Impact of Globalization on Development of Nations Literature review

Impact of Globalization on Development of Nations - Literature review Example Globalization is related internationalization of production and business of organizations that require organizational structural changes, resources, management practices, capabilities and competencies to meet the needs & requirements of cross border production, business, transactional strategies, and marketing operations. [Dunning. 1993 taken from Clark and Knowles. 2003] Globalisation is essentially a plurality of global knowledge systems that results in cultures which spill over across boundaries (that were developed to constraint them) in many countries and hence forms a mass global society. [Worsley. 1999 taken from Clark and Knowles. 2003] Globalisation is an extension of geographic limits of economic activities across national boundaries of multiple countries such that the many internationally dispersed activities get categorized under global definitions and are functionally integrated. [Dicken. 1998 taken from Clark and Knowles. 2003]Â  There are many such definitions that de scribe globalization at economic, cultural, religious, linguistic, political, social, etc. levels but, as reiterated by Clark and Knowles (2003), a clear, concise and consolidated definition is yet to arrive. The paper is targeted to analyze the impact of globalization on the economic and social development of regions across the globe. The methodology employed for the study comprises of the study of the selected empirical literature on globalization. The arguments that support globalization, as well as the ones that criticize globalisations, have been considered to arrive at the conclusions. Vernon (1971) carried out an empirical analysis of the relationship between the globalization of businesses and national economic goals of a country. As per his analytics, the nations look forward to enhancements of much larger systems than just earning profits from exports or duties from imports. Enhancement of infrastructure, people competencies, technology, cross border controls for mutual be nefits, etc., acquisition of foreign currency, better utilization of capitals, higher revenues and margins are some of the economic benefits that nations look forward from globalization. For example, the development of global information and communications technologies (ICT), global aviation and road transportation of the nations is the result of collaborative working among nations to share their competencies and put demands on the industries multilaterally to achieve mutual economic benefits.