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Describe the process of globalization Explain how globalization affects markets and production
Discussion Questions
What does globalization mean to you? What countries have you visited? What was your experience like? Culture, food, language, etc Would you return to the country? How many of you want to work abroad at some time in your career? Which country(s)?
International Business
Globalization
Trend toward greater economic, cultural, political and technological interdependence among national institutions and economies
Globalization of markets Convergence in buyer preferences in markets around the world Globalization of production Dispersal of production activities worldwide to minimize costs or maximize quality
Benefits of Globalization
Globalization of markets Globalization of production
Challenges to Business
Physical security Digital security Reputational risk
Require ethical and lawful behavior from all employees and business partners
Globalization Drivers I
Remove barriers to trade and investment
GATT WTO
Regional trade agreements
Globalization Drivers II
Technological Innovation
Internet, intranets, and extranets Email and videoconferencing Transportation advancements
Measuring Globalization
Reason
Legitimacy
Civility
Debate
Supporters
Supporters
+ Investment raises
labor standards
Weakens protection of
the environment
Exploits workers in
poor nations
+ Companies concerned
for future markets
Communicate effectively Know the customer Emphasize global awareness Market effectively Monitor business environments
1 2
Inequality within nations Poor people in developing nations benefit most from an open economy
Inequality between nations Nations open to world trade and investment grow faster than rich nations
Global inequality Inequality has fallen, but experts disagree on the extent of the decline
Supporters
Impact on Culture
Opponents
Supporters
Specialize and trade to obtain other goods Import cultural goods from other nations Protects deeper moral and cultural norms
Artistic Influence
Western Values A Force for Good Deeper Values
Multinational Corporation
Business that has direct investments abroad in multiple countries
Review
Describe the process of globalization Explain how globalization affects markets and production
Globalization