Download Sin No - Information and Communications University

Information and Communications University
School of Business
Department of Business studies
Name: Isabel Kapembwa Chilambwe
Program: Bachelor of Business Administration
Course : International Business
Sin No: 1301230527
Assignment No: 1 one
Identify and critically discuss key forces of globalization and their impact on foreign direct
investment (FDI), multinational and international business entities resident in Zambia.
Globalization is the process of international integration arising from the interchange of world
vie, products, ideas, and other aspects of culture Advances transportation, such as the steam
locomotive, steamship, jet engines, container ships, and in telecommunications infrastructure,
including the rise of the telegraph and its modern offspring, the Internet, and mobile phones,
have been major factors in globalization, generating further interdependence of economic and
cultural activities. The globalization process is largely credited for helping to create diversified
and flexible learning systems as well as improved quality in communication systems that lead to
greater efficiency. The critical issue is that globalization imposes values and ethos in the HE
system that lead to increased educational inequality impact of globalization on higher education
(HE) practices and processes. It specifically explores how issues of access, equity, funding and
national culture are constrained by forces of globalization. It is based on a study of local and
international literature on globalization. Globalization is a process that has permeated and
affected all areas of human life such as the economic, political, cultural, technological and social
.While globalization can be conceptualized in terms of the reconfigurations of the economy, the
political domain communication and cultural form sit is most popularly associated with the
economy. Globalization is considered as a central element of the modernization process that is
mainly responsible for the transference and diffusion of modernizing western values, knowledge
and technologies to developing countries.
Forces of globalization are:
1. Technology:
Faster and cheaper technology in the digital global economy of the Internet era has broken the
national barrier of time and space, thus, integration of national markets have been facilitated with
ease. Technology is expanding, especially in transportation and communications.
Governments: are removing international business restrictions.
Liberalisation:
Strong wave of liberalisation induced by the World Trade Organisation (WTO) as well as
unilateral negotiations and decisions undertaken by the countries world over.
Trade Flows:
Removal of trade barriers time and again has facilitated a rising growth rate of the world trade
over the years. New technology under IT revolution has created distribution channel, which is
difficult to be blocked under the protectionist trade policy. For example, French government's
restriction on American films tends to be futile when these are shown through satellite or Internet
(Economist, 1999).
Capital Flows:
In the Internet Age, capital has become internationally more mobile.
Factor Mobility:
Mobility of individuals, information and knowledge, as agents of production and countries has
smoothened the growth process of globalization.
Several complex and sensitive issues are inherent in the process and proliferation of
globalization including the role of culture and political/social acceptance and alternation of the
required attitudes towards the change and involvement of the people at large in the global arena.
The impact of globalization on business can be placed into two broad categories: market
globalization and production globalization.
Market globalization is the decline in barriers to selling in countries other than the home
country. This change will make it easier for your company to begin selling products
internationally, since lower tariffs keep consumer prices lower and fewer restrictions when
crossing borders makes it easier for a company to enter a foreign market. It also means that
companies must consider other cultures when developing their business strategies and potentially
adjust the product and marketing messages if they aren't appropriate in the target country.
Production globalization is the sourcing of materials and services from other countries to gain
advantage from price differences in different nations. For example, you might purchase materials
and components for your cameras from multiple countries and then assemble the product in yet
another international location to reduce your costs of production. This change should lead to
lower prices for consumers, since products cost less to produce. It also impacts jobs, since
production may shift from one country to another, usually from more developed countries to less
developed countries with lower average wage rates.
Globalization has drawn attention to itself on account of its far-reaching consequences on social
and economic development in general and social institutions such as universities in particular.
This has led to the increased dissemination of information and dialogue. This has been made
possible largely through technologies such as internet, computers, DVDs, satellite televisions and
cell phones as well as audio and videoconferencing innovations. The use of such communication
technologies has made the world more interactive as communications and transactions can
emerge between people who may never meet. In this way, globalization is credited for
contributing to the development of the network society .The advances in technology have been
instrumental in part to the development of market-led decision-making strategies, commonly
referred to as neo-liberalism.
