Technology and Innovations
Technology is the active application of scientific knowledge while innovation is the improvement and introduction of new ways of doing things (Morrison, 2011). Most companies around the world invest allot of resources in research and development program which promotes technological innovation since this often allows them to initiate new products and services in their markets thus making them more competitive.
The technological advancement of first world countries like the United States and Germany is what has made these nations to be more developed as compared to others. Some of the factors that have made the first world countries to be more technologically advanced are such as presences of a skilled workforce, the availability of financial resources, supportive government policies, and availability numerous education and training facilities (Morrison, 2011). To protect a new innovative idea from being exploited by a competing firm most organizations often file for intellectual property rights like patents, copyrights, and trademarks. However, for the invention to be patentable, it has to be new and useful in relation to its related industry.
A global trend like technology diffusion which involves the gradual acquisition of technology from other countries has positively impacted the world since it has for instance allowed developing countries to economically grow thus bridging the gap between the first world and developing countries.
Confronting Global Challenges- Ecology and Climate Change
The environment is the surroundings of living things while ecology is the relation between different species of living organisms and their habitats (Morrison, 2011). The process of urbanization and industrialization by human beings has significantly contributed to environmental degradation thus threatening the existence of different organisms. The change in climate is one of the most evident adverse effects of human activities that have been experienced in most parts of the world.
Climatic changes caused by factors like global warming has led to droughts, desertification, hurricanes, and floods thus threatening the existence of different living organisms. According to Morrison (2011), non-governmental organizations such as the United Nations (UN) have formed bodies like the Intergovernmental Panel on Climate Change (IPCC) to prevent climatic changes by regulating business activities. These measures have however been negatively viewed by most businesses since they have significantly raised their operating costs. The concerns over the increase in pollution have forced most nations to formulate policies that facilitate recycling and proper waste disposal thus promoting sustainable development.
Ethics and Social Responsibility
According to Morris (2011), ethics are the values which determine whether a particular act is right or wrong. Social responsibility, on the other hand, defines the duty of a business to ensure that all its stakeholders benefit from its activities. The ethical standards and corporate social responsibility observed by firms across the globe differ since countries have different laws and regulations.
However, through the efforts of international bodies like the United Nations in promoting standardization of human rights. Countries have agreed to abide by stipulations highlighted on documents like the Universal Declaration of Human Rights (UNDHR) thus leading to global standardization of ethical policies (Morris, 2011). This has seen nations making universally accepted safety, trading, and labor standards thus ensuring employees, consumers, and the firms' interests are equally considered. Companies' engagement in corporate social responsibilities has made businesses to be more sustainable since it has allowed firms to not only focus on their economic gain but also in the effects of the business activities to the environment.
Challenges and Responsibilities
Globalization has significantly contributed to the growth of business and the development of various nations since it has promoted international trade and sharing of innovative ideas. However, it has also caused countries to face numerous challenges relating to factors such as social responsibilities, sustainability, and governance thus adversely affecting the lives of its citizens (Morris, 2011).
Globalization has for example promoted efficiency in production at the cost of instigating climatic changes thus threatening the sustainability of businesses and existence of men. Government instability, selfish political ambitions, and corruption among government officials have lead companies to ignore laws that protect small business from unfair competition and consumers from being exploited. The ignorance of social responsibility has led employees to be poorly paid and over worked. The success of global set policies concerning business activities, for example, the climate change agreements at the Paris conference would depend on the efforts of nations in integrating the rule and policies they had discussed with their laws.Reference
Morrison, J. (2011). The global business environment: Meeting the challenges. PalgraveMacmillan.
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