Research Report: Globalisation's Impact on Economic Development

This report delves into the concept of globalisation and its impact on economic development, particularly focusing on how it facilitates business expansion internationally and contributes to a country's economic growth. The research explores the interconnectedness of businesses and people globally, encompassing political, economic, and cultural integration. It investigates the challenges faced by organizations during globalization, providing solutions through a comprehensive literature review that considers various authors' viewpoints. The methodology includes data collection and thematic analysis. The conclusion emphasizes globalization's benefits for firms in gaining a competitive edge globally and contributing to national economic development, alongside recommendations for managing associated challenges. The Third Way Group is used as a case study to demonstrate the practical implications of globalisation.

Research Project
(Significance of globalisation on a company economic
development)

ABSTRACT
This report focus on concept of globalisation and how it helps in economic development.
It is an interesting topic and it also provides the benefits to organisation to expand its business at
international level. Through this, organisations can provide their contribution towards economic
development of country. The globalisation is about interconnectedness of businesses as well as
people across world that can leads to political, economic and global cultural integration. It is an
ability to communicate as well as move in an easy manner with others in all over world in
context to conduct the business operations internationally. This research provided detailed
information about globalisation and issues which organisation faced during globalise business.
The literature review of this research has been provided better solutions of the arisen issues
related to globalise business. In this part, opinions and view points of different authors has been
considered about globalisation. In the research methodology part discussed about the data
collection methods in order to conducting investigation in a better manner. After this, the data
collected from different sources has been analysed through investigation by using thematic
analysis. In the conclusion part, it has been stated that globalisation is a wide concept for firms
and through this they can get the competitive benefits at global level. It helps in give the better
contribution for country economic development effectively. At last, there has been
recommendations provided to company for dealing with problems faced through it while making
business globalise.

Table of Contents
ABSTRACT.....................................................................................................................................2
CHAPTER 1: INTRODUCTION....................................................................................................1
1.1 Overview of research........................................................................................................1
1.2 Background of Research...................................................................................................1
1.3 Rationale of Research.......................................................................................................2
1.4 Research Aim...................................................................................................................2
1.5 Research Objectives.........................................................................................................2
1.6 Research Questions..........................................................................................................2
1.7 Timeline............................................................................................................................3
CHAPTER 2: LITERATURE REVIEW.........................................................................................5
2.1 Concept of globalisation...................................................................................................5
2.2 Impact of globalisation on an economy............................................................................6
2.3 Major issue of globalisation concept................................................................................6
2.4 Benefits of globalisation to economy of UK...................................................................7
2.5 Different ways by which The Third Way Group can overcome from arisen complexities. .8
CHAPTER 3: RESEARCH METHODOLOGY.............................................................................9
3.1 Type of Investigation........................................................................................................9
3.2 Research Philosophies......................................................................................................9
3.5 Data collection................................................................................................................10
3.3 Research Approaches.....................................................................................................10
3.4 Research Design.............................................................................................................11
3.6 Sampling.........................................................................................................................11
3.7 Ethical Considerations....................................................................................................11
CHAPTER 4: DATA ANALYSIS ..............................................................................................13
CHAPTER 5: DISCUSSION ........................................................................................................19
CHAPTER 6: CONCLUSION AND RECOMMENDATION.....................................................20
6.1 Conclusion......................................................................................................................20
6.2 Recommendations..........................................................................................................20
REFERENCES..............................................................................................................................21

Research Ethics approval form......................................................................................................23

CHAPTER 1: INTRODUCTION
1.1 Overview of research
Globalisation refers to process of integration and interaction between people,
governments and firms in all over the world. It has developed due to the advanced in
communication as well as transportation technology, with enhanced global interactions comes
development of culture, trade and ideas (Arora, 2012). Primarily, globalisation is an economic
process of integration and interaction that is related with the cultural and social aspects. Under
this, globalisation consists services, technology, products and data. Expansion in global market
liberalizes economic activities of exchange of funds and products. In Globalisation process,
economies have been more inter dependent as well as integrated. Globalisation implies opining
of the local and also nationalistic perspectives to wider outlook of interdependent and
interconnected world with free movement of products, capital and services across the national
frontiers.
1.2 Background of Research
Globalisation is free movement of services, people and products across worlds in an
integrated way. It is a process through which the businesses develop their international influence
on international scale. The globalisation permits countries and organisations to specialise in
manufacturing products or services which can provide the comparative benefits. In addition to
this, specialisation and also trade enable to gain the economic welfare. The ThirdWay Group is
London based office build and design, architecture, furniture and development organisation. This
company partner with the clients from all sectors in order to develop better environment for staff
members (Asongu, 2014). Under this company, there are almost 160 staff members and their aim
is to attain the set objectives of firm with in given period of time. This company conduct its
business in UK but it has good brand value in other countries. With the help of globalisation, this
firm will conduct its business operations in other locations at the large scale. On the other hand,
globalisation gives net advantages to the individual economies in all around world through
making the markets more effective, enhancing competition, spreading wealth equally and
limiting the military conflicts around world.
1

