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480 lecture 1 - LECTURE 1 Globalization and Payments among...

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LECTURE 1 Globalization and Payments among Nations
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Globalization Defined Globalization: the ongoing social, economic, and political process that deepens and broadens the relationships and inter- dependencies amongst nations—their people, their firms, their organizations, and their governments International business facilitates the globalization process.
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The Forces Behind Globalization Increased expansion and technological improvements in transportation and communications networks Liberalization of cross-border trade and resource movements Development of services that support international business activities Growing consumer demand for foreign products Increased global competition Changing political and economic situations Expanded cross-national treaties and agreements
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The Criticisms of Globalization Threats to national sovereignty Negative costs of economic growth Increasing income inequality Antiglobalization forces may use both peaceful and violent means to stop or slow the globalization process. Offshoring (the transferring of production to foreign sites) is particularly controversial.
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Reasons That Firms Engage in International Business To expand sales Volkswagen [Germany] Ericsson [Sweden] Michelin [France] Nestlé [Switzerland] IBM [USA] Magna [Canada] Sony [Japan] [continued]
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To acquire resources Products, components, services Foreign capital Technologies Information To minimize risk Take advantage of business cycle differences amongst countries Diversify suppliers across countries Counter competitors’ advantages
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Modes of Entry into International Business Merchandise exports and imports
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