Globalization & Global Business
Globalization has been defined as "the inexorable integration of markets, nation-states and technologies to a degree never witnessed before--in a way that is enabling individuals, corporations and nation-states to reach around the world faster, deeper and cheaper than ever before."

Globalization has changed how business is conducted because global business brings with it changes that include geographic dispersion, computer-mediated communication, time zone differences, and cultural and language differences; all of which have brought unique challenges for leaders to manage global organizations.

Global business can be a powerful force for positive economic and social change and effective global organizations are able to recognize and match their decisions and practices to the various environments; this includes, but is not limited to, economic and market situations, stakeholders' and shareholders' demands, organizational culture, business culture, and national culture.

A major success factor for global organizations is to have globally competent leaders and followers. Global leaders create sustainable prosperity by building real, long-term value for their organizations, their communities, and the world. Individuals working in twenty-first century global organizations must be innovative and creative, practice continuous learning, have values that especially include integrity, have a personal vision, be in charge of their own careers, motivate from within, plan, communicate, and seek harmonious relationships with stakeholders.

A study by Wang, Li, & Mobley, entitled "Advances in Global Leadership" offers much insight into how global leadership has changed the world and what is required for leaders and their organizations to be successful in the global economy. The research done by these experts shows that, combined with advances in technology, modern communications, and travel infrastructure, our world has become increasingly global and that globalization has brought with it increased complexity: societally, politically, economically, organizationally, and individually.