...12 Globalization and International Trade “Globalization” refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace. International trade and cross-border investment flows are the main elements of this integration. Globalization started after World War II but has accelerated considerably since the mid-1980s, driven by two main factors. One involves technological advances that have lowered the costs of transportation, communication, and computation to the extent that it is often economically feasible for a firm to locate different phases of production in different countries. The other factor has to do with the increasing liberalization of trade and capital markets: more and more governments are refusing to protect their economies from foreign competition or influence through import tariffs and nontariff barriers such as import quotas, export restraints, and legal prohibitions. A number of international institutions established in the wake of World War II—including the World Bank, International Monetary Fund (IMF), and General Agreement on Tariffs and Trade (GATT), succeeded in 1995 by the World Trade Organization (WTO)—have played an 66 important role in promoting free trade in place of protectionism. Empirical evidence suggests that globalization has significantly boosted economic growth in East Asian economies such as Hong Kong (China), the Republic of Korea, and Singapore....
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...uz/Shared%20Documents/Forms/AllItems.aspx - Coursework online submission instructions.doc For hardcopy submission instructions refer to: http://intranet.wiut.uz/Shared%20Documents/Forms/AllItems.aspx - Coursework hard copy submission instructions.doc Feedback To be completed by markers on the next page | | 80%+ | 70-79% | 60-69% | 50-59% | 40-49% | 30-39% | 0-29% | Integrated Writing Task 70 % Weighting | Content and Structure | The written piece includes all the parts: introduction, two summaries, and conclusion. The written piece presents the main topic and key information provided in both sources. Transition and reporting verbs are masterly used. No personal view is included. | The written piece includes all the parts: introduction, two summaries, and conclusion. The written piece presents the main topic and key information provided in both sources Transition and reporting verbs are skillfully used. Personal view is rarely included. | The written piece includes all the parts: introduction, two summaries, and conclusion. However, introduction or conclusion is not well developed. The written piece presents the main topic and key information provided in both...
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...marketplace. International trade and cross-border investment flows are the main elements of this integration. Globalization started after World War II but has accelerated considerably since the mid-1980s, driven by two main factors. One involves technological advances that have lowered the costs of transportation, communication, and computation to the extent that it is often economically feasible for a firm to locate different phases of production in different countries. The other factor has to do with the increasing liberalization of trade and capital markets: more and more governments are refusing to protect their economies from foreign competition or influence through import tariffs and nontariff barriers such as import quotas, export restraints, and legal prohibitions. A number of international institutions established in the wake of World War II—including the World Bank, International Monetary Fund (IMF), and General Agreement on Tariffs and Trade (GATT), succeeded in 1995 by the World Trade Organization (WTO)—have played an important role in promoting free trade in place of protectionism. Empirical evidence suggests that globalization has significantly boosted economic growth in East Asian economies such as Hong Kong (China), the Republic of Korea, and Singapore. But not all developing countries are equally engaged in globalization or in a position to benefit from it. In fact, except for most countries in East Asia and some in Latin America...
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...Manage in a Foreign Land Globalization is the growth in international business where we see the integration of economies throughout the world. A thorough understanding of a country’s culture will greatly facilitate globalization. Basic understanding of a country’s beliefs, language, attitude, communication styles, customs, relationships, values and work ethic are necessary in making a smooth transition of the kind this assignment refers to. This kind of cultural information is essential for developing an effective and realistic global strategy. To begin the transition, a team must be selected. It is important to select the right people for this team. We must first begin with conducting interviews. To begin the interviews, a manager may want to survey potential candidates through tools such as questionnaires, surveys and polls. This method will allow management to gain an understanding of individuals who may be interested in playing an integral role, such as team member. Some things to consider when selecting team members are potential challenges and cultural differences, which this paper will discuss further. Management may also devise a plan to determine the strengths, weaknesses, opportunities and threats, a member may have in order to effectively determine the role one will assume on the team. In brainstorming this matter, I have come up with a few bullet points I would consider in selecting my team: * Cultural values * Passion about international relations ...
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...GLOBALIZATION Firm Internationalization and Capital Structure in Developing Countries: The Role of Financial Development Halit Gonenc and Daniel J. de Haan As the trend in globalization continues, developing market economies are moving to the forefront of the world market, diminishing the dominance of developed countries. Their rapid expansion is often underpinned by strong domestic firm performance. The resources and funds required to fuel the sustained future growth of these firms as they compete with global powerhouses from developed markets therefore become important factors. In recent decades the process of globalization has made it increasingly common for developing country firms to internationalize and gain access to developed country capital markets. Developping countries are playing a significant role in the developpment of their home-country economies because of a higher use of external financement, which could give these firms the opportunity of operating in countries with more developped financial markets and a better access to external funds. In addition, developed financial markets can reduce the problem of asymmetric information. To evaluate the role that both the level of financial market development and firm-level characteristics have in the relationship between internationalization and debt financing, they employ three-variable interactions. The purpose was to find out how the relationship between the level of foreign sales and financial development...
