A Scholarly Review of Global Business Indications and Economic Trends: Understanding International Competitiveness, Economic Globalization, and Digitization Through the Lens of the COVID-19 Pandemic and the New Normal

ABSTRACT

The nature and evolution of global businesses and international economics have experienced far volatility than social construction of free trade since early 1800's. Generally, trade theories investigated between mainstream international economics and global businesses support multiple aspects of politics, geography, culture, ethnic studies, anthropological perspectives, and sociological ideas. Within these dimensions remain interspersed boundless ethical values and ethical concepts of doing global business successfully. The current framework of economic globalization is examined by challenging assumptions spread across themes of internationalism, entrepreneurialism, colonialism, imperialism, and harmonization of trade organizations and agreements. Multiple aspects of globalization are analyzed through institutionalization and several ideological developments. We examine ethical standards and codes of international free trade and global economics of institutions and organizations. Global dimensions of digitization of business practices and international competitiveness of corporations are explored through themes of artificial intelligence, sustainability, automation, robotification, and organizational structures and designs. We conclude with discussions of impacts of COVID-19 pandemic on technological transformations, digital trends, and virtualization of contemporaneous international market management and sustainable development of communities.