Globalization is a term use in describing as well as explaining several global phenomena. The issue of globalization has been given positive connotations by different individuals who advocate for greater economic integration across different borders of countries globally. Globalization is censured by people who see it as a risk to social attachment and as the advancement of free private enterprise that undermines welfare of various countries (Aman, 2018). The forces that most companies around global society have to deal with from social networking to cases of social unrest have developed rapidly over the past decade. Therefore, globalization stays to be the process of increased interconnectedness among nations. The prosperous economic progress that is typically gained as a result of the improved interconnectedness among states usually leads in the better standard of living along with improved quality of life. There is a consensus among global economists that globalization offers the net complex benefits to society and therefore should be embraced on the whole by authorities and individuals (Dezalay, 2018). Some of the complex roles of globalization include but not limited to improvement of international trade, lowering cost of living, higher living standard, making goods and services that are of higher quality to be available, and increasing wealth around the global society.
One common role of globalization is that it favours advancements of westernization, meaning that other countries are disadvantaged when dealing with the Europe and Americans. For instance, in agricultural sector, it favour of westernization by globalization is evident where the 2nd and 3rd nations face stiff competition from Western Corporation (Zhang, 2014). Globalization makes nations to be forced to examine their economic policies to be in line with various challenges as well as opportunities to those multinational corporations and other entities of global commerce present. The issue of globalization makes nations for confronting the unique concern of foreign direct investment that forces many nations to determine the degree in which international influence their operations when they are allowed in their economies. Moreover, globalization creates the sense of interdependence among countries that could lead to the imbalance of power among countries of various economic strengths. Globalization leads to be the major influence of nearly every aspect of modern lifestyle of people and their operations. From various studies by several economists, it has been reported that globalization offers the net benefit to individual economies around the universe. It is capable of making markets to be more efficient leading to increasing business competition (Mosneaga, 2015). The efficiency created by globalization help in limiting military conflicts and spreading of wealth around the global society in an equal approach.
Globalization helps in development of direct foreign investment. Through the use of network advancement in the society, direct foreign investment tends to improve at much greater rate than the progress in global trade. The investment through globalisation helps in boosting technology transfer, restructuring of industry, and growth of international corporations. Furthermore, globalization leads to technological innovation. It helps in increasing competition in the marketplaces (Lagos & Rosales, 2013). Globalization has the role of stimulating advanced technology development especially with the advancement in investment in foreign operations. Technological innovation that arises due to globalization always improves economic output by making processes of operations of different companies to be more efficient (da Silva, Santos Salazar, & de Moraes 017). Globalization also enables large corporations to realize economies of scale that are useful in reducing costs and prices of commodities. Such reductions in costs in turn help in supporting further growth in economy, although in most cases such operations can hurt many small businesses that attempt to compete with other corporations within their place of establishment.
Globalization has the major role of supporting free flow of different goods together with services between different countries due to the reduction in barriers to trading activities. It easies such modes of conducting businesses by ensuring that it creates a business environment for flow of investment and capital among countries (Nayar, 2011). Globalization also reduces such barriers in trade by ensuring that there is a free flow of technology from one nation to another. It also frees the movement of different labour among nations leading to sharing of ideas on how to overcome barriers that might arise during trade. Furthermore, globalization reduces trade barriers by ensuring that it creates room for increment in employment opportunities between nations. As globalization rises, more and more corporations are setting up businesses in different nations. Such ideas, in turn, increase the opportunities of employment that individuals at one place have at any moment. Globalization has enabled people to get better employment opportunities without having to move to other nations in search of better tasks (Madhok & Raj, 2011). Presently, many multinational organizations that include Microsoft, Google, Facebook, and Toyota among other corporations have their head offices in India and many Indians work for these corporations in the region. However, without globalization, people residing in India would not have had such great opportunity to work for such corporations in India. Economic globalization also has the role of providing opportunities for developing nations in that it expands the size of their marketplaces for export and attract foreign capital that helps in development.
