IBUS Studyguide Ch. 1

Market liberalization and adoption of free markets

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Unformatted text preview: industrial markets, where professional buyers source raw materials, parts, and components that are increasingly standardized—that is, very similar in design and structure. Yet, even as converging tastes facilitate the marketing of highly standardized products and services to buyers worldwide, they also promote the loss of traditional lifestyles and values in individual countries. 2. Drivers of market globalization a. Market liberalization and adoption of free markets: The launch of free market reforms in China and the former Soviet Union marked the opening of roughly one- third of the world to freer trade. b. Integration of world financial markets: Enables firms to raise capital, borrow funds, and engage in foreign currency transactions wherever they go. Banks now provide a range of services that facilitate global transactions. a. The tendency of national governments to reduce trade and investment barrie...
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This document was uploaded on 02/27/2014 for the course IBUS 311 at Binghamton University.

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