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ISSN : 2234-3040(Print)
ISSN : 2234-3059(Online)
The East Asian Journal of Business Management Vol.3 No.2 pp.31-37
DOI : https://doi.org/10.13106/eajbm.2013.vol3.no2.31.

The impact of globalization on business and economic development in Zimbabwe

Stephen Mago*, Gabriel Musasa**, Jephias Matunhu***

* Corresponding Author, Lecturer, Faculty of Commerce; Department of Accounting and IS, Great Zimbabwe University, P.O. Box 1235, Masvingo, Zimbabwe. E-mail: stepmago@gmail.com.
** Department of Development Studies,University of Fort Hare, P. Bag X1314 , 5700, Alice, South Africa.
*** Midlands State University Development Studies, P. Bag 9055 Gweru Zimbabwe.

Received: July 19, 2013. Revised: September 16, 2013. Accepted: September 16, 2013.

Abstract

Purpose - This paper objectively analyzes the effects of globalizationon Zimbabwe’s business and economic developmentusing the Business in Context (BIC) model.
Research design, data, methodology - We employed aqualitative research methodology, following an exploratory secondaryresearch design in this paper.
Results - The findings reveal that businesses in Zimbabwehave benefited from globalization as it has drawn investmentsfrom international companies in the country. In addition, thebusiness sector is benefiting from the economies of scale realizedfrom the investments made by companies in Africa, EastAsia, Europe, and America. However, we also discover thatglobalization has resulted in the proliferation of cheap sub-standardgoods and services from East Asia, and has increasedcompetition between indigenous companies and foreign-ownedmultinationals.
Conclusions - Our findings suggest that globalization has bothpositive and negative effects on business and economic developmentin Africa in general, and Zimbabwe in particular.However, we note that the advantages, to a certain extent, outweighthe disadvantages. What, then, could be the way forwardfor Zimbabwe, in the face of globalization? As a solution, thispaper recommends the development of a policy on global associationsby the Zimbabwean government, to enhance businessand economic development.


JEL Classifications : F01, F02, F23, F41, M16.

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