Open AccessGLOBALIZATION AND THE ECONOMY: EVENTS AND TRENDS FROM NIGERIA
Author(s) -
D.I Ochonogor,
Edwinah Amah
Publication year - 2021
Publication title -
african journal of business and economic development
Language(s) - English
Resource type - Journals
ISSN - 2782-7658
DOI - 10.46654/ajbed.1507
Subject(s) - globalization , context (archaeology) , corporate governance , economic system , competition (biology) , profit (economics) , business , economy , economics , market economy , management , geography , neoclassical economics , ecology , archaeology , biology
Globalization has contributed greatly to the advancement of organizations, institutions, societies, and nations in several ways, to the point where most entities are increasingly leveraging on it for the expansion and growth they desire, and how this would translate into increased profit. This paper review global economic systems, institutions, organization, governance, and development under the purview of globalization and its components. The theory of transformationalism was adopted to serve as an undergirding theory for globalization in this context. A vigorous and extensive review was accordingly conducted and submissions were made based on the aim of this research paper. It was concluded that the managerial implication of not leveraging on globalization leaves employees obsolete, ineffective and inefficient which will be inevitably evident in the economy; while over-reliance on globalization could destroy nearly any economy because it breaks geographical and national boundaries and makeslocal firms vulnerable in the global space, thereby exposing them to stiffer and unhealthy competition with more economically viable international organizations, in which thesecountries’ low global production cannot compete or match.