There are three words that were almost unheard of, until just a few years ago. News and World Report magazines have sections dedicated to them. Do you know what they are? Globalization and the World Market. Now, do every day citizens realize what is truly meant and how closely related they are? Globalization has made this new world market, and the world, as well as the United States of America will benefit greatly from it. There will, however, be some "growing pains" felt by the countries involved. In the end though, the good will outweigh the bad. The world will be a better place.
The phenomenon of globalization is itself global, that is to say, all-encompassing.
It is the general movement of industry into multinational ownership. What globalization above all signals is a fundamental transformation in the primary arena of human economic activity. The marketplace is in effect changing venues. In past times it made sense for economists to take the national economy as their main point of reference, yet this is no longer the case. Therefore, I argue that this denationalization of the market will benefit the world in a greater fashion than the nationalized markets of the past. According to economist Adam Smith in his book, The Wealth of Nations, there is an "invisible hand" that guides the activity of the markets. Smith believes that if people are allowed to pursue their own interest uninterrupted, the greatest good will be produced. Globalization is one direction that the " invisible hand" is leading today's market (Shaw & Berry 153). The new world market promotes the features of and allows for the advancement of capitalism in the world today.
The education process of men and women that are active in the world's business today is, like capitalism, an ongoing process. For one to be competitive in business today, he must be well educated in the multicultural aspects of the business world.