Former General Electric CEO Jack Welch (as cited by Dorfman, 1996, p. 268)
argued, "For organizations, globalization is a way of life and organizations must change
by necessity to survive in this new environment." Punnett and Shenkar (2007) noted,
"The term globalization is often used quite loosely, with no systematic attempt to
describe what it actually means" (p. 478). Punnett and Shenkar implied that the
positioning of the term normally depends on one's stance for or against globalization (p.
479). On a broad level, Punnett and Shenkar (2007) defined globalization as "the growth
of international contacts, trade and investment, and the integration of world economies"
(p. 479).