GLOBALIZATION AND ITS IMPACT ON BUSINESS MANAGEMENT AND ECONOMIC POLICIES

Abstract

Globalization has transformed the landscape of business management and economic policymaking by intensifying cross-border interdependence and reshaping institutional frameworks. This review article synthesizes contemporary research and policy reports to examine how globalization influences corporate strategies, human resource management, marketing, operations, and supply chain design, while also redefining trade, fiscal, labor, and sustainability policies. Classical and modern theoretical frameworks—including the eclectic paradigm, geopolitical critiques, and resilience-based models—provide the foundation for understanding globalization’s dynamics.

The review highlights how firms leverage digital platforms, global value chains, and glocalized marketing strategies to remain competitive, yet simultaneously face challenges such as supply chain fragility, inequality, and cultural homogenization. For policymakers, globalization presents both opportunities and risks: liberalized trade and investment flows drive growth, but require careful calibration to mitigate volatility, inequality, and environmental harm. Emerging trends—including digital globalization, ESG integration, deglobalization and regionalization, and shifting geopolitical alignments—illustrate that globalization is not declining but evolving into more fragmented, technology-driven, and sustainability-oriented forms.

By integrating business and policy perspectives, this article demonstrates that the future of globalization depends on adaptive strategies that balance openness with resilience, competitiveness with inclusivity, and economic growth with sustainability. These insights contribute to ongoing debates on how firms and governments can navigate globalization’s complex, contested, and evolving nature.