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However, for further evaluation, the assignment approached both terms’ definition as follows: While “International Business” seems to be used predominantly in a wider and more descriptive sense for economic cross boarder trade, “Globalization” is a fairly new term, used to describe the process of a transforming international trade towards more liberalization and its impacts that can supposedly be associated with social-cultural and political changes on a global scale. It is most commonly used to discuss the relationship of trade increase in the past decades with issues like free markets, dissolving of purely national companies, global inequity developments, reduction of national political influence and reduction of cultural diversity in favour standardization and integration as regions become increasingly interconnected and inevitably dependent
on each other (e...
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