Contemporary society refers to a process of creating and enhancing interconnection between human beings by integrating technology, innovation and globalisation (Herbert, 2017). This project discuss about the positive as well as negative impact of migrant, technology, change in political power and social media over international businesses.
P1. Impact of migrants and remittance on host country
Migrants refers to the persons that move from their country of origin to different nation in search of work or to improve living conditions (Chang, 2016). Migrants has an huge impact over the growth of home country, as brain drain may reduce the skilled employees from country that limits the development opportunity of country (Lewis and Peri, 2015). But on the other hand it also have positive impact over the trade as migrants help in creating business networks and flow of FDI in country (Lee and Gereffi, 2015). This support toward economical development of country of origin (Arango and Baldwin-Edwards, 2014).
On the other hand remittance refers to the amount of money which migrants send to their home country. It contribute toward the economical growth of country by continuing the flow of fund from host to home country (Dustmann, Schönberg and Stuhler, 2016).
P2. How technology facilitate international business
Technology plays an essential role in performing business operations effectively by lowering the trade barrier and globalization of product as well as market (Martin, 2017). Most important way through which technology facilitates international business is through:
- Using electronic communication that make it easier for business to transfer and assess information related to market, trend, products and business data much quickly and from any place throughout the world (Kriegler, and et. al., 2014).
- Technological contribution in transportation like innovation of jet aircraft, super freighters, containerization etc. has simplified the process of shipping goods at each corner of world (Aïssa, Jebli and Youssef, 2014).
- Technology also support in simplifying the business operations by alternating the paper work with digitalisation of work using computer that saves time (Mander, 2014).
P3. Impact of changes in political power over global trade
Government power and policies has an huge impact over global trade as they intervene in business operations for protecting nation's economy as well as social, cultural and economic structure (Bowe, Martin and Manns, 2014). With the changes in political power several rules and regulations related to tariffs, import-export financing, currency control and administrative policies get affected or changed. This affect the way a company operates its business globally as it sometimes imposes trade restrictions or increases tax rate which affect its revenue (Drainville, 2017). Apart from this changes in political power sometimes bring positive impact over the business operations by reducing the barrier to international trade that provide several growth opportunities to companies (Gilpin, 2018).
P4. Member of global society
Global society is a group of world citizens which are divided and segmented through culture, language or ethnicity (Sassen, 2016). But globalisation make it possible to share knowledge & information to each part of world that contribute toward creating collaborative culture where people works together despite of their culture and language differences (Sassen, 2018). I also consider myself as a part of global society as I communicate with people belongs to different culture and work with them to learn new things.
P5. How social media influence the spread of global culture
Social media refers to a group of websites that enable user to communicate and share their view to people belong to different culture, religion or region (Vermeulen, 2015). Social media plays an essential role in globalisation of businesses by connecting people from different places over a single network (6 ways social media is changing the world, 2018). It help people to communicate about their views, culture, value which help in promoting and informing about different culture that are exists at different locations around globe (Gereffi and Lee, 2016).
From above given report it can be concluded that globalisation plays an essential role toward the social and economical growth of countries. Apart from this technology is consider as major factor that promote internationalisation by reducing trade barriers.