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Question a: What is meant by "globalization" and how has it affected international trade and foreign direct investment? 1.0 Introduction In recent times, the international business scene has been growing rapidly and is closely influenced by global events and forces. International business is carried out today within an integrated, global environment which comprises of three main elements, which are ( Wild, 2003 ) : 1. Many national business environments 2. The international business environment 3. International business management As national business environments seek to become more engaged in international business, they have slowly removed national economic barriers that once existed to protect their local business from stiff international competition. This has brought upon the world a business phenomenon that has been termed as globalization. 1.1 Globalization Globalization can be defined as the trend toward greater interdependence among national institutions and economies (Wild, 2003). It can also be said that globalization is basically the cross-border exchange of...

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