
 Research philosophy- It is one of the significant part of the research methodology
by which researcher can address the problem in the appropriate manner. There are
two types of research philosophy which is Positivism and interpretivism (Baylis and
Smith, 2017). When the Positivism is considered, it includes various theories, fact
and findings whereas when the interpretivism is considered the research will always
include the major objectives of the research. For this study, positivism research
philosophy can applied to address some aims and objectives of the study.
 Research design: It is also the major part of the research methodology which help
the researcher to design the structure of the research. There are three types of
research design that are exploratory, descriptive and experimental (Crane and
Matten, 2016) . For this study, the researcher have chosen descriptive research
design, this helps him to find the valid and reliable result from the investigation in
order to determine the objective of the research analysis that is impact of
globalisation and protectionism in the Marks and Spencer.
 Research approach: it is also a significant part of the research study which help to
find the valid and effective conclusion of the research study. With this the conclusion
and solution is being obtain from the theory or the hypothesis (Kraidy, 2017). There
are two type of research approach that are deductive and inductive. In the deductive
approach hypothesis is made to find the research problem, in this research project,
deductive approach is being selected.
 Research techniques: It is the major component in the research methodology where
the data is being analysed and evaluated. If this factor is not there, the researcher con
not conduct the investigation about the topic of research. There are two ways of
doing the analysis that is quantitative and qualitative (Crane and Kawasaki, 2016).
For this research project quantitative technique is being selected, where numerical
data is being collected and that is analysed by using the mathematically based
methods that is generally statistics.
9

 Data collection: In this method, researcher collect the information in order to do
further investigation about the research problem (Hay and Marsh, 2016). There are
two ways of collecting the data, primary and secondary, secondary data collection is
done when the information is gathered from the sources such as books, journals,
online blogs, magazines etc. In this project report primary data is being collected
where survey is done with the help of questionnaire.
 Sampling: It is the method where the population is being classified into small group
and then investigation is made on that samples, it is not possible for the investigator
to analyse the whole population so he select the samples (Enloe, 2016). The scholar
is conducting the survey on 15 managers of Marks and Spenser.
CHAPTER 4: DATA ANALYSIS
Theme 1: Globalisation have no significance impact on the way business operates
Regression Statistics
Multiple R 0.055710665
R Square 0.003103678
Adjusted R Square -0.073580654
Standard Error 1.404757448
Observations 15
ANOVA
df SS MS F Significan
ce F
Regressio
n
1 0.0798679
87
0.0798679
87
0.040473
434
0.8436713
4
Residual 13 25.653465
35
1.9733434
88
10

Total 14 25.733333
33
Coefficie
nts
Standard
Error
t Stat P-value Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept 2.009900
99
0.712733
76
2.819988
476
0.014465
368
0.470133
314
3.549668
666
0.470133
314
3.549668
666
Do you
think,
Globalisa
tion have
positive
impact on
the
performa
nce of the
organisati
on?
0.054455
446
0.270680
076
0.201180
103
0.843671
34
-
0.530313
307
0.639224
199
-
0.530313
307
0.639224
199
RESIDUAL OUTPUT PROB
ABILI
TY
OUTP
UT
Observation Predict
ed Do
you
think,
profita
Residu
als
Percent
ile
Do you
think,
profita
bility
of
11

bility
of
Mark
and
Spence
r
increas
ed in
past
couple
of
years?
Mark
and
Spence
r
increas
ed in
past
couple
of
years?
1 2.0643
56436
-
1.0643
56436
3.3333
33333
1
2 2.0643
56436
-
0.0643
56436
10 1
3 2.1188
11881
-
1.1188
11881
16.666
66667
1
4 2.0643
56436
-
1.0643
56436
23.333
33333
1
5 2.2277
22772
-
0.2277
22772
30 1
6 2.2821
78218
0.7178
21782
36.666
66667
1
12

7 2.0643
56436
1.9356
43564
43.333
33333
1
8 2.1188
11881
-
1.1188
11881
50 2
9 2.0643
56436
-
0.0643
56436
56.666
66667
2
10 2.0643
56436
-
1.0643
56436
63.333
33333
2
11 2.17326
7327
1.82673
2673
70 3
12 2.2277
22772
-
1.2277
22772
76.666
66667
3
13 2.1188
11881
0.8811
88119
83.333
33333
4
14 2.2277
22772
-
1.2277
22772
90 4
15 2.1188
11881
2.8811
88119
96.666
66667
5
The regression test have been applied in the theme 1 to identify the significance
relationship between the globalisation and the performance of the organisation. Regression
test is the statistical tool which helps to analyse the relationship between the two variables.
There are two variables include in it, that is dependent and independent. In simple words it
can be said that it helps the researcher that how the typical value of the dependent variable
13