Globalization has thus led to the liberalization of the world’s economy with the concomitant
effect that products have flooded the global market put it, globalization is characterized by the
emergence of new global cultural forms, media, and technologies of communication, which
shape the relations of affiliation, identity and interaction within and across local cultural settings.
Economic Globalization
The economic factor is often construed as the main driver of globalization. This gives rise to the
“economic primacy” model of globalization. Globalization is accredited for having created
economic opportunities that led to the success in the reduction of poverty in such countries. In
terms of this perspective, the global economy assumes the status of the capitalist global economy
that is organized on the basis of market principles and production for profit. Economic
globalization is facilitated by the activities of multinational corporations. This process has been
enhanced by the globalized migration of labour as national economies get deeply enmeshed in
global systems of production and exchange that lead to an international division of labour and
economic integration which is marked by new exchange relations and arrangements. Component
is largely responsible for the wide, deep and fast interconnectedness among people and countries.
The Positive Impact of Globalization on Higher Education HE
At the outset, it is important to point out that the universities as part of society cannot immune
themselves against the global forces that prevail in society. While the effect of globalisation on
HE remains polemic, advocates of globalization argue that due to technological globalisation,
world nations have become highly interconnected to the extent of becoming a boundary-less
global village. This has the critical implication that universities will cease to operate as isolated
institutions in particular cities, or countries but rather as global higher education institutions
connected to the global world that transcend their countries of origin.
The advent of global technology and communication systems has helped education become a
lifelong and training process that develops transferable skills and knowledge that can be applied
to competitive markets. It is critical to point out that the boundary less knowledge economy has
made it possible for universities to collaborate easily with other universities across the globe.
A multinational corporation (MNC) or multinational enterprise is an organization that owns or
controls production of goods or services in one or more countries other than their home country.
This is a company that has a worldwide approach to markets and production or one with
operations in several countries. It can also be referred as an international corporation, a
"transnational corporation", or a stateless corporation. A multinational corporation is usually a
large corporation which produces or sells goods or services in various countries.

Importing and exporting goods and services

Making significant investments in a foreign country

Buying and selling licenses in foreign markets
 Engaging in contract manufacturing—permitting a local manufacturer in a foreign country to
produce their products

Opening manufacturing facilities or assembly operations in foreign countries
.Multinational corporations are agents of globalization. At the same time, many multinational
corporations are also affected by globalization in ways they may or may not like. This reality
stems from the fact that multinational corporations have many subsidiaries, some of which
benefit from globalization and others that do not. The effects of globalization on a multinational
corporation can be good or bad, depending on the nature of the corporation in question access to
Markets.
 Globalization gives businesses access to markets that would have been difficult to reach in
the past. Because of the Internet, customers from anywhere in the world can order products from
companies anywhere else in the world, and have those products delivered by airplane in just a
few weeks. This is naturally a tremendous advantage to businesses, which stand to increase their
potential customer base by millions by reaching out to foreign buyers.
Labour Factors
Globalization allows businesses to access labor at cheap prices. Outsourcing and off-shoring
allow businesses to hire employees in foreign countries, where labor and real estate costs may be
lower than in the business' home country. While these practices can have negative effects on
workers looking for full-time jobs, there is no doubt that they decrease costs (and therefore
increase profits) for businesses.
Partnership
Globalization allows corporations to form partnerships with companies all around the world.
Many American, European, and Asian companies have corporate partnerships that stretch across
continents. For example, Sony-Ericsson MP3 players are the result of a partnership between the
Japanese Sony company and the European Ericsson company. These kinds of partnerships
minimize costs and maximize quality by playing to the strengths of teams all around the world.
Tax Effects
Globalization gives multinational corporations the ability to seek out foreign countries for their
investments when their current country adopts a tax policy they find to be unfavorable. Countries
with low corporate tax rates are sometimes called "tax havens," as they allow corporations and
individuals to lower their tax rates by moving assets offshore. These counties include Bermuda,
Belize and Switzerland. The international financial structure, comprised of encrypted
information systems and private documents, makes all this possible.
