MGMT 2000Introduction toInternational BusinessAssignment on GlobalizationPrabhjot Singh – 0322979Vishab Sharma-0325581Simranjeet Kaur Grewal-0325662 Contents 1.0 Globalization 3 2.0 Pro-Globalization 33.0 Technology 34.
0 Income Inequality 45.0 Environment 46.0 Role of World Bank 56.1 Role of World Bank inTechnology 56.2 Role of World Bank inIncome Inequality 56.3 Role of World Bank inEnvironment 67.0 Role of InternationalMonetary Fund 67.
1 Role of IMF in Technology 67.2 Role of IMF in Environment 67.3 Role of IMF in Income Inequlity 7 8.0 References Globalization Globalization refers to the integration of national economiesthrough trade, investment, capital flow, labor migration, and technology.It results from the removal of barriers between national economies to encouragethe flow of goods, services, capital, and labor. These barriers mayinclude tariffs and quotas that restrict open and free trade between nations.Pro Globalization – It particularly shows the positive side of the advancements andhappenings which are resultant of globalization.
It refers to the policies thatencourage the increased trade, open communication, and the unrestrictedmovement of people among nations. There has been variousfactors which have played a major role in pro Globalization. Some of these arediscussed below –Technology Globalization has beentaking place for centuries but technology has certainly provided better waysand advanced ways to make it reach new heights. • Globalization has largely beenpossible due to advances in technology, particularly theInternet.
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As the world grows more connected, people in all nationsachieve a far greater level of interdependence in activities such as trade,communications, travel, and political policy.• Technology has also effected andchanged the financial sector to a great extent, where diffusion of informationbased technology has made possible people around the world to trade 24/7and trading has moved to electronicsystem from the physical system making money move more efficiently and on afaster level. Income Inequality Globalization has created newopportunities to expand the horizons for the poor.• Outsourcing of production has led to formationof new industries in developing countries leading to providing jobs and highwages to the poor.
• In economic theory globalization has resultedinto enhanced economic growth. Economic growth has given priority to ananti-poverty measure.• Globalization has a positive impact onexpanding employment opportunities and increasing earnings, which then wouldreduce economic inequality.EnvironmentGlobalization has positively affected theworld’s environment to a great extent.• Globalization has helped to reduce the extentof damage to environment by providing cleaner technologies.• One of the most powerful effects ofglobalization is the spread of education which has helped to educate peopleabout saving environment.
Role of World BankWorld Bank has played a major role in proglobalization. It’s impact is discussed as follows.Role of World Bank in Technology”Improving human resources andnational capabilities in science and technology is a key pillar in Indonesia’smaster plan to accelerate and expand its economy. Shifting from aresource-based economy to a knowledge-based economy will bring Indonesia up thevalue chain in a wide range of sectors, with the help of home grown innovationand a vast pool of human resources,” said Stefan G. Koeberle, World BankCountry Director for Indonesia. Role of World Bank in Income Inequality”It’s remarkable that countries have continued to reduce povertyand boost shared prosperity at a time when the global economy isunderperforming—but still far too many people live with far toolittle,” said World Bank Group President Jim Yong Kim. “Unlesswe can resume faster global growth and reduce inequality, we risk missing ourWorld Bank target of ending extreme poverty by 2030.
The message is clear: toend poverty, we must make growth work for the poorest, and one of the surestways to do that is to reduce high inequality, especially in those countrieswhere many poor people live.” Role of World Bank in EnvironmentThe World Bank Group works with developingcountries and development partners to reduce pollution, implement proper wastemanagement, improve water and air quality, and promote clean development forhealthier lives and better economic opportunity.• Between Fiscal Year 2009 and 2016, World Bankcommitments (IBRD/IDA) to pollution management and environmental health totaledmore than US$ 7 billionROLE OF INTERNATIONAL MONETARY FUNDIMF has played a significant role in promoting pro globalisation.Differents aspect benefitted are discussed as followsRole of IMF in Technology• The provisionof IT services is centralized in the IMF within the Technology and GeneralServices Department, and led by a CIO who reports to the ManagingDirector of the IMF. • The IMF provides technicalassistance in other areas that are macro relevant for infrastructureinvestment, again in coordination with other institutions such as the WorldBank.ROLE OF IMF IN ENVIRONMENT• Environment in all the ways is related to businessand IMF takes in regard all the environmental issues.
• IMF initiated with their staff members tounderstand the relation between economic policies, economic activity andenvironmental change.ROLE OF IMF IN INCOME INEQUALITY• All the governments around the world aregiving importance to inequality so as to reduce socio economic consequences.• IMF studied that rise in the income inequalitydirectly affects the economic growth.• Therefore, IMF has been building up researchesto help the neighbouring countries to resolve issues of inequality and suggetsabout economic taxes and orders to spend.
References Globalization. (n.d.).
Retrieved January 21, 2018, fromhttp://www.investinganswers.com/financial-dictionary/economics/globalization-494 Chandan Sharma, ManagementConsultant Follow. (2014, November 15).
Pro-globalization vs.Anti-globalization. Retrieved January 21, 2018, from https://www.slideshare.
net/chandansharma3979/proglobalization-vs-antiglobalization Pros and Cons ofGlobalization: Controversy and Discussion. (n.d.). Retrieved January 21, 2018,from https://blog.udemy.com/pros-and-cons-of-globalization/Anon, (2018).
online Available at: https://www.ukessays.com/essays/media/how-technology-has-help-shaped-globalization-medias/5- Accessed 21 Jan. 2018.
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(2018). Cite a Website – Cite This For Me. onlineAvailable at: http://ec.europa.eu/environment/integration/research/newsalert/pdf/169na2_en.pdfAccessed 21 Jan. 2018.IMF Blog.
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online Available at:http://www.worldbank.org/en/news/press-release/2012/11/08/world-bank-introduces-new-integrity-app-international-anti-corruption-conferenceAccessed 21 Jan. 2018.World Bank.
(2018). World Bank Supports Move to Accelerate Indonesia’sEconomic Growth through Science, Technology, and Innovation. onlineAvailable at:http://www.worldbank.org/en/news/press-release/2013/03/29/world-bank-supports-move-accelerate-indonesia-economic-growth-science-technology-innovationAccessed 21 Jan. 2018.Imf.
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