cite the differences international
relations from globalization. Explain.
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Answer:
Differences between Globalization vs Internationalization
Globalization means connecting the economies of the world for free trade and economic policies to integrate the world into the global village. Globalization is at the core in any of the policy planning by the International Monetary Fund(IMF) or United Nations. It is the process of opening the economies of the nation for the other nations and to sync the rules and regulations with other nations. Internationalization means to produce goods or deliver services that have the capability of entering into the international markets and have the standards that are globally accepted. Internationalization means to expand the business and enter into the market of different countries. It is the process in which business, firm or an individual expands and becomes part of the other countries, it may be for goods supply, customer base or such other demand fulfillment.
21st Century is the age of technology which does not have any barrier. Its a century of the world which should not have any constraint, in relation to communication or may be related to trade or commutation or goods movement or it may be related to strategic thinking. In India, from 1991, the wave of the liberal economy started which opened the door for globalization in India. With this, various International brands put their footprints in the Indian Market and many Indian brands started going globally, coming in the limelight of the international market. With these terms like globalization and internationalization were coined by economists and businessmen. Many people are considering both the terms as same, however, they both globalization vs internationalization are different.
From 1991, India accepted Liberalization, Privatization, and Globalisation, and made the economy open for world-class companies to invite foreign investment in the nation. With these various foreign brands like MacDonald, Google, Citi Group, HSBC Inc, Starbucks, etc. started investing in India and Indian brands like Tata, ITC, Reliance, etc. starts expanding outside India and become an eminent leader in their area of work.
Here, we can see that Globalisation is the result with which free and open trades are end result global business markets. To achieve this result, various brands started putting their steps outside the nation and started delivering goods and services that are up to the mark of international standards which is nothing but the internationalization of that brand or product.