Critically discuss the extent to which 'globalisation' is an Essay

Critically discuss the extent to which 'globalisation' is an opportunity or threat to international business - Essay Example A fundamental dynamic of our epoch driving the change processes of the 21st century, globalization is promoted and resisted in equal measure, with its management touted as the most satisfying and morally upright compromise (McGrew, 2000, p. ix). From the perspective of the radical right reaching other continents with mutually beneficial effects to the more adaptive strategies that has found favor in the mainstream politics of the Third World, the writing, which may seem obscure, is on the wall; the weight of the concept is felt in both the extremes. Indeed, as the confused ideals of globalization become more pronounced with opportunities that more than break into the hitherto insulated environments for certain ventures, the multifold risks in the enlarged business environment are increasingly taking ventures even closer to complete elimination. Put into perspective, it is most revealing that even in the face of fierce criticisms, notwithstanding how both sides of the divide conceives or rationalizes the concept, it is firmly accepted that globalization is but a reality on course (Held, et  al, 1999). ... Held, et  al, (2000) define globalization as â€Å"a set of transformative processes reorienting the spatial organization of social relations and transactions- in terms of intensity, velocity and impact- to generate transcontinental flows [networks of activity] that by and large result in the creation and the subsequent exercise of power in conformance with the new transactional model [emphasis added].† Petras and Veltmeyer (2001, p.11), echoes the same in their definition that more than captures the widening scope of the international flows that combines not only the exchange of capital, but also of technology and information within a single integrated market; a representational shift that Teeple (2000, p. 9) notes has diffused capital accumulation from single production units to integrated venues situated in different parts of the world. Observably, global flows, as Ohmae (1995, p.15) points out, are without a doubt, the basic elements of globalization found in the differe nt definitions that distinguishes our moment in history. It is clear that the new globalizing logic of the market and capital is at the epicenter of the different angles taken by the scholars already sampled. To be sure, globalization is viewed as a process that not only reconstitutes national economies, but one that restructures international engagements through building and/or the destruction of the existing relations in order to integrate the global economy into a single system. That is to say, its integrative aspect in effect involves homogenous interconnections across and within boundaries, with cooperation driving the interdependence among independent states/regions (Hurrell and Wood, 1995, pp.447-448). Noteworthy, the singularization of the global