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international business - Chapter 1 Chapter Globalization...

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Chapter 1 Chapter 1 Globalization
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1-2 Introduction In the world economy today, we see a shift away from self-contained national economies with high barriers to cross-border trade and investment a move toward a more integrated global economic system with lower barriers to trade and investment about $3 trillion in foreign exchange transactions taking place everyday over $12 million of goods and some $3 trillion of services being sold across national borders the establishment of international institutions
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1-3 Introduction The effects of this trend can be seen in the cars people drive in the food people eat in the jobs where people work in the clothes people wear in many other ways
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1-4 What Is Globalization? Question: What is globalization? Globalization refers to the trend towards a more integrated global economic system Two key facets of globalization are: the globalization of markets the globalization of production
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1-5 Classroom Performance System The trend away from distinct national economic units and toward one huge global market is known as a) Internationalization b) Economic integration c) Globalization d) Privatization
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1-6 The Globalization of Markets The globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace In many markets today, the tastes and preferences of consumers in different nations are converging upon some global norm Examples of this trend include Coca Cola, Starbucks, Sony PlayStation, and McDonald’s hamburgers
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1-7 The Globalization of Production The globalization of production refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (labor energy, land, and capital) The goal for companies is to lower their overall cost structure or improve the quality or functionality of their product and gain competitive advantage Examples of companies doing this include Boeing and Vizio
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1-8 The Emergence of Global Institutions Several global institutions have emerged to help manage, regulate, and police the global market place promote the establishment of multinational treaties to govern the global business system
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1-9 The Emergence of Global Institutions Notable global institutions include the World Trade Organization (WTO) which is responsible for policing the world trading system and ensuring that nations adhere to the rules established in WTO treaties In 2008, 151 nations accounting for 97% of world trade were members of the WTO the International Monetary Fund (IMF) which maintains order in the international monetary system
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1-10 The Emergence of Global Institutions the World Bank which promotes economic development the United Nations (UN) which maintains international peace and security, develops friendly relations among nations, cooperates in solving international problems and promotes respect for human rights, and is a center for harmonizing the actions of nations
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