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Introduction

Globalization has become so crucial in todays era it has affected almost everyone living on this globe. It can be on businesses, education, countries, customers, environment, trade, world regulation and etc. Many people don't realize how much of an affect globalization has because they ignore the big picture Almost every aspect of the economy is impacted by globalization.But on this work, the main focus would be given to businesses and students. How globalization has impacted international businesses and students. In order to gain deep understanding and knowledge about globalization and its affects on businesses and business students, I have described what globalization is, its both negative and positive impacts on businesses and students.

2. What is globalization?
If the word globalization was googled you would get approximately 101 million hits which apparently is quite a large amount which is more than the hits received by more widely known personalities such as George Washington (56.6million), Angelina Jolie (31.2 million), Bill Clinton (37.1 million) .So this proves that globalization is widely discussed and is an important issue in todays era. (Boudreaux, 2008) But what is globalization? According to (IMF 2006) cited in (Ervin & Smith, 2008, p.2) defines globalization as Economic globalization is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through trade and financial flows. The term sometimes also refers to the movement of people (labour) and knowledge (technology) across international borders.

3. How globalization has affected international businesses?


The world is not any longer seen as several nations on one continent but rather as a whole. On the world of international business globalization has a major impact. In the context of international business environment the world seems to shrink, time seems to shrink and even borders between countries have started to disappear. (Global business environment, p.1) The world is shifting towards a more integrated global economy both the large and small businesses are becoming international businesses. Therefore international businesses should be aware that they cannot really manage these international businesses in the same way they manage domestic business since countries are different and way the businesses operate in each country differs too. For example: a countries culture, political systems, economic systems, legal systems and levels of economic development differ from each other. Marketing a product for Great Britain requires a different approach than marketing a product for china. Therefore international businesses should be able to adopt these changes in order to be successful in this global economy. (Marios et al, 2007) Globalization has affected international businesses in many ways. It can be positively and negatively.

3.1 On the positive side,

it has improved communication between countries thus businesses are easier to operate,

Provides latest news about other international businesses, Provides businesses with cheap labour,

Opportunity for free trade deregulation of anti-trust laws has reduced quotas and tariffs.
Opened up new markets in the fields of banking, insurance and transport which

businesses can benefit from. New communication tools such as internet and electronic mail has linked many business people together where they can share information and make new deals.

3.2 On the negative side; Globalization has reduced the prices of imports so many businesses find it harder to compete with these imports.

The exchange rate tend to fluctuate more often than before therefore this can affect businesses as if currency appreciates it can make imports more cheaper and exports to be expensive. Therefore the goods and services exported to other countries may seem more expensive. Thus demand for exports reduces.

Also another impact of globalization is that prices of oil and gases constantly increase. Gas and oil is seen to be used for personal use as well as whole economy therefore it ultimately increases business costs.
(Gilman, n.d)

4. How has globalization affected international business students?


In the perspective of education many educational institutes include the term global in their mission statement to show that they produce globally competent graduates from their institutes. Globalization has opened up avenues for these educational institutes to attract international students, research collaborations and even making distance learning possible around the world. Thus these activities have contributed to the

internationalization of these institutes. 4.1 Positive impacts When educational institutes become globalized the education they provide to the students will also be of global standard. For example in my point of view as a student studying international business I will be able to gain wider knowledge about different cultures, histories and languages and how to be adaptive to different cultural settings when doing international business. Through globalization there is possibility of collaboration of different institutes in other countries and get to know their way of teaching and learning and even how they do research. I will be able to get know how other institutes in other parts of the world do the same subject I study in my country.

Technology and globalization goes well in hand with each other. The very reason why the world is globalized today could be seen due to the factor technology. Technology has provided easy paths for students and faculties to access counterparts all around the world. Through internets audio and video technology it has created new kinds of collaborations. I will be able to get online notes about international business just from home which will enable me to prepare for my lectures. But whether these kinds of collaborations can really give the exposure for students to learn about new business cultures is still on doubt. As a student learning international business globalization has allowed me to look beyond the boundaries of my country. The line between domestic and international is becoming blurry due to globalization. As a student of international business I will be sooner emerging to the globalized economy where I would be working in another part of the country. Therefore the ability to work with multicultural teams and understand cultural paradigms are important practical skills I should have. The very reason Im studying international business unit as part of my degree is because of globalization. Globalization has allowed me to combine academic and entrepreneurial aspects together and make it mutually reinforcing by studying international business. I would be able to become a globally competent employee needed by all businesses. (Green & Baer, 2003)

4.2 Negative impacts Globalization has its own pros and cons; just like we embrace the advantages it has given us we should know that it has some inevitable impacts on students like us. Globalization has created inequalities and conflicts between different cultures and the dominant cultures are happened be on the lead. As a student studying international business it has made me or rather forced me to embrace those dominant cultures just to be competent on the global market. Also globalization has made me to compete with students all around world who study about international business. Due to globalization many students are now attending graduate and post graduate courses therefore Standard has been raised due to globalization. I will have to compete with other students all around the world to be a competent employee in the globalized labour market. Further more globalization has made graduated students who come out institutes to go look for work outside the borders of our country. Simply because international migration has become so common nowadays the rich countries benefit from our investments in human capital. As a student studying international business this globalization has made us option less. Knowledge of international business and its operations has become so vital and has been the key resource to economic growth. Nowadays workers are required to be knowledge workers rather than just simple workers. Without knowledge, workers are subjected to marginalization and progressive exclusion. So globalization has impacted me as a student of international business to be more knowledge based when emerging to the global economy. (Burbules & Torres, 2004) Due to globalization, as a business student if Im unable to be prepared for a lifetime learning and cannot adapt to new technology or cannot synthesize knowledge from
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multiple disciplines often learning new languages and cultures I would be facing diminishing well being of my future career. Also I should be able to appreciate other cultures and give importance to them or else I would face hostility when emerged to the global economy. (Surez-Orozco & Qin-Hilliard, 2004)

5. Conclusion

In conclusion globalizations have had a major impact on both the international businesses and students studying international businesses. It has created both negative and positive impacts on these two aspects. Accordingly, globalization is not only something that will concern and threaten us in the future, but something that is taking place in the present and to which we must first open our eyes. But however it is said that arguing against globalization is like arguing against the laws of gravity.

6. References

Boudreaux, J (2008) Globalization. Greenwood guides to business and economics ISSN 1559-2367

Burbules C.Nicholas & Torres C.Alberto (2004) Globalization and education: Critical Perspective. Routledge Ltd, New York, United States of America.

Ervin, J & Smith, Z.A (2008) Globalization: a reference handbook. Library of Congress Cataloguing-in-Publication Data.

Gilman, R. (n.d) Globalization Effects on Businesses. Retrieved from http://ezinearticles.com/?Globalization-Effects-on-Businesses&id=3975609

Global business environment (2009) Druck and Bindung books on demand GmbH nordestetd Germany ISBN 978-3-640-39507-1

Green, M & Baer, M (2003) What does globalization mean in teaching and learning. Issues in Transformation debates

Marios I, Katsioloudes, Spyros H (2007) International business: global perspective. Library cataloguing in publication data.
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Surez-Orozco, M & Qin-Hilliard B. (2004) Globalization: Culture and education in new millennium. University of California press, Ltd. London, England

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