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    1. Introduction

    Globalization has become so crucial in todays era it has affected almost everyone living on this

    globe. It can be on businesses, education, countries, customers, environment, trade, world regulation

    and etc. Many people don't realize how much of an affect globalization has because they ignore the

    big picture Almost every aspect of the economy is impacted by globalization.But on this work, the

    main focus would be given to businesses and students. How globalization has impacted international

    businesses and students.

    In order to gain deep understanding and knowledge about globalization and its affects on businesses

    and business students, I have described what globalization is, its both negative and positive impacts

    on businesses and students.

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    2. What is globalization?

    If the word globalization was googled you would get approximately 101 million hits

    which apparently is quite a large amount which is more than the hits received by more

    widely known personalities such as George Washington (56.6million), Angelina Jolie

    (31.2 million), Bill Clinton (37.1 million) .So this proves that globalization is widely

    discussed and is an important issue in todays era. (Boudreaux, 2008)

    But what is globalization? According to (IMF 2006) cited in (Ervin & Smith, 2008, p.2)

    defines globalization as Economic globalization is a historical process, the result of

    human innovation and technological progress. It refers to the increasing integration of

    economies around the world, particularly through trade and financial flows. The term

    sometimes also refers to the movement of people (labour) and knowledge (technology)

    across international borders.

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    3. How globalization has affected international businesses?

    The world is not any longer seen as several nations on one continent but rather as a whole.

    On the world of international business globalization has a major impact. In the context of

    international business environment the world seems to shrink, time seems to shrink and

    even borders between countries have started to disappear.

    (Global business environment, p.1)

    The world is shifting towards a more integrated global economy both the large and small

    businesses are becoming international businesses. Therefore international businesses

    should be aware that they cannot really manage these international businesses in the same

    way they manage domestic business since countries are different and way the businesses

    operate in each country differs too. For example: a countries culture, political systems,

    economic systems, legal systems and levels of economic development differ from each

    other. Marketing a product for Great Britain requires a different approach than marketing

    a product for china. Therefore international businesses should be able to adopt these

    changes in order to be successful in this global economy. (Marios et al, 2007)

    Globalization has affected international businesses in many ways. It can be positively and

    negatively.

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    3.1 On the positive side,

    it has improved communication between countries thus businesses are easier to

    operate,

    Provides latest news about other international businesses,

    Provides businesses with cheap labour,

    Opportunity for free trade deregulation of anti-trust laws has reduced quotas and

    tariffs.

    Opened up new markets in the fields of banking, insurance and transport which

    businesses can benefit from.

    New communication tools such as internet and electronic mail has linked many

    business people together where they can share information and make new deals.

    3.2 On the negative side;

    Globalization has reduced the prices of imports so many businesses find it harder

    to compete with these imports.

    The exchange rate tend to fluctuate more often than before therefore this can affect

    businesses as if currency appreciates it can make imports more cheaper and exports

    to be expensive. Therefore the goods and services exported to other countries may

    seem more expensive. Thus demand for exports reduces.

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    Also another impact of globalization is that prices of oil and gases constantly

    increase. Gas and oil is seen to be used for personal use as well as whole economy

    therefore it ultimately increases business costs.

    (Gilman, n.d)

    4. How has globalization affected international business students?

    In the perspective of education many educational institutes include the term global in

    their mission statement to show that they produce globally competent graduates from

    their institutes. Globalization has opened up avenues for these educational institutes to

    attract international students, research collaborations and even making distance learning

    possible around the world. Thus these activities have contributed to the

    internationalization of these institutes.

    4.1 Positive impacts

    When educational institutes become globalized the education they provide to the students

    will also be of global standard. For example in my point of view as a student studying

    international business I will be able to gain wider knowledge about different cultures,

    histories and languages and how to be adaptive to different cultural settings when doing

    international business. Through globalization there is possibility of collaboration of

    different institutes in other countries and get to know their way of teaching and learning

    and even how they do research. I will be able to get know how other institutes in other

    parts of the world do the same subject I study in my country.