change when the independent variable changes, it mainly used to forecast and predict the
change in one variable due to change in the other variable. In this first theme one the
dependent variable is profitability of the organisation and independent factor is globalisation.
The regression test is made to find that if the globalisation will increase, the performance of
the organisation will increase or not and how significantly it will enhance. The value of R is
0.003 which state that there is very less significance between both of the variable. The
regression value is 0.843 which is more than 0.05 which state that there is non-significant
mean difference between the Globalisation and performance of the Marks and Spencer. If
one unit change happened in independent vale then dependent value will change by 0.05
units
Theme 2: Excess Globalisation have led to protectionism
Globalizatio
n increased
in UK
Over past few years UK government show more interest in
increasing protectionism in the nation.
Mean 1.933333333 2.133333333
Variance 1.495238095 1.40952381
Observations 15 15
Pooled
Variance
1.452380952
Hypothesize
d Mean
Difference
0
df 28
t Stat -
0.454485838
P(T<=t) one-
tail
0.326491545
14

t Critical
one-tail
1.701130934
P(T<=t)
two-tail
0.652983089
t Critical
two-tail
2.048407142
In this theme two, T test have been applied. It is the analyses of the two population
which state that gives researcher two samples. It is the comparison between the two averages
that is mean or variable which state that how that two variable are different from each other,
it also communicates that how the significant the difference is. In this both the variables are
independent, thus have no significance relationship between each other. In the first tail the
value is 0.32 which is greater than 0.05 and in the second tail the value is 0.65 which is again
greater than 0.05. Therefore, it communicates that is the one variable changes, there will no
significant change in the other variable.
Theme 3: Globalisation and protectionism has no significance impact on the
unemployment rate
Regression Statistics
Multiple R 0.0557106
65
R Square 0.0031036
78
Adjusted R Square -
0.0735806
54
Standard Error 1.4047574
48
15

Observations 15
ANOVA
df SS MS F Significan
ce F
Regression 1 0.079867
987
0.0798679
87
0.0404734
34
0.8436713
4
Residual 13 25.65346
535
1.9733434
88
Total 14 25.73333
333
Observation Predicted Do you
think, profitability of
Mark and Spencer
increased in past
couple of years?
Residuals
1 2.064356436 -1.064356436
2 2.064356436 -0.064356436
3 2.118811881 -1.118811881
4 2.064356436 -1.064356436
5 2.227722772 -0.227722772
6 2.282178218 0.717821782
7 2.064356436 1.935643564
8 2.118811881 -1.118811881
16

9 2.064356436 -0.064356436
10 2.064356436 -1.064356436
11 2.173267327 1.826732673
12 2.227722772 -1.227722772
13 2.118811881 0.881188119
14 2.227722772 -1.227722772
15 2.118811881 2.881188119
Percentile Do you think, profitability of Mark and
Spencer increased in past couple of years?
3.333333333 1
10 1
16.66666667 1
23.33333333 1
30 1
36.66666667 1
43.33333333 1
50 2
56.66666667 2
63.33333333 2
70 3
76.66666667 3
17

83.33333333 4
90 4
96.66666667 5
Coeffici
ents
Standard
Error
t Stat P-value Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept 2.00990
099
0.71273
376
2.81998
8476
0.01446
5368
0.47013
3314
3.54966
8666
0.47013
3314
3.54966
8666
Do you think,
Globalisation have
positive impact on
the performance of
the organisation?
0.05445
5446
0.27068
0076
0.20118
0103
0.84367
134
-
0.53031
3307
0.63922
4199
-
0.53031
3307
0.63922
4199
In theme third, the researcher need to prove that there is no significant relationship
between the globalisation and protectionism on the unemployment rate of the UK. In this the
value of R is 0.17 which state there is no relationship. If the value is greater than 0.5 then
only there is significant relationship between both of the variable but the R value is less than
0.5 which communicate that if the globalisation and protectionism change, the rate of
unemployment rate will not change. The regression value is 0.30 which states that on
significant mean difference between dependent and independent variable. The independent
variable is globalisation and protectionism and the dependent variable is unemployment rate.
But according the research, when the globalisation increases, there is slightly change in the
unemployment, it has been increases, so the government of UK have taken action and
introduce protectionism which help them to reduce the unemployment rate. If one unit
change happened in independent value then the dependent value will change by 0.10 units.
18

CONCLUSION AND RECOMMENDATIONS
There are three major objectives of the research project that is to evaluate the impact
of globalisation process complicates running a business or increases its Profitability of
Marks and Spencer, to access the factors lead to rise of protectionism and to evaluate
unemployment rate during the Globalisation and during rise in Protectionism. It can be
concluded from first objective that there is no significance relationship between the
globalisation and profitability of the Marks and Spencer. The regression test have been
applied to the first theme which state that the R value is 0.84 which is more than 0.05 which
communicate that if the globalisation increases, there is slightly change in performance of
the organisation. From the second objectives it is summarised that there are several factors
that leads to increase in Protectionism from which the most important factor is to protect the
nation from the unfair international trade practices. It can be concluded from the third
objective that there is no significance relationship between the both protectionism or
globalisation and unemployment rate but as the globalisation increases the rate of
unemployment also increases at the significant level and due to introduction of
protectionism, it decreases. From the project report it is recommended that Marks and
Spencer should grab the opportunity of globalisation and enhance their performance by
selling their products and services to the international target market with that they can they
should also maintain some tariff so that they can protect themselves on the basis of
employment and productivity.
19

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