Globalization has various dimensions which are basic and important part for study of Globalization, International Business or Foreign Trade Management. Globalization is a complex and multidimensional phenomenon. Here we are trying to explain the concept of dimensions of globalization. We are also giving some examples to simplify the concept
Dimensions of Globalization
Now a days, Cross border transactions of Goods, Services, capital, technology, labour, Information and other things is increasing rapidly. Due to this, interdependence of of nations is increasing and now we can say, its almost impossible to survive for a country without import/export or cross border transactions.
the emergence of a new global economic order
the internationalization of trade and finance
the changing power of transnational corporations
the enhanced role of international economic institutions.
There are various factors which affects on cultural environment and trends of International Business. Some of them are attitude to wealth, marriage status and culture, family, religion, ethics, human relation, people to work etc.
Today we have main question associated to cultural globalization: Whether globalization increases or decreases cultural diversity/homogenization.
Due to technological advancements, anyone can learn, adopt and share cultural values, beliefs and trends of other countries and people. We have seen lots of changes, may be positive or negative, in culture of developing countries since last few years.