Coordination Challenges
Multinational corporations may have a difficult time coordinating activities in a globalized
economy. A company that operates in America, Japan and Europe will need to hire employees
who speak many different languages, and it may be difficult for that company to make sure all
employees are on the same page when only a few of them speak the same language. Translators
may be called upon to assist in information coordination where language barriers exist. Other
coordination problems may come from differences in cultural norms (e.g., marketing in the
Muslim world) and business norms (e.g., logistics management in countries with low-quality
infrastructure).
The problem of moral and legal constraints upon the behavior of multinational corporations,
given that they are effectively "stateless" actors, is one of several urgent global socioeconomic
problems that emerged during the late twentieth century An enterprise operating in several
countries but managed from one (home) country. Generally, any company or group that derives a
quarter of its revenue from operations outside of its home country is considered a multinational
corporation.
There are four categories of multinational corporations: a multinational, decentralized
corporation with strong home country presence, a global, centralized corporation that acquires
cost advantage through centralized production wherever cheaper resources are available, and an
international company that builds on the parent corporation's technology or R&D, or a
transnational enterprise that combines the previous three approaches.
Foreign direct investment (FDI) is a controlling ownership in a business enterprise in one
country by an entity based in another country. The inflow of foreign direct investment is one of
the key indicators of competitiveness of the national economy and regions of Zambia. In the case
of transitive economies (such as the Zambian economy), globalization is deeply associated with
the inflow of foreign direct investment that is able to integrate the national economy to global
markets and global production chains. Investors bring modern technologies into the country and
support technological progress, increase production efficiency and promote the restructuring of
enterprises. At the same time, in terms of human resources management, they allow knowledge,
skills and experience sharing in the affiliate companies in the host country, especially in the
fields of research and development, know-how, production organization and sales and in the
field of management skills. FDI also contributes to the development of domestic companies
because increased investment by supranational companies can help local companies through
subcontracting relationships. Supranational companies can open access to foreign markets that
would otherwise be difficult to enter for local companies, resulting in new export opportunities.
Generally speaking, they contribute to a change in the institutional environment, help to improve
the efficiency and competitiveness of the host country, and increase the pressure to improve
adherence, protection and enforceability of intellectual property rights. These supranational
corporations are given preferential treatment and unemployment can rise significantly in those
regions with a small inflow of FDI.
However, foreign direct investment can also indicate some negative effects. Foreign investors
can displace local competing enterprises, particularly when focusing on the local market. In
practice, hostile acquisitions of companies can take place in order to decrease competition so that
the foreign investor could flood the market with its products. This inflow of the foreign investors
can also be reflected in the increased unemployment level in the case of the development of
capital-demanding production at the expense of work-demanding production. In association with
the re structuralization of production, streamlining of operations and the introduction of new
technologies, the number of jobs is reduced in many industries. The increased unemployment
level especially applies to acquisitions (i.e. purchase of ownership interest in local companies)
while on the contrary, FDI in the form of green field investment increases the employment level.
In the interest of winning new foreign investors, the state administration may either limit or
neglect support for local companies that are associated with excessive optimistic expectations
and concessions to foreign investors. All comparisons of the business performance confirm that
companies with FDI are much more technically developed and outperform local companies.
After all, it is true that in each country and industry, exporters are more productive than other
companies and companies investing abroad are more productive than exporters without foreign
investment. This is the origin of the usual argument in support of FDI from public resources - it
is expected that exceptionally productive foreign companies will positively influence the
operation of local companies after their arrival and that these local companies will learn better
technologies through subcontracting relationships. However, the consequences can also be
negative; the arrival of a developed company at an industrial area can result in the decline or
termination of local competitors. Another negative phenomenon also is transfer pricing or price
handling in supranational companies that try to elude high taxes and reduce tax revenues by
transferring otherwise taxable amounts between countries with different taxation levels. In
addition, the system of investment incentives distorts the economic environment and
disadvantages domestic companies compared to foreign companies. Governments in different
countries approach investment support in different ways and with different levels of intensity.
