Page 70 - DMGT548_GLOBAL_HRM

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Unit 4: Globalisation in World Economy

Unit 4: Globalisation in World Economy Notes

CONTENTS
Objectives
Introduction

4.1 Emerging Global Economy
4.1.1 Impacts of Globalisation on National Economies
4.2 Globalisation of Market, Production, Investment and Technology

4.2.1 Globalisation of Production
4.2.2 Globalisation of Investment
4.2.3 Globalisation of Technology
4.3 The Future of Globalisation
4.4 Summary

4.5 Keywords
4.6 Review Questions
4.7 Further Readings

Objectives

After studying this unit, you will be able to:
 Explain the term globalisation
 Discuss on the emergence of global economy
 Interpret the globalisation of market

 Describe the globalisation of production, investment and technology

Introduction

Globalisation is a powerful real aspect of the new world system, and it represents one of the
most influential forces in determining the future course of the planet. It has manifold dimensions:
economic, political, security, environmental, health, social, cultural, and others. The focus here
is on the concept of “globalisation” as applied to the world economy HRM, the drivers of
globalisation and also the variables that moderate differences between HRM and GHRM.

4.1 Emerging Global Economy

“Globalisation” here means major increases in worldwide trade and exchanges in an increasingly
open, integrated, and borderless international economy. There has been remarkable growth in
such trade and exchanges, not only in traditional international trade in goods and services, but
also in exchanges of currencies, in capital movements, in technology transfer, in people moving
through international travel and migration, and in international flows of information and
ideas. Globalisation has involved greater openness in the international economy, an integration
of markets on a worldwide basis, and a movement toward a borderless world, all of which have
led to increases in global flows.

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