FVC1 - Global Business - Cohort Recording Notes.docx - FVC1...

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FVC1 – Global Business Chapters 1, 2, 8, 9, 11, 12 are big parts of OA Chapter 1 – 7 Qs, Chapter 2 – 5 Qs, Chapter 11 – 6 Qs, Chapter 12 – 8 Qs Cohort Session 1 (Ch 1-3) Chapter 1 – Rise of Globalization 1. What is Globalization? a. 5 Characteristics i. ALL about removing barriers ii. Economic Side 1. Trade Barriers 2. Investment iii. Political Side 1. Political System iv. Social Side 1. IT 2. Culture b. Benefits – Sharing Resources, Nat’l Integration, Consumer Choice, Increase living standards/adds jobs of exporting country c. Cons – Loss of jobs on importing country 2. How to Facilitate/Promote Globalization – 3 Major Int’l Institutions a. IMF – Int’l Monetary Fund – Focuses on International Transactions i. Oversee the stability of the int’l monetary system ii. Economic surveillance: monitoring economic activity around the globe iii. Advising countries to adopt policies that are liked to stable and growing economies iv. Provides tech assistance to help with creating monetary and financial policies and to promote sound fiscal policy and management v. The Fund also makes short-term loans to deal with debt and financial crises as well as to correct balance of payment problems and maintain exchange rate stability b. World Bank – Focuses on Long Term, Low Interest Loans for development projects to fight poverty (Foreign Direct Investments) i. World Bank Group is 5 constituent institutions aimed at restructuring economies, promoting investment and reducing poverty ii. Provides loans used for development projects iii. Provides economic and technical advice iv. Promotes foreign direct investment by facilitating foreign and domestic partnerships v. Offers insurance against noncemmercial and political risk vi. Helps resolve disputes related to foreign direct investment c. World Trade Org – WTO – Focuses on Free International Trade Barriers i. Encourages international trade through the lowering of trade barriers, and settles trade disputes ii. Expanded through successive negotiations called “rounds” iii. A forum for negotiations to reduce tariff and non-tariff barriers to trade iv. Oversees trade agreements and facilitates disputes between member countries v. Promotes equality among trading partners and works to promote fair competition in the market vi. Provides tech assistance to emerging economies to become competitive with more advanced economies

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