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...GLOBALIZATION AND PUBLIC HEALTH Although, recently there is a growing literature on the importance of globalization for health, the term globalization has for long been used in academic discourse, particularly within the social and political science but relatively new in the discussion within public health. While the processes of globalization are far from straight forward, the concept of health is as well a complex one, which result into no consensus either on the pathways and mechanism through which globalization affects the health of population or on the appropriate policy responses (woodward et al 2001). However, there has been a significant increase interest on the issue of globalization within public health, although a contested one, since authors on public health are still undecided not only on the exact conclusion on the impact of globalization on public health, whether bad or good, but also as to whether globalization has actually cemented its place in the public health lexicon. Nevertheless, it is know that a broad-based public health should take note of significant economic, political and social changes that determine and shape people’s health, and this definitely will call for a proper theoretical approach to globalization in understanding the nature of these contemporary economic, political and social changes (Stuart McClean in Orme et. al. 2007). This essay will describe the relationship between globalization and public health. It will first begin, by exploring...
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...The topic of globalization is one of much controversy among individuals in today’s society. Globalization, a process driven by international trade and investing to create a more unification among nations worldwide economically, politically, and socially, has expanded immensely in recent decades. Individuals argue that globalization has been around since the 15th century due to exploration of persons such as Christopher Columbus and Vasco da Gama; but it wasn’t until the late 19th and early 20th centuries that globalization began to steadily become more prevalent due to the advancement in transportation methods. Since then many other technological advancements, especially that of communication, have played pivotal roles in the movement towards globalization. Although this movement may seem appealing to a variety of entities and especially consumers due to the overall decrease in price of goods, for the most part; there are variety of negative implications associated with the movement as well. In this composition will be information pertaining the impact globalization with have on global accounting standards. Currently there are two sets of accounting standards to take into consideration for this transition in the United States. The first of which being International Financial Reporting Standards (IFRS). IFRS, a more “principle based” method used in over 110 countries including the countries part of the European Union, is monitored and regulated by the International Accounting...
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...Howard Kunstler wrote the essay “Globalization’s Time Is Up”, which focuses on how stable our social infrastructure on a global scale. This controversial essay by Kunstler attempts to convince the reader that globalization will soon be a thing of the past. He claims that the irresponsible consumption of linear resources caused by globalization will result in another war for humanity as societies clash in battles for the world’s remaining supplies, such as oil and energy sources. Although the author does make strong arguments on how globalization in other cultures throughout history has failed, and how it will likely fail again. He fails to provide any solutions or alternatives to the dilemmas he brings up in globalization. This...
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...My View on Globalization First of all, globalization is basically the tendency of businesses, technologies, or philosophies to spread throughout the world. In my opinion, globalization is a good thing because the overall benefits exceed its overall costs. For example, as consumers we are winners because we are able to buy within a huge range of better quality goods and services at lower prices. Sometimes employees or owners of business lose one way or another, but the truth is that globalization must create losers and winners on the production side so that resources can be allocated more efficiently. Some people reject globalization because sometimes globalization has the tendency to worsen income and produce wealth inequality. On the other hand I just want globalization to produce more winners with higher benefits and fewer losers with lower costs, because as inescapable as it may sound, there will always be winners and losers. Things such as globalization and offshoring may cause, or are most likely to trigger a reorganization of employment with some workers temporarily losing their jobs and possibly taking time to find a new one. This is called frictional unemployment. The Economics Glossary defines frictional unemployment as "unemployment that comes from people moving between jobs, careers, and locations." If a person quits his job as an economics researcher to try and find a job in the music industry, then that person is undergoing frictional unemployment. The demand...
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...International Business What is globalization? G lobalization is a process providing connections between countries, in terms of imports, exports, machinery, education, trade, labor and so on. The main aspect of globalization is financial relations between countries. When considering globalization in economic terms, opening up the boarders of a country in order to free trade, as well as capital flow and labor is crucial. Thomas L. Friedman in his book named “The World Is Flat” defined globalization as a flat world. He says that in this world, people should run faster to stay in place and not fall behind. He states that governments, companies and people have no choice but to adapt to this situation (Friedman). Globalization has had many benefits for countries. It has produced millions of jobs in poor countries, transferred capital from rich to poor countries, and provided opportunities for governments to learn from others how to start the development path for their country. For instance, let’s assume that we have a city and a village separated by a river. By connecting the two through a bridge, all different kinds of trade can take place. The villagers might have a comparative advantage in producing their factor endowment that can be milk, and the city has an advantage in producing tractors. By trading, both parties will be better off. Proponents of globalization believe that this is a positive -sum game. Both enjoy the benefits, and as the whole share grows, the share of each...
