Reflective Summary of the Globalization â€Myassignmenthelp.Com

Question: Discuss About The Reflective Summary Of The Globalization? Answer: Introducation: In a broader sense globalization can be defined as the process through which the organizations develop international influences and thereby can expand their operations internationally. So far I have observed during my course that globalization possesses a twofold effect over the economy. It has both positive as well as negative impacts and in this assignment I will shed light on both of these positive and negative effects so as to develop a better understanding of the process of globalization. Presently the concept of globalization is can be considered as one of the most popular and controversial issues and it has also been identified as one of the most debated issues. A critical review of the concept of globalization will certainly reveal the fact that it is a very complex, prismatic and multidisciplinary topic. I will state that from a very common viewpoint globalization not only concentrates on the economic factors but also incorporates the social, cultural, political and ideological factors in it. Researchers have argued that globalization is a process that is responsible for the widening, deepening and enhancing the interconnectedness of all the aspects of social life which may range from cultural to financial to spiritual aspects (Jamieson, 2011). Among the a few benefits as pointed out by Milana (2012), the most important is the reduction of trade barriers, opening of new markets which imposed significant opportunities in front of the entrepreneurs. Globalization ac tually creates larger opportunities for the countries which are less industrialized and the firms of these countries get a bigger market for their products (Jones, 2013). I have also developed an understanding that the implementation of globalization has significantly increased the accessibility to cash flows, technology, human resource and has reduced the price of imports and increased the size of exports. Moreover, the businesses of the less developed or less industrialized countries got a chance to expand their businesses with the international enterprises (Fjder, 2014). However, I have also pointed out the fact that, on the other side of the spectrum there are a few drawback of the globalization process as well. The major critics of globalization have mentioned that the exorbitant growth of the volume of international trade is in turn aggravating the level of income inequality (Mostafa, 2012). This income inequality was increasing both within the industrialized as well as within the less industrialized countries. The global commercial market is being dominated by the giant corporations whose motive is to maximize profit irrespective of the needs of development of the concerned countries in which they are operating. This is leading the less developed countries towards futility, which is not worth for the global economy as a whole. The process of globalization has also implemented certain protectionist policies as well which in turn is restricting certain countries from the third world to access the benefits of export market (Mostafa, 2012). The enormous volume and the extent of volatility involved with the capital flows significantly enhances the risk of banking sectors and thereby may give rise to currency crises. This will specifically be a situation in countries, which are not financially stable enough. The increasing level of competition among the developed countries in order to attract foreign investors leads to a fierce race towards lowering the price level, which in turn reduces and violates the environmental standards, which should be maintained by the organizations (Mostafa, 2012). Therefore, indirectly globalization also affects the environmental sustainability as well. For instance, I can mention the situation in Latin America the country that is still suffering from the negative effects of globaliz ation. This is the brief summary of what I have understood as the positive and negative effects of globalization. I have observed that like every process globalization also possesses a dark side, however, the bright sides if used efficiently can give rise to significantly fruitful results. Reflective Summary of the Concept of Corporate Social responsibility Now I will focus on the concept of corporate social responsibility. Presently it has become a very common term which can be heard almost everywhere. As defined by Carroll Shabana (2010)corporate social responsibility is defined as the initiatives of the corporations to evaluate and take responsibility of the impacts caused by the company over the environment and the society. Corporate social responsibility is sometimes also abbreviated as CSR is sometimes applied to efforts that crossthelevel that may have been implemented by the environmental regulators or protection groups (Karnani, 2010). In other words corporate social responsibility can also be defined as a management concept through which organizations amalgamates social and environmental issues in their business operations as well as within the interactions with the stakeholders (Karnani, 2010). CSR is therefore simply the way which organizations establishes and maintains a balance of the economic, social and environmental imperatives and at the same time addresses the expectations of the stakeholders effectively. Corporate social responsibility is significantly important for any business entity. This is because it is able to portray both towards the consumers as well the media that the company is interested in the broader social issues that poses a direct impact over the profitability of the organization (Werther Jr Chandler, 2010). These issues are spread within a wide range, this includes national, local and global concerns. This is the key underlying reason for which a socially responsible firm can leave an impact over the purchasing decision of the consumers specifically those customers who try to make an ethical purchase. This in turn gives rise to higher level of profit for the organisations. However, as argued by Singh (2016) developing an efficient and effective corporate social sustainability plan also needs to incorporate a highly trustworthy and commendable reputation. This is because the initiatives regarding social responsibility definitely takes a lot of time to be established. Moreover, through reviewing the literaturesI have observed the fact that when the employees will realise that they are part of a plan that is designed to help the people in need or the disadvantaged people, this will certainly boost their morale. In addition with the other methods of boosting the morale of the employees this will also lead to obtain a greater productivity from the labour force. Knowledge about a product or service that leaves a positive impact over the society can act as a genuine reason to the employees for being delighted and the same also goes for the business owners and the buyers as well (Kitzmueller Shimshack, 2012). On a concluding note it can be said that I have critically evaluated the concepts of globalisation and corporate social responsibility in the light of the available literature in this regard. I have observed that globalisation is a widespread event that affects the economy both positively and negatively. However, the studies regarding this concept reveal the fact that globalisation affects the underdeveloped countries more adversely and positively impacts on the developed nations. Therefore the process makes the developed countries more developed while leaving the underdeveloped in the same situation. O0n the other hand, corporate social responsibility is nowadays recognised as a widespread concept which is used by almost all the organisations. In the era of constant development, corporate social responsibility is important for all the organisations to ensure it is audience that it is responsible towards the environment as well as the society. Hence, it can be stated that corporate s ocial responsibility should be designed and implemented by all the organisations to ensure that the negative impacts over the environment and society are mitigate. References Carroll, A. B., Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice.International journal of management reviews,12(1), 85-105. Fjder, C. (2014). The nation-state, national security and resilience in the age of globalisation.Resilience,2(2), 114-129. Jamieson, L. (2011). Intimacy as a concept: Explaining social change in the context of globalisation or another form of ethnocentricism?.Sociological Research Online,16(4), 15. Jones, R. B. (2013).Globalisation and interdependence in the international political economy: rhetoric and reality. Bloomsbury Publishing. Karnani, A. (2010). The case against corporate social responsibility.Wall Street Journal,23(1), 1-5. Kitzmueller, M., Shimshack, J. (2012). Economic perspectives on corporate social responsibility.Journal of Economic Literature,50(1), 51-84. Milana, M. (2012). Globalisation, transnational policies and adult education.International Review of Education,58(6), 777-797. Mostafa, M. M. (2012). Does globalisation affect consumers' pro-environmental intentions? A multilevel analysis across 25 countries.International Journal of Sustainable Development World Ecology,19(3), 229-237. Singh, B. J. R. (2016). Corporate social responsibility in India.International Journal of Higher Education Research Development,1(1), 1-7. Werther Jr, W. B., Chandler, D. (2010).Strategic corporate social responsibility: Stakeholders in a global environment. Sage publications.