and Foreign Direct Investment
Cross Border Transaction
Business geography involves the application of geographic knowledge and information as well as geospatial techniques in making businesses decisions. Besides the demand, supply and profit equations, it concentrates more on the intangible aspects such as VALUES, CULTURES, DEVELOPMENT, INNOVATION and the aspect of SUSTAINABILITY to make a futuristic business decision. It requires deep understanding of the concept of globalization.
Globalization can be defined as –
“The growing interdependence of countries worldwide through the increasing volume and variety of cross border transactions in goods and services and of international capital flows, and through the more rapid and widespread diffusion of technology” (source: IMF). It is a process that erodes national boundaries, integrates national economies, culture, technologies and governance, and produces complex relations of mutual interdependence.
Global Village: The modern concept of globalization was born academically with the concept of global village. The term global village was popularised by Marshall McLuhan, in his books The Gutenberg Galaxy: The Making of Typographic Man (1962). He pointed out the role of electronic media to create unified communities. He visualized the world as a global village, empowered by electric technology and the instantaneous movement of information. and predicted the World Wide Web almost 30 years before it was invented.
Top down development: Require large scale State (public) investment
Bottom-up development: Social entrepreneurship approach
Sustainable development has been defined in many ways, but the most frequently quoted definition is from Our Common Future, also known as the Brundtland commission Report, 1987 (Geo Harlem Brundtland, former prime minister of Norway, Headed the commission) to the World Commission on environment and development.
“Sustainable development.. is the development that meets the needs of the present without compromising the ability of the future generations to meet their own needs. (Brundtland commission Report, 1987)
Muhamad Yunus received Nobel Price Prize in 2006 for his profound contribution to the development of the rural areas of Bangladesh through Grameen Bank efforts. Here is the link of the Nobel Prize Committee on the facts of the Grameen Bank effort.