Abstract
Economic globalization is a major driver in today's world and has obvious and hidden implications on business and our daily life, as it is one of the factors of an extremely complex interconnectedness of human life across the planet. Local competition has existed since man was able to travel, but for millennia, technological limitations and the cost of transport ensured that such competition was relatively limited and affected only a small range of goods. As man and technology advanced, more and more economic activity has become tradable and the world economy is increasingly integrated, with great benefits, as well as costs. Economic globalization is a development which is not only beneficial for the stakeholders, but also brings about obstacles and imbalances in the current trading system. For the purpose of this seminar, the focus is on the affects of economic globalization on international business and management.
