Business Essay Example | Topics and Well Written Essays - 2000 words - 3

Business - Essay Example The environment, as a result, is influenced in a negative way. On the other hand, globalization has a positive impact on poverty reduction and wealth generation of the nations, thus proving them with a wider range of opportunities for sustainable development. Introduction Globalization, as a process of unification of global markets, has been much discussed in the recent years. There exist different opinions on the issue – some view globalization as a positive thing, while others – as a negative. However, a general common opinion is that globalization is one of the principal vehicles for economic growth and wealth generation. Therefore, the goal of this paper is to research and analyze the role of globalization in the modern world as that of the driver of economic growth and wealth generation. In addition, the relationship between globalization and sustainable development will be assessed and analyzed in order to determine compatibility of the two concepts. The analysis will be based on current examples in areas such as poverty alleviation and environmental protection. ... le development and how the two principles can be used on practice with the goal of achieving a sustainable competitive advantage in the global marketplace. In order to achieve the set goals the meaning of both concepts – globalization and sustainable development – should be defined in the first place. Definitions Knight (2000, 12) defines globalization as a â€Å"growing interdependence of national economies - involving consumers, producers, suppliers, and governments in different countries.† As a result, boundaries between foreign and domestic markets are loosing their significance and businesses have more freedom to operate in foreign countries. Among the results of the process of globalization is, as Dunning (1993, 43) outlines, intensification of competition. As an economic term, globalization refers to the increasing integration of global economy caused by â€Å"incessant flows of goods and services, capital, technology and information across national borde rs† (Lucas 2004, 1). At the same time, globalization stimulates international communication and intercultural exchange. So, in a broad sense globalization can be called a continuous process of internationalization that increases interdependence of world countries in such aspects as economy, politics and culture, among others. As for sustainable development, it can be defined as a system’s desire or tendency to continuously improve and achieve certain social objectives, such as social wealth and health, improved education, increased volume of resources or increased number of social freedoms (Pearce, Barbier, and Markandya 1990, 2). Though such an improvement within the system does not have any time limits, the term implies that the changes taking place always lead to improvement and benefits the system