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Business globalization has changed the way companies in the United States operate. Advances in the methodology of international trade have allowed businesses to sell to a worldwide marketplace. Technological advances have enabled businesses to effectively outsource operational processes to foreign countries that have cheaper raw materials and labor. The interoperability of international financial markets has made it easier for businesses to raise money from foreign sources.
There is little doubt that the business landscape has changed drastically as the world has moved into the 21st century. Business globalization makes it imperative that owners, directors, and managers understand the opportunities and threats inherent in lowered barriers to international exchange. Without a firm grasp of how to navigate this new economic landscape, businesses are more likely to fall behind and fail. Some could argue that the global economic downturn is a result of growing pains in financial and labor markets due to business globalization.
The government has a vested interest in business globalization. One of the objectives assigned to the Small Business Administration is to prepare the business industry to effectively compete in the global marketplace. The health of the country's economy depends upon businesses developing new markets that require people in this country to work to meet demand. Read more about business globalization from the links on this Business.com page.