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A company is influenced by its environment. Many environmental factors, especially economical or social factors, play a big role in a company's decisions, because the analysis and the monitoring of those factors reveal chances and risks for the company's business. This environmental framework also gives information about location issues.
Whereas the globalization of business is centered around the diminution of international trade regulations as well as tariffs, taxes, and other impediments that suppresses global trade, economic globalization is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world ...
According to Townsend, business ecology is the study of the reciprocal relationship between business and organisms and their environments. The goal of this "business ecology" is sustainability through the complete ecological synchronization and integration of a business with the sites that it inhabits, uses, and affects. [18]
A sustainable business, or a green business, is an enterprise with (or aims to have) a minimal negative impact or potentially a positive effect on the global or local environment, community, society, or economy. This business attempts to meet the triple bottom line.
Studies have shown that if the quality of the internal and external relationship is good, it generates a positive effect on the benefits of local sustainable development and worker well-being, as well as indirect financial benefits in addition to the financial performance of businesses. [74]
Economic globalization is the intensification and stretching of economic interrelations around the globe. [3] [4] It encompasses such things as the emergence of a new global economic order, the internationalization of trade and finance, the changing power of transnational corporations, and the enhanced role of international economic institutions.
Regulation of global business practices has seen a significant shift from governmental to private, as companies are increasingly held accountable by consumers and society as a whole. [12] Numerous sustainability standards have been developed since the 1970s, and new standards continuously appear. [11]
[2] [5] While economic globalization has environmental impacts, those impacts should not be confused with the concept of environmental globalization. [4] In some regards, environmental globalization is in direct opposition to economic globalization, particularly when the latter is described as encouraging trade, and the former, as promoting pro ...