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All You Need to Know About Globalization

In: Business and Management

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Globalization of Markets: * One huge global marketplace * Less trade barriers * Global norm (taste and preference) * Same basic products
Globalization of Production: * Sourcing of goods in different part of the world (Lower cost, Better quality)
Global institutions: * Help manage, regulate, and police the global marketplace * Promote the establishment of multinational treaties to govern the global business system * Example: * World Trade Organization (Regulate the world trading system, lower barriers to trade and investment) * International Monetary Fund (Maintain order in the international monetary system, lend money of last resort to countries in crisis) * World Bank (promotes economic development via low interest loans for infrastructure projects) * G20 (Forum with major countries to respond to crisis) * United nations (Maintain international peace and security, develop friendly relations among nations, promote respect for human rights)
Drives of Globalizations: * Decline barriers to free flow of goods, services and capital * Tariff around 4%, more favorable environment for FDI, facilitate global production * Technological change * Internet, transportation technology, microprocessors and telecommunications * Allow to lower cost * Changing demographics of global economy * The changing world output and world trade picture * Developed countries sees its share of world output lower and in contrast developing countries sees its share of world output grow * The changing foreign direct investment picture * Developed countries sees its FDI flows lower and in contrast developing countries sees its FDI flows grow * The changing nature of the multinational enterprise * Number of Non-US multinational…...

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