Globalization was the buzzword of the 1990s, and in the twenty first century, there is no evidence that globalization will diminish. Essentially, globalization refers to growth of trade and investment, accompanied by the growth in international businesses, and the integration of economies around the world. According to Punnett (2004) the globalization concept is based on a number of relatively simple premises:

• Technological developments have increased the ease and speed of international communication and travel.
• Increased communication and travel have made the world smaller.
• A smaller world means that people are more aware of events outside of their home country, and are more likely to travel to other countries.
• Increased awareness and travel result in a better understanding of foreign opportunities.
• A better understanding of opportunities leads to increases in international trade and investment, and the number of businesses operating across national...