1.3 Rationale of Research
This research project is based on the significance of globalisation in economic
development. Globalisation is a necessary aspect that plays a necessary role in developing
business operation and enhances economic development (Beeson, 2014). This study area gives
proper idea and knowledge regarding particular concept that aids a person to increase ability
along with the knowledge. In context to personal interest, major reason behind conducting
investigation is to increasing the personal interest in globalisation area. In context to career, this
investigation will help in increase knowledge of a learner and through this it can able to conduct
any research work in future in a significant and effective manner.
1.4 Research Aim
The main aim of this research is “To evaluate significance of globalisation on a company
economic development” A study on The Third Way Group.
1.5 Research Objectives
 To ascertain globalisation concept.
 To identify benefit of globalisation concept on The ThirdWay Group that can lead to
increase its profitability in coming 3 years
 To evaluate risky factors of globalisation that reduces its growth rate in 3 coming years.
 To evaluate benefits of globalisation to economy of country in coming 6 months.
 To analyse various ways through which The Third Way Group can overcome from arisen
complexities.
1.6 Research Questions
 What is the core concept of globalisation?
 What is the actual impact of globalisation on an economy?
 What is the major issue of globalisation concept?
 What are benefits of globalisation to economy of UK?
 What are different ways through which The Third Way Group can overcome from arisen
complexities?
2

1.7 Timeline
3

4

CHAPTER 2: LITERATURE REVIEW
This chapter is most important part of research. It includes critical analysis of published
sources on particular area. It is concise or clear assessment of literature and also provides
classification, summary and evaluation on specific study area. This part is based on research
questions that cover aim and objectives of exploration work. Under this, data is collected from
the secondary sources by using books, journals, articles, blogs etc. There is a brief evaluation
conducted according to opinions of various authors or writers which have better knowledge
about the particular research work. In the past other people conduct an investigation with the
help of using secondary sources such as books, journals and many other ways.
2.1 Concept of globalisation
According to opinion of BEVERLY BIRD AND CAROL KOPP (2019) it has been
stated that globalisation is mainly used to explain enhancing economic, political and social
integration across the cultural as well as political boundaries. It can be thought of to be result of
opening of global economy and also concomitant enhance in trade among nations. With the help
of globalisation, communication can be easy with the others in all over the world in context to
conduct the business at global level. The ThirdWay Group is small size organisation and it
conducts its business in United Kingdom. This firm is working on making its business globalise
by using the different entry strategies for an instance exporting, strategic alliance, joint venture,
partnership etc.
In this present time period, there is high competition between industries and there is a
need to The ThirdWay Group to develop effective strategies in order to compete with other firms
and gain competitive benefits (Docquier and Rapoport, 2012). In addition to this, globalisation is
regarded as patterned advanced by that the humanities, beliefs and local markets have allied
through globe- spanning system of commerce as well as human action. On the other hand, at
local level globalisation has changed business nature. The small size business organisations want
to develop their business at large scale for the purpose of enhancing business operations and
earning money (Fujita and Thisse, 2013). Globalisation of business can have profound effect on
process of decision making of the managers which are responsible for taking any complex
decisions in an effective manner.
5