Supranational companies play a prominent role in research and development in transitive
economics. Due to globalization, markets and international business relations are less determined
by the national borders. At the macro-regional level, the world trade growth dynamics is
reflected in the restructuralization of the transition economies in Zambia which have undergone a
profound transformation over the past years and have become a new investment opportunity for
many foreign companies. Foreign investors transform these economies by means of the foreign
direct investment, support of corporate research and development, as well as development of
new sub-contractor relationships.
It is impossible to draw any conclusions regarding the success of the economic transformation
based on regional differences in the inflow of FDI. The uneven deployment of
(FDI) for higher investment demand and higher quality (e.g. research and development
investment) further supports the regional differences and highlights the markedly successful
"adaption" of the regions to new global economic conditions. It can be assumed that the
differences will further deepen.
Conclusion
It can be said that the mechanisms which integrate regional and local economies into global
production chains are still strengthening and, therefore, the globalization processes actively
influence all territorial levels. New forms of economic organization of individual regions are
created within the regional economies and their arrangement due to globalization. Regarding
development of the economy of Zambia, globalization is closely associated with the process of
economic transformation with differentiated impacts on regions. When closely looking at the
districts of the Zambia, it is obvious that the investments are located highly unevenly. The
differences in deployment of the foreign direct investment are associated with the size of towns
when the regional centres compared to remaining parts of the regions, show higher attraction for
foreign investors. Other differences in the inflow of foreign direct investment are related to the
region's geographical position within Zambia. Generally speaking, the higher the regional
differences in the inflow of foreign direct investment, the more obvious are the globalization
processes in the regional development process. Dependence of the regional economies on the
world market grows via the sub-contractor relations. Therefore, the inflow of foreign direct
investment is also an indicator of success of economic development and competitiveness of the
region because successful export proves the ability of a region to succeed in the international
competition that continuously increases due to globalization.
International business
Comprise all commercial transactions (private and governments, logistics, and transportation)
that take place between two or more regions, countries and nations beyond their political
boundaries. Usually, private companies undertake such transactions for profit; governments
undertake them for profit and political reasons. The term ‘international business ‘refers to all
those businesses activities which involve cross-border transactions of goods, services, resources
between two or more nations. Transactions of economic resources include capital, skills, people
for international production of physical goods and services such as finance, banking, insurance
and construction. A considerable advantage in international business is gained through the
knowledge and use of language.
The Impact of Globalization on International Business
Fundamentally, globalization is the closer integration of countries and peoples of the world
which has been brought about by the enormous reductions of costs of transport and
communications and the breaking down of artificial barriers to the flow of goods, services,
capital, knowledge and to a lesser extent, people across borders .Globalization is an umbrella
term for a complex series of economic, social, technological, cultural and political changes seen
as increasing interdependence, integration and interaction between people and companies in
disparate locations. International business involves all commercial transactions private and
governmental between parties of two or more countries. Global events and competition affect
almost all firms large or small. An international business has many options for doing business, it
includes, Exporting goods and services. Giving license to produce goods in the host country,
Starting a joint venture with a company, Opening a branch for producing & distributing goods in
the host country, Providing managerial services to companies in the host country, Features of
International Business Large scale operations: In international business, all the operations are
conducted on a very huge scale. Production and marketing activities are conducted on a large
scale. It first sells its goods in the local market. Then the surplus goods are exported. Integration
of economies: International business integrates (combines) the economies of many countries.
This is because it uses finance from one country, labour from another country, and infrastructure
from another.
It designs the product in one country, produces its parts in many different countries and
assembles the product in another country. Dominated by developed countries and MNCs:
At present, MNCs from USA, Europe and Japan dominate (fully control) foreign trade. This is
because they have large financial and other resources. They also have the best technology and
research and development (R & D). They have highly skilled employees and managers because
they give very high salaries and other benefits. Therefore, they produce good quality goods and
services at low prices. This helps them to capture and dominate the world market. Benefits to
participating countries: International business gives benefits to all participating countries.
However, the developed (rich) countries get the maximum benefits. The developing (poor)
countries also get benefits. They get foreign capital and technology. They get rapid industrial
development. They get more employment opportunities. Therefore, developing countries open
up their economies through liberal economic policies. Keen competition: International business
has to face keen (too much) competition in the world market. The competition is between
unequal partners i.e. developed and developing countries. In this keen competition, developed
countries and their MNCs are in a favorable position because they produce superior quality
goods and services at very low prices, Special role of science and technology: International
business gives a lot of importance to science and technology. Science and Technology (S & T)
help the business to have large-scale production. Developed countries use high technologies.
