Business Strategy -------- (Degree Module) Essay

Business Strategy -------- (Degree Module) - Essay Example The portuguese were also involved in these early forms of globalization by the 16th century as they conducted their global explorations. These explolarions are known to have created connections between continents, world populations and economic systems. Colonization also largely contributed to globalization of trade, mixture of world cultures and religion. In the recen years, there has been a wave of globalization that can be attributed to four major drivers for change. These include technological advancement, social cultural aspects, economic and political drivers. Technological advancement has played a significant role in reducing the time and cost of travelling and transportation of goods. It has increased the efficiency of service delivery globally. For example, air transport has enabled traders in perishable commodities such as horticultural products to effectively transport them to differnt continents without suffering losses or incurring extra costs of rifrigeration facilities. Before the modern transport systems, it took a number of days to move from one country to another. Recent developments in communication technology have also had a significant impact on globalization. Global social interractions have been facilitated by the use of internet technology. More over, this technology has enhanced global trade since people can buy and sell products through the internet. Electronic banking has been on the rise and more and more people are engaging in online trade. It has also led to globalization of education whereby on line learning is cu rrently a major feature of modern education. As world economies strive to achieve economic growth, they are tending to engage in international trade where they engage in foreign direct investment. This has led to establishment of multinational companies with the aim of utilizing the available opportunities through expanding their markets in foreign countries. Financial globalization has been effective in