Globalisation is a term used to describe the process of integration on a world wide scale of markets and production [Worthington & Britton; 2003]. It attempts to promote higher levels of equality and greater access to world markets by opening up more economies, thereby creating a trading environment with an increased number of nations actively engaged in higher levels of exporting and importing. In today’s world Physical location is becoming less relevant as new technology and increasingly complex international supply links are developed. Brands such as Coca – Cola, McDonald’s BP and Shell are internationally recognised and have become drivers for growth and market dominance [Price; 2006].
For many, Globalisation provides wealth and prosperity to countries which have been economically isolated and provides unity and opportunity to people all over the world to benefit from global trading. In opposition, globalisation spells out loss of sovereignty and individuality, decline in domestic cultures and traditions and the invasion of the natural environment. Critics of the globalisation phenomenon believe exploitation, pollution and greed are all covert yet fundamental elements of globalisation that are devastating as readily as they are beneficial to a country. According to Price other problems associated with globalisation are
1. Reduction in job security as work can be easily moved from one country to another.
2. Undercutting of one country’s wages by another, leading to erosion of wages rates.
3. Exceeding generally accepted working hours and exposure to health and safety risks in order to cut costs.
There are four main factors that have contributed to globalisation over recent years recent ...