Increase in globalization has enabled people to move easily across borders to different regions of global community with the objective of acquiring better education. Globalization has the role of integrating cultures of individuals globally (Zhang, 2014). Globalization has the role of making people from underdeveloped and developing nations to move freely to developed nations to achieve better education. Therefore, globalization has the role of enabling people to travel to pursue higher education in nations such as US and UK. Globalization has the purpose of opening cultures of people towards other cultures of students to some extent. The other role of globalization is to increase quality of services that students seek in different learning centres. As the people move from a single nation to another, barriers that might exist between various cultural beliefs tends to decrease. Globalization has resulted in intolerance as well as openness towards other diverse cultures (Aman Jr, 2018). The advancement has also facilitated communication amid varied cultures and hence nations. It has resulted in the reduction in conflicts as people are presently living in one of the most peaceful eras in the history of humankind.
Social responsibility refers to the ethical hypothesis where individuals are accountable for performing their civil task. Here the actions of an individual must benefit the entire business society. Ethics in business operations take into consideration responsibilities not just within the workplace, but also within the cultural, environmental, and social structures of business communities (Brewer, 2018). Ethics help in improving the accountability issues that comprise of scientific inquiry, protections of clients, and overall structure of any corporation. Social responsibility of business, on the other hand, has been divided into four different types that must be considered simultaneously to improve business operations (Mussell, 2017). These classes of social responsibility consist of ethical, economic, legal, and philanthropic responsibilities to clients and society.
Ethics as well as social responsibility improve the image of trade by ensuring that every business has appropriate value and goodwill when their policies of operations are well set. Ethics and social responsibility improve the prestige of the company offering it the synonymous title with perfection, goodness, and reliability. Social responsibility helps in encouraging clients of an organization to make their purchases in a specified firm (Ehsan, Abbas, & Nawaz, 2018). Ethics encourage other businesses to associate or perform business with the corporation due to their best performance. Therefore, good operational ethics aid in improving the attraction, engagement, and retention of employees in the business. Ethical and social responsibility ensures that businesses remain to operate within regulation along with guidelines of government, local, and state (Rehmani & Khokhar, 2018). As such, ethical responsibility may ensure that businesses operate as per codes of conduct, civil privileges, and societal standards as set by the business body.
Active ethical and social responsibility tends to reduce instances of hostility of regulatory authorities just like the way it is for corporations without appropriate program. Through ethics and social responsibility, businesses remain to be leniency as people in authority always feel that the organizations are complying with every set regulation in support of welfare of workers and corporation (Rhodes, 2018). These responsibilities help business managers to focus on just fast track in their operations leading to reduction of paperwork needed in organizing the project that can be of massive benefit to the business. Programs of ethics and social responsibility offer positive publicity of business (Kumar, 2017). The responsibility als0o creates responsible business setting among members of business society leading to attraction of more inflow of capital in business operations from different sources.
Advancement in concern in relation to business environment has encouraged several nations to make changes in the manner that they design as well as produce products for consumption. Ethnic and social responsibilities help in making the buyers and business operators to be aware of the hazards of different products not just to man, but also to the business environment (Eusbouts, 2017). Hence, involvement of ethics in business setting help in ensuring that the produced goods to the market are having quality design and quality ready for consumption. Social responsibility ensures that business and corporations do not only take care of their stockholders but that the businesses are capable of benefiting society in some manner. Ethics and social responsibilities concern the moral judgment of an individual about wrong and right in business operations. Decisions taken within the business may be reached by groups of people or an individual, but whoever makes such business decisions will be affected by company’s culture (Smith, 2017). The decision to behave ethically and socially responsible remains to be an ethical one, where workers must make a decision on what they believe in their sense that is right course of action.
Ethics and social responsibility attract more workers who want to toil for business while reducing charges of recruitment as well as enabling the corporation to attain the most gifted workers. The ethics in business is essential in making workers to have the desire to stay with the business. Such instances help in reducing cases of labour turnover and therefore increasing business productivity (Kumar, 2017). Besides, ethics and social responsibilities attract business investors while keeping the business’s share price high, thereby leading to the protection of business for takeover. The knowledge that the business that they supervise has uttered their beliefs and ensured the assurance to operate in decent together with competent manner empowers business economic experts to have real thoughts of quietness that their money is being used in an approach that coordinates with their moral repute. When operating any business with strong business ethics, workers tend to be agreeable in the understanding that they are not by their activity permitting rehearses that are exploitative to proceed (Rhode, 2018). Presence of ethics and social responsibility help in making customers to be at ease when buying services products from any business that they understand and know sources to their materials and labour in a responsible manner.
