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Globalization What Is Globalization, and What Are Some of the Traditional International Trade Theories That Support the Concept of Globalization? Globalization Is Defined as a Shift Towards an Integrated World Economy (

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Globalization What is globalization, and what are some of the traditional international trade theories that support the concept of globalization? Globalization is defined as a shift towards an integrated world economy (Hill, 2009). Globalization can be explained in many ways, one is the globalization of production. For example, computer hardware or software, cell phones, food, and music are all products that are distributed globally. Globalization is the process in which economies of countries all over the globe become integrated over time leading to organizations having access to a larger market base and customers having access to a greater variety of goods and services. Globalization is also a method of communication and integration among the consumers, organizations, and governments of different nations, which is driven by international trade and investment and assisted by information technology. This process has effects on the environment, culture, political systems, economic development, and on human nature in societies around the world. Supporting the concept of globalization are several traditional international trade theories, including Free Trade, New Trade, and Mercantilism. List the major drivers of globalization and give three examples of each. Several drivers underline the continued trend of globalization in today’s popular culture. The first is the decline in barriers to the free flow of goods, services, and capital (Hill, 2009). Companies operate and produce goods at the optimal location for that activity. Countries are able to focus on their strengths instead of trying to produce everything in one place. Overcoming blocks such as foreign direct investments, high tariff and retaliating trade policies has led to the opening of the world market. Another driver is the technological change, particularly the...

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