The Impact Of Globalization On The Business Economy

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Assignment front sheet Learner name Assessor name BINOY BALARAM ANU ANTONY Date issued Completion date Submitted on Qualification Unit number and title BTEC LEVEL 7 EDSML UNIT 9: MANAGING CORPORATE RESPONSIBILITY IN THE WIDER BUSINESS ENVIRONMENT Assignment title In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. Criteria reference To achieve the criteria the evidence must show that the student is able to: Task no. Evidence 1 Effect of globalization on national economies. 1.1 7 2 Influence of international institutions on organizations. 1.2 8 3 Explain the role and responsibility of European union membership on the…show more content…
Almost all countries and their economy got affected with it; it widened the scope for world level business and also for liberal trade between two countries. Global integration can be seen from the point of view of any organization in which it accelerated its reach and profit to sky reaching standards. National economies of developed as well as developing countries got affected, globalization helped them to have pace with the growing world but on the same time made growth and development difficult for the domestic marketers. National economies of countries like U.S, Japan, and U.K etc. got benefits as they gained new scope for expansion and broaden their reach in the small countries and expand their businesses. On the other hand, it can be said that developing and underdeveloped countries suffered due to open global market, stiff competition with world level brands and products etc. developing and underdeveloped countries got benefits also from global integration like free trade, scope for development, increase in exports and imports. All these helped the economies of developing and underdeveloped country to get benefits from trade and internationalization of…show more content…
Changing Ownership Structure: In recent years, the ownership structure of companies has changed a lot. Public financial institutions, mutual funds, etc. are the single largest shareholder in most of the large companies. So, they have effective control on the management of the companies. They force the management to use corporate governance. That is, they put pressure on the management to become more efficient, transparent, accountable, etc. They also ask the management to make consumerfriendly policies, to protect all social groups and to protect the environment. So, the changing ownership structure has resulted in corporate governance. 2. Importance of Social Responsibility: Today, social responsibility is given a lot of importance. The Board of Directors has to protect the rights of the customers, employees, shareholders, suppliers, local communities, etc. This is possible only if they use corporate governance. 3. Growing Number of Scams: In recent years, many scams, frauds and corrupt practices have taken place. Misuse and misappropriation of public money are happening everyday in India and worldwide. It is happening in the stock market, banks, financial institutions, companies and government offices. In order to avoid these scams and financial irregularities, many companies have started corporate

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