Business Ethics and Corporate Governance, Second Edition

FACTORS FACILITATING GLOBALIZATION

In recent times, many factors play a facilitating role to promote and foster international trade. Many developing countries adopted protectionist policies and raised huge tariff barriers for decades to protect their vulnerable home industries from foreign goods. Global business opportunities were also limited by poor communication facilities, slow development of infrastructure, inordinate delays in travel and shipping and a host of non-tariff trade barriers raised by many countries. Today, people can reach any place on the globe in one day and international communication is instantaneous. ‘Business operations can be managed effectively simultaneously’. Increasingly, global corporations set up production units ...