Therefore, they dominate global business. International business helps them to transfer such top
high-end technologies to the developing countries. International restrictions: International
business faces many restrictions on the inflow and outflow of capital, technology and goods.
Many governments do not allow international businesses to enter their countries. They have
many trade blocks, tariff barriers, foreign exchange restrictions, etc. All this is harmful to
international business. Sensitive nature: The international business is very sensitive in nature.
Any changes in the economic policies, technology, political environment, etc. have a huge
impact on it.
The impact of globalization on international business
International business refers to a wide range of business activities undertaken across national
borders. Along with rapidly increasing globalization, international business has become a
popular topic and has drawn the attention of business executives, government officials and
academics. International business is different from domestic business. At the international level,
the globalization of the world economy and the differences between countries present both
opportunities and challenges to international businesses.
Increasing foreign investment can be used as one measure of growing economic globalization.
Foreign direct investment (FDI) is a measure of foreign ownership of productive assets, such as
factories, mines and land. The largest flows of foreign investment occur between the
industrialized countries. Organizations are exposed to global forces of demand, supply,
international market competition, their relevance to global issues global concerns, demographic
changes and political developments instead of remaining protected by local environment.
Stakeholders' interests are accordingly affected also by the net impact of the same set of factors
instead of being mere subject to local situations and trends. This applies to all stakeholders investors, business managers, labour, suppliers, farmers, consumers, politicians and
administrative bureaucrats, govt. servants, the young, and the old, men and women as also all
types of organizations - business firms, trade associations, govt.s, civic authorities, NGOs, civil
societies, social and cultural organizations, religious establishments, scientific bodies, education
and research institutions, political parties, the military organizations, multi-lateral organizations
and the terrorist outfits. Those who cannot adapt to the global forces sooner or later lose their
relevance and struggle to survive. Those who adjust and change as the globalization proceeds
convert global opportunities into strategies that strengthen them and make them continuously
relevant and deal with the threats from the environment more effectively. Globalization has
various aspects which affect the world in several different ways such as: Industrial (alias trans
nationalization) - emergence of worldwide production markets and broader access to a range of
foreign products for consumers and companies .The ongoing globalization increases the overall
need for knowledge of cultural differences between not only countries but also corporate
cultures. More and more employers start transferring their experts from country to country to
help build new subsidiaries or to support existing ones in certain projects. Their success is
closely linked to not only the obvious need for language skills but also the understanding of sub
cultural influences, different communication styles and social behaviours of each society. But in
many companies these challenges have not been addressed yet. In a lot of cases
experts/employees are transferred to foreign subsidiaries with almost no cultural training based
on the erroneous assumption that the subsidiary cannot be too different from the home countries
and its headquarters culture.
Globalization is happening and it is happening very fast due to the improvement of technology,
the faster communication as well as the fast travel possibilities via cars, ships and aircrafts. The
actual status of globalization can be Global Awareness Society International described by three
major changes. The search for multilingual personnel increases, people moving from country to
country for jobs or travelling all over the world for their businesses. Also the internet business
seem to have a major effect on competition and market developments as the actual location of a
company does not really matter anymore. Looking at the increased international travel and
moving activities it seems that traditional cultures move more and more into the background.
People adapt to world habits. Looking around in our societies the entertainment industry seems
to conglomerate to an international mix of music and movies which is available everywhere,
international food choices are available in almost every town or city. Also most of the larger
cities have multilingual habitants and a variety of different religions. Furthermore we see
developments of subcultures within countries or even cities. Subcultures meaning that there are
places in a country or a city which keep holding on to their original culture and get not touched
by the change of their environment. A perfect example for this would be the Amish people in
Pennsylvania, while you have everybody else around them changing and adopting to the global
habits the Amish keep their culture and do not let the developments around them influence their
believes, ways of living and values.