Globalization improve the way businesses make different decisions and how they apply their values to different decisions across the board. It enables management of different organizations to think of every outcome on decisions that they made in operations. Presence of social responsibility in business improves the process of decision making about business internal and outside operation boundaries (Ehsan et al., 2018). Social responsibility makes the organization to work while understanding that the profit that they earn is solely from its stockholders. Business ethics covers the sectors of moral principles and decision making, governing issues, and business codes of conduct. Social responsibility provides vital actions that businesses take or refrain from taking based on the influence of those actions on the external setting and community. The presences of ethics and social responsibility in business have led to development of business system tailored to their operation settings (Rehmani & Khokhar, 2018). Therefore, business has to maintain ethics and societal responsibility as a way of ensuring that they possess the integrity of society and protecting operational environment leading to dominance in market and earning of huge prices on services and goods.
References
Aman Jr., A. C. (2018). Globalization: The Next 25 Years. Indiana Journal of Global Legal Studies, 25(2), 565–567. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=131464266&site=ehost-live
Brewer, M. K. (2018). Corporate Social Responsibility in the Age of Hydraulic Fracturing in the United States and the United Kingdom. Creighton Law Review, 51(3), 577–602. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=130260173&site=ehost-live
da Silva, R. A., Santos Salazar, V., & de Moraes, W. F. A. (2017). Internationalization process and complex adaptive systems. Internext: Revista Electrônica de Negócios Internacionais Da ESPM, 12(3), 61–76. https://doi.org/10.18568/1980-4865.12361-76
Dezalay, S. (2018). Lawyers in Africa: Brokers of the State, Intermediaries of Globalization: A Case Study of the “Africa” Bar in Paris. Indiana Journal of Global Legal Studies, 25(2), 639–669. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=131464271&site=ehost-live
Ehsan, S., Abbas, Q., & Nawaz, A. (2018). An inquiry into the Relationship between Earnings’ Management, Corporate Social Responsibility and Corporate Governance. Abasyn University Journal of Social Sciences, 11(1), 104–116. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=131457745&site=ehost-live
Eijsbouts, J. (2017). Corporate Codes as Private Co-Regulatory Instruments in Corporate Governance and Responsibility and Their Enforcement. Indiana Journal of Global Legal Studies, 24(1), 181–205. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=122997357&site=ehost-live
Kumar, S. (2017). Corporate Social Responsibility (Triple Bottam line); A Technology serves the company and Society. International Journal of Recent Research Aspects, 4(3), 118–125. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=126083384&site=ehost-live
Lagos, R., & Rosales, O. (2013). Globalization and Development Options. Brown Journal of World Affairs, 19(2), 283–301. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=122469255&site=ehost-live
Madhok, B., & Raj, S. J. (2011). Globalization, Higher Education, and Women in Urban India: A Development Ethics Approach. Journal of Third World Studies, 28(1), 141–154. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=64754415&site=ehost-live
Mosneaga, A. (2015). Managing International Student Migration: the Practices of Institutional Actors in Denmark. International Migration, 53(1), 14–28. https://doi.org/10.1111/imig.12071
Mussell, H. (2017). The Nature of Social Responsibility: Exploring Emancipatory Ends. Journal for the Theory of Social Behaviour, 47(2), 222–243. https://doi.org/10.1111/jtsb.12119
Nayar, B. R. (2011). Globalization, the State, and India’s Halting March to Common Market: The Political Economy of Tax Reform Under Federalism. India Review, 10(3), 201–245. https://doi.org/10.1080/14736489.2011.596782
Rehmani, M., & Khokhar, M. N. (2018). Leadership and Organizational Commitment: Mediating Role of CSR. Abasyn University Journal of Social Sciences, 11(1), 150–163. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=131457748&site=ehost-live
Rhodes, C. (2018). What are corporate social responsibility and ethics and why do businesses care? Corporate social responsibility and ethics. BusiDate, 26(3), 3–4. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=131457404&site=ehost-live
Smits, J. M. (2017). Enforcing Corporate Social Responsibility Codes Under Private Law: On the Disciplining Power of Legal Doctrine. Indiana Journal of Global Legal Studies, 24(1), 99–113. Retrieved from https://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=122997351&site=ehost-live
Zhang, K. H. (2014). Globalization and regional industrial performance: Evidence from China. Papers in Regional Science, 93(2), 269–280. https://doi.org/10.1111/pirs.12082
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