the importance of debate as it helps everyone to think deeply into the topics

The importance of debate as it helps everyone to

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the importance of debate as it helps everyone to think deeply into the topics and expand everyone’s knowledge greatly through doing research, arguing, and answering questions. 2) What were the major points, lessons and concepts in this session? Be sure to include key ideas and concepts from the assigned chapter/article and case. The major point that is covered in this session is globalization – the trend towards a more integrated global economic system. In class, we talked about globalization of market and globalization of production. Globalization of market is the merging of historically distinct and separate national markets into one huge global marketplace. An example of globalization of market is Starbucks, where it operates in 76 countries in total. On the other side, globalization of production is 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. The example of this is Boeing where each component of its airplane is made from different parts of the world. In addition, we also discussed about the state of the world economy today. In general, our world today is a more integrated global economic system with lower barriers to trade and investment. Also, in class, we discussed the WTO and its purpose of maintaining a fair trade and resolve disputes among the countries. Another major point/concept of this session is distance still matters/the CAGE framework. It means that the world is not “flat” and when firms want to expand to another country, there are “distances” (cultural, administrative, geographically, and economics) that they must take into a consideration in order to ensure their success. The case “Walmart around the World” further demonstrates the importance of the CAGE framework as Walmart failed in some countries because they didn’t fully understand their foreign market. Lastly, two other major concepts that
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