Globalization has allowed corporations to transcend boundaries and benefit from the comparative advantage of countries -- generally cost effective labor force, but also technological superiority or an abundance of natural resources. This increased access to resources further enhanced production capabilities, access to customers and finally, competition. The modern day business community is extremely dynamic and competitive and this is mostly due to globalization. The impact of this feature onto human resource management is that the HR practices and policies have to be tailored to suit the needs of this competitive context. For instance, HR departments are in charge of recruiting the highest skilled and capable candidates, regardless of geographic boundaries. They must also implement more aggressive strategies to train the staff members, retain them and increase their performances, all with the ultimate aim of having them support the organization in overcoming its competitors.
In the same order of ideas, it can be argued that globalization forced employers to recognize the importance of their staff members. Prior to the intensification of the global competition, managers would perceive their staff members as the force operating the machines and nothing more. As globalization aroused however, business owners were forced to recognize the employees as the most valuable assets of the entity, for the simple reason that they had the ability to create high quality products and services that satisfied the needs of the customers or for the reason that employees represented the company's liaison with the clients, and as such also determined customer satisfaction. Due to the strong link between customer satisfaction and organizational profits, company leaders found it necessary to increase the performances of the employees, through a wide variety of efforts, organized today under the generic term of human resource management. All in all then, the direct impact of globalization onto HRM has been that of creating a necessity and a context for the implementation of the employee management regulations.
3.
HYPER-GLOBALIZATION
The definition of globalization pointed out that the existence of the force is not a new one, but that the phenomenon had been present for decades, and that today it is only intensifying, rather than emerging. The same cannot however be argued by hyper-globalization, a concept used to describe ideas of uniform and complete globalization and the creation of a world that would not reveal any national or individual features, but would all be united by the same values and principles. The totality of the globe's populations would be free to travel as they please to any possible location, set homes there and get jobs. "The hyperglobalization thesis is that the world is experiencing something entirely new, fundamentally different than anything that has gone before, which will ultimately transform the nature of human life on earth in very radical ways" (Lewellen, 2002).
The actual model that would lead to the creation of a hyper-globalized world is not in its essence established. Yet, what is generally accepted is the fact that the promoters of hyper-globalization would be the countries which are already opened to globalization and which guide their economic actions by the norms of the free international market. The competition stands all chances of being fair and friendly, due to the implementation of the best practices. The powers of the political parties within such a hyper-globalized market are virtually inexistent. Basically, this means that the nation state would seize to exist as a political formation. Additionally, as the cultural, technological, religious and other life stands become combined to form a unified set of principles, the nation state would also disengage as a formation; it would become a "casualty of globalization" (Hay, 2007, p.127). Particularizing this belief to the labor market, the conclusion indicates that, in cases of materialized hyper-globalization, the market for the labor force would lose any national characteristics, and would be formed and guided as required by the principles of hyper-globalization. Despite the fact that this is not yet the case, fact remains that such a situation could easily come true. The following section is focused on revealing several means in which the stability of the nation state is being threatened.
4.
MODERN CHALLENGES for the NATION STATE
It is without any doubt that globalization represents the major challenge posed in front of the nation state. On the one hand, the nation state strives to preserve its cultural heritage and values, whereas globalization forces it to embrace new features and develop alongside with the international context. These two stands are often conflicting and embracing globalization could easily be perceived as the loss...
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As to Latin America and the Caribbean, those nations receive 27% of the committed portfolio for both IFC and MIGA; Latin American and the Caribbean have 8.6% of their populations living under $1 a day. The reason that those two regions are given such a large sum of money is that they have "…larger economies [that are] presumed to have lower overall risk" (Masser, 2009, p. 1716). Masser approaches that
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