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    Technology and globalization goes well in hand with each other. The very reason why the

    world is globalized today could be seen due to the factor technology. Technology has

    provided easy paths for students and faculties to access counterparts all around the world.

    Through internets audio and video technology it has created new kinds of collaborations.

    I will be able to get online notes about international business just from home which will

    enable me to prepare for my lectures. But whether these kinds of collaborations can really

    give the exposure for students to learn about new business cultures is still on doubt.

    As a student learning international business globalization has allowed me to look beyond

    the boundaries of my country. The line between domestic and international is becoming

    blurry due to globalization. As a student of international business I will be sooner

    emerging to the globalized economy where I would be working in another part of the

    country. Therefore the ability to work with multicultural teams and understand cultural

    paradigms are important practical skills I should have. The very reason Im studying

    international business unit as part of my degree is because of globalization.

    Globalization has allowed me to combine academic and entrepreneurial aspects together

    and make it mutually reinforcing by studying international business. I would be able to

    become a globally competent employee needed by all businesses. (Green & Baer, 2003)

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    4.2 Negative impacts

    Globalization has its own pros and cons; just like we embrace the advantages it has given

    us we should know that it has some inevitable impacts on students like us.

    Globalization has created inequalities and conflicts between different cultures and the

    dominant cultures are happened be on the lead. As a student studying international

    business it has made me or rather forced me to embrace those dominant cultures just to be

    competent on the global market. Also globalization has made me to compete with students

    all around world who study about international business. Due to globalization many

    students are now attending graduate and post graduate courses therefore Standard has been

    raised due to globalization. I will have to compete with other students all around the world

    to be a competent employee in the globalized labour market. Further more globalization

    has made graduated students who come out institutes to go look for work outside the

    borders of our country. Simply because international migration has become so common

    nowadays the rich countries benefit from our investments in human capital. As a student

    studying international business this globalization has made us option less.

    Knowledge of international business and its operations has become so vital and has been

    the key resource to economic growth. Nowadays workers are required to be knowledge

    workers rather than just simple workers. Without knowledge, workers are subjected to

    marginalization and progressive exclusion. So globalization has impacted me as a student

    of international business to be more knowledge based when emerging to the global

    economy. (Burbules & Torres, 2004)

    Due to globalization, as a business student if Im unable to be prepared for a lifetime

    learning and cannot adapt to new technology or cannot synthesize knowledge from

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    multiple disciplines often learning new languages and cultures I would be facing

    diminishing well being of my future career. Also I should be able to appreciate other

    cultures and give importance to them or else I would face hostility when emerged to the

    global economy. (Surez-Orozco & Qin-Hilliard, 2004)

    5. Conclusion

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    In conclusion globalizations have had a major impact on both the international businesses

    and students studying international businesses. It has created both negative and positive

    impacts on these two aspects. Accordingly, globalization is not only something that will

    concern and threaten us in the future, but something that is taking place in the present and

    to which we must first open our eyes. But however it is said that arguing against

    globalization is like arguing against the laws of gravity.

    6. References

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    Boudreaux, J (2008) Globalization. Greenwood guides to business and economics ISSN

    1559-2367

    Burbules C.Nicholas & Torres C.Alberto (2004) Globalization and education: Critical

    Perspective. Routledge Ltd, New York, United States of America.

    Ervin, J & Smith, Z.A (2008) Globalization: a reference handbook. Library of Congress

    Cataloguing-in-Publication Data.

    Gilman, R. (n.d) Globalization Effects on Businesses. Retrieved from

    http://ezinearticles.com/?Globalization-Effects-on-Businesses&id=3975609

    Global business environment (2009) Druck and Bindung books on demand GmbH

    nordestetd Germany ISBN 978-3-640-39507-1

    Green, M & Baer, M (2003) What does globalization mean in teaching and learning.

    Issues in Transformation debates

    Marios I, Katsioloudes, Spyros H (2007) International business: global perspective.

    Library cataloguing in publication data.

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    Surez-Orozco, M & Qin-Hilliard B. (2004) Globalization: Culture and education in

    new millennium. University of California press, Ltd. London, England

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