Remember the old days when foreign companies used to remain foreign and alien to us? Competition meant local competition. If you are looking for a job you would be competing against other applicants in the same region or country. At the most you would have to compete with immigrants from other countries. But even they had come to our country looking for work, not competing from their own native places. In those days the differences between countries were huge.
When you go abroad you would bring back things you bought there because they were a novelty back home. But now you can buy goods made anywhere in the world from anywhere. Not only are they available all around the place, if by some chance they are only available in that country, you can order it online and it would get shipped to you in no time.
Globalization is the phenomenon that has been sweeping the world of business and changing the way we do business in every possible way. It has changed everything, from the way we source raw materials to where we hire labour from. You can hire people in another country to do the jobs that you used to have people do sitting in your office, and that too at a fraction of the cost.
Globalization has made the entire world a level playing field and enabled anyone with a computer and an internet connection to join the world economy. It put the value squarely on merit. It doesn’t matter if you have a degree from a fancy American college. A kid sitting in some distant country may put you out of business using only what he learnt over the internet. In short globalization is here to stay. How we adapt to it will determine our success in today’s world.