Financial - emergence of worldwide financial markets and better access to external financing
for corporate, national and sub national borrowers. Political - political globalization is the
creation of a world government which regulates the relationships among nations and guarantees
the rights arising from social and economic globalization. Informational - increase in information
flows between geographically remote locations. Cultural - growth of cross-cultural contacts;
advent of new categories of consciousness and identities such as Globalism - which embodies
cultural diffusion, the desire to consume and enjoy foreign products and ideas, adopt new
technology and practices, and participate in a "world culture". Globalization is a leading concept
which has become the main factor in international business. Globalization leads to increased
competition, this competition can be related to product and service cost and price, target market,
technological adaptation, quick response, quick production by companies etc. When a company
produces with less cost and sells cheaper, it is able to increase its market share.
With enhanced competition from foreign brands and companies, industries of every nation are
compelled to improve their standards and quality and customer satisfaction services. This
benefits the customers and the economy as a whole, and raises the standard of living of
everybody. Rise in Technology and Know How the rise in knowledge levels of countries as
newer cultures and technologies are opened to a particular area are clear, their knowledge base
also grows and expands simultaneously. As a result, they are better able to handle their primary
and secondary industries, and this ultimately affects their tertiary sectors in a positive manner as
well. Rise in Opportunities With a larger number of industries and resources available, the
opportunities for people grow exponentially too. There are many more jobs available to people,
and more and more people are also exposed to the lucrative benefits of moving abroad. This
increases immigration rates as well, thus giving people the chance to grow economically and
socially. It has opened up masses of opportunities to millions of people who would otherwise
have not seen any improvements .The rise in foreign investment in countries helps industries and
native cities grow at a rapid pace, and this is something that every nation should be open to since
it is a highly beneficial venture for them. There is so much that they can gain in the process as
well. Every country now imports more than ever before, so that global growth has shared
resources and abilities in a way that we could never have imagined even. Meeting consumer
expectations and tastes generally, consumers all over the world are better informed, have higher
incomes and therefore higher and more exacting expectations. This forces businesses to meet
higher standards.
Economies of scale Selling into a global market allows for enormous economies of scale,
although not all industries benefit from these. Choice of location Businesses are now much freer
to choose where they operate from, and can move to a cheaper and more efficient location. The
increased movement of businesses and jobs has, to some extent, forced governments to compete
with each other in providing an attractive and low-cost location. Businesses now have more
freedom of movement in moving to get hold of those cheaper inputs e.g. Labor in developing
countries. One limitation on this is that managers won’t always move to some countries if living
conditions are unpleasant or even dangerous. 8. Information transfer Information is a most
expensive and valuable production factor in the current environment. Information can be easily
transferred and exchanged from one country to another. If a company has a chance to use
knowledge and information then it means that it can adapt to this global changing. This issue is
similar with the technology transfer issue in global markets. The rapid changing of the market
requires also quick transfer of knowledge and efficient using of that knowledge and information.
9. Increased mergers and joint ventures the globalization allows the businesses access to bigger
markets and associated cost advantages.
Economic Development Globalization provides new opportunities to underdeveloped nations by
allowing them access to new markets around the world. Even tribal groups in nations, can ride
the wave of globalization, selling locally-makes products around the world via the Internet to
raise their standard of living.
A higher level strategizing as a result of globalization, there are used powerful strategies for
marketing and promotion events in many organizations by using electronic tools and
equipment’s such as computer networks, iPod and mobiles are used with the help of internet.
Globalization is the key factor for international business. This new era of globalization brings
with it opportunities and also new considerations and challenges with the dynamics of a free
market. Globalization grant access to benefit from the international division of labor,
technologies, international specialization, inter-cultural exchange and the consumers enjoy a
wider variety of products at lower prices. With globalization, there comes a higher level of
thinking and strategizing. Business evolves in new ways.
References
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Siemens Business Services; "Effects of Globalization on Firms"; Elie Cohen; Oct 2006
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N2 GROWTH; "The Impact of Globalization on Business"; Mike Wyatt; May 2006
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Bloomberg Businessweek; "The Tax Haven That's Saving Google Billions"; Jesse
Drucker; Oct 2010
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