2.2 Impact of globalisation on an economy
As per opinion of NICOLAS A. POLOGEORGIS (2019) Globalisation is enhancing
internationalisation of the national economies. The main aim of globalisation is to give the
competitive positions to organisations with minimum operating costs in order to gain the large
number of services, products and customers. The globalisation develops the impact on economic
development of country. It obligates business by adopt various strategies which are based in
ideological trends that work in balance the interest and rights of individual as well as community
as whole. This kind of change enable business to compete in all over the world and signifies
better change for leaders, government and labour through accepting their participation in
developing as executing strategies as well as policies. In order to this, The Third Way Group
works to operate its business in several countries which help in bring more employment
opportunities and also strengthen the overall rate of GDP of country.
Under this, economic globalisation has been expanding since emergence of the trans-
national trade and also maximise rate because of the improvements in effectiveness of the long
distance transportation. The globalisation has enhanced the economic development of countries
and reduces the cost of products so that large number of consumers purchase products and
enhance sales. In addition to this, globalisation develops main change on economic environment
of nation as make change in policies related to the economic development under the national
government. The main impact of the globalisation on economic growth is high income rate as
well as the living stands because of maximum output. It also developed the employment
opportunities that take nation towards prosperity.
2.3 Major issue of globalisation concept
On the basis of opinion of Monika Elzbieta Harach (2019), it has been stated that
Globalisation has developed the new changes as well as challenges in context to opportunities
and risk. It leads to the challenges with workers welfare. Environment and economies as making
business globalise. Under this, there are some problems related to the globalisation mention
below:
Job mobility- It is one of most common critique of global trade system how the ship jobs,
production jobs in United Kingdom. The less skilled staff members which loose the production
jobs in UK country have some complexities to searching the new. In addition to this, loss in the
developed countries develops double strain on social welfare system.
6

Organisational structure- The other issue is related to ability to incorporate the new
regions in corporate structure and value chain. An international expansion needs enormous
investment of capital in several cases with developing particular strategic business unit for
manages business operations.
Leadership- It is complex for the business to search the better leader for company with
appropriate skills along with knowledge for making business successful. Under this, there is a
need to company to develop effective strategies and well as approaches and then apply to the
business networks, culture etc.
Culture- The culture of every country is different from the each other. It is one of the
main issue that organisation mostly face in making business globalise. It takes more time to
understand the other country culture and involved in it. So, it is necessary for firm to get some
knowledge about the culture and so that company cannot face any kind of difficulty in
conducting business at global level.
Increased capital flows- The globalisation result in rise in the capital flow in to economy
of UK. Under this, Foreign Direct Investment injects the capital in to country in context to
stabilizing economy. In order to this, new capital can lead to negative impact on trade.
2.4 Benefits of globalisation to economy of UK
According to opinion of Tejvan Pettinger (2017), Globalisation refers to process of co-
operation as well as integration of various national economies. It consist economies become
enhancing integrated. With the help of globalisation, The ThirdWay Group can conduct its
business operations at the global level. There are some benefits of globalisation to economy
mention below:
Foreign Direct Investment- It develops positive impact on the economic development of
UK country. It tends to enhance at the higher rate than developed in the world trade and boost
transfer of technology, development of global economies and industrial destructing.
Technological innovation- Under this, enhanced competition from the globalisation is
helpful in stimulate the development of new technology especially with development in FDI. It
will help in make improvement in economic output through making the business process more
effective.
Increase in quality of goods and services- As result of the globalisation, customers have
the proper access to better quality of services as well as products. There is a need to firms to have
7

striven to provide the quality services to customers. If the quality of product will be good then in
this case large number of people will purchase the products and from this sales of firm will be
enhanced. It will help in enhance economic development of United Kingdom in a better manner.
Increased investment- The Globalisation has enabled enhanced investment level. It made
easy for the country to attract the long term as well as short term investment. In context to this,
investment through organisations can play a better role in make improvement in economies of
country.
Reduction in cultural barriers- In this, as company move from one country to other
helps in minimizes barriers among culture. It has to be resulted in openness as well as tolerance
towards the other culture. From this, communication among the two countries will be enhanced
and relationship will also be strong.
2.5 Different ways by which The Third Way Group can overcome from arisen complexities
According to opinion of Nancy Pais (2019) it has been stated that Globalisation is a wide
concept and it help company to operate its business from one country to another. When The
ThirdWay Group conduct its business at global level, it faces some issue. So, it is necessary to
this company to determine the effective ways to overcome from the arisen issues. There are some
ways mentions below through which The Third Way Group can overcome from arisen
complexities:
Culture differences- It is necessary for company to identify the culture of country before
performing any activities at the global level. In order to reduce the impact of culture differences,
there is a need to The Third Way Group to conduct investigation to aware about the culture of
another country.
Conduct investigation- For conducting business at the global level, it is necessary for
firm to conduct an investigation to aware about the language, culture, current market trends,
needs and preferences of customers, existing products, competitors etc.
Strong awareness- In order to reduce globalisation impact from business, it is essential to
manager of The ThirdWay Group to have the string awareness about local as well as
international process. It will help in provide better opportunities to business and convert in to the
profitable venture with in global economy.
8