Reference no: EM133039765

Below is my write up which i would like reviewed to confirm that it provides an adequate response to the prompt. 

Explain the concept of globalization and its impact on American business. 

From an economics perspective, globalization means expanding cultural, political, and economic connections between people worldwide, which is evident in the increased buying and selling of goods, services, and assets across national borders resulting in international trade and financial capital flows. According to Debra Johnson (2010), globalization can be defined as the process of international integration and connectivity politically, economically, and socially between states to exchange ideas, views, products, and other significant aspects of life. People have become more connected across borders through the internet, cultural trends, and technology through globalization. Advocates say globalization represents free trade, thus promoting global economic growth, creating jobs, increasing market competitiveness, and low consumer prices. 

Through globalization, there has been increased competition in relation to the costs and prices of services and products, development of the transportation sector, and improved technological adaptation to manage long-distance economic connections of production and sales as it applies to American businesses. The impact of globalization on American companies are as follows:

• Opening of new markets - Globalization has made it easier for industries in America to sell their products globally (Buckley, 2002). With trade restrictions lifted, taxes reduced, and low consumer prices, it is more accessible for businesses to cross the borders and enter foreign markets. International trade, which is a product of globalization, provided numerous opportunities for American companies to sell their products abroad and import products and services from other countries, thus improving the country's export/Gross Domestic Product (GDP) ratio. Microsoft, Starbucks, GMC are examples of American businesses that benefitted from new market opportunities.
• Creation of employment opportunities with the increase in manufacturing industries - Given the local manufacturing companies have expertise in producing a particular component or part required by a foreign company, and there are increased employment opportunities to increase production capacity and delivery.
• Improvement in technology, thus leading to market efficiency.
• Rise the standard of living of American citizens 

References 

• Buckley, P. J. (2002, June 1). Is the International Business Research Agenda Running Out of steam? Journal of International Business Studies. Retrieved October 26, 2021, from https://link.springer.com/article/10.1057/palgrave.jibs.8491021. 
• Debra Johnson, C. T. (2010, May 11). International business: Themes and issues in the modern Global Econom. Taylor & Francis. Retrieved October 26, 2021, from https://doi.org/10.4324/9780203861615.