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Global Market is a comprehensive term for the emergence of a global society in which economic, political, environmental, and cultural events in one part of the world quickly come to have significance for people in other parts of the world (Tabb, 2005 p.21-22). Globalization is the result of advances in communication, transportation, and information technologies. It describes the growing economic, political, technological, and cultural linkages that connect individuals, communities, businesses, and governments around the world.
Globalization also involves the growth of multinational corporations (businesses that have operations or investments in many countries) and transnational corporations (businesses that see themselves functioning in a global marketplace) (Vogel, 2005.p 45-46). The international institutions that oversee world trade and finance play an increasingly important role in this era of globalization. (more…)
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