The globalization of markets essay
Levitt believes that there is a process of globalization of markets and communications that is uniting the world, making people's tastes and needs more and more similar, and creating common global lifestyles and needs. As an argument for such a global community of tastes, he cites the success of McDonald's, globalization or the increased interconnectedness and interdependence of peoples, companies, institutions and countries. It is generally considered to involve two interrelated elements: the opening of international borders to increasingly rapid flows of goods, services, finance, investment, people, information, ideas and technology, and the trends in globalization. In terms of social globalization, the world remains more connected than ever thanks to the widespread use of digital technologies. However, since the Great Recession, there has been a downward trend in economic integration. 1. The slowdown in global trade that resulted from the financial crisis was: Although globalization has been much criticized for its potential negative side effects, our research shows that globalization has increased the spread of technology across borders in two ways. Firstly, globalization ensures that countries have easier access to foreign knowledge. Secondly, it increases international competition, partly as a result of the. This is also known as the denationalization trend, where the world is now becoming a global market. IKEA is recognized as a globalized brand with the ability to spread their own culture and values to stores in countries. The globalization of the market refers to the merging of tastes and preferences.