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...The Attitude of Youth Populations toward Globalization What exactly are the youth views on globalization? First let’s start by defining globalization. Globalization refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres. Globalization is an umbrella term and is perhaps best understood as a unitary process inclusive of many subprocesses that are increasingly binding people and the biosphere more tightly into one global system (Wikipedia, 2007). Next let’s verify the term youth. Youth is "The time of life when one is young; especially: a: the period between childhood and maturity b: the early period of existence, growth, or development" (Wikipedia, 2007). “Globalizing issues have effects on four major areas of international relations theory and practice. First, the interconnectedness of the plethora of subissues within health, environmental, and human rights issues affect international bargaining” (Mingst, 2004). These issues are talked about daily in the news. Often times when health issues are brought up it is related to youth whether it is HIV, STD’s, or just simple obesity. Often times these issues when viewed at by youth are things that do not affect them in actuality it affect them more so than adults. “Second, these globalizing issues themselves may be the source of conflict” (Mingst). With this being said it is evident why the world goes through epidemics...
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...in here. My father has been here in Dubai for almost 18 years, working, striving hard for our family. Moving on permanently here in Dubai was a decision made by our parents. This decision was influenced by the fact wherein a tragedy happened in our house. An inside robbery on the dawn of the day was the sole reason that triggered my parents to make an early decision for all of us to migrate and stay here in Dubai for the better. With Dubai’s vast culture and rapid globalization taking place, it was quite a hard task for me to adjust. But the good thing in here is that wherever I go, I can see Filipinos. Seeing them made me feel like I am home and this resulted for the easier transition of my life here in Dubai. Being respectful to the religion and culture of the Arabs was the first thing that our father taught us when we arrived in here. One of the things that were new to me that time was the practice of doing fasting on the day of Ramadan wherein the Muslims are not allowed to eat until Iftar. Globalization is increasing. More and more people are choosing to move from one country to...
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...Globalization and PPQ Parts Global Marketing Unit 1 IP Abstract Multinational companies may encounter many obstacles when attempting to operate business from foreign locations. Globalization managers and decision makers may develop strategies in order to make transition happen smoothly. This paper discusses some pros and cons that are included in the process. Introduction Companies should thoroughly research their desired location for doing business. Searching for indicators such as high economic status will increase chances of the company doing well in that location (AIU Media). Inasmuch the customs and laws of the country should be integrated into all projects of success. Some of the issues the host foreign country could face as a result of the expansion are mist trust from its colleagues within their country, outcry from native business owners and problems with governance ,as it relates to being receptive of the origin of concepts and or/operations that are to be introduced to their country.. Some FDI also believe that their original business sites will loose capital as a result, of venturing to another country (Lipsey). Inasmuch companies who wish to expand must be concerned with and resolve all of the matters which counteract production and globalization of markets as those are the main concerns (AIU Media) Host countries also generally pay higher wages to foreign companies in contrast to those at their home location. At times this...
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...INTERNATIONAL LABOUR ORGANISATION ACT/EMP PUBLICATIONS INDUSTRIAL RELATIONS AND GLOBALIZATION: CHALLENGES FOR EMPLOYERS AND THEIR ORGANIZATIONS Prepared by David Macdonald Senior Industrial Relations Specialist ILO/EASMAT Bangkok Paper presented at the ILO Workshop on Employers' Organizations in Asia-Pacific in the Twenty-First Century Turin, Italy, 5-13 May 1997. [Top] [Next] Table of Contents 1. Executive Summary 2. Introduction 3. Industrial Relations (IR) in the Global Context (a) IR - a definition (b) IR and HRM (c) Liberalization, globalization and IR (i) Overview (ii) The relevance of globalization to industrial relations - a summary (iii) The role of multinational corporations (MNC's) (iv) Information technology and IR (v) The impact of other trends (d) The changing nature of IR - a re-definition? 4. IR in Asia and the Pacific (a) The historical context (i) General (ii) Economic development and industrialization (iii) Industrialization and IR policies (iv) IR arrangements - regional divergence (v) Other considerations (b) The current environment (i) Overview 2 (ii) Current responses to liberalization and globalization (iii) Important regional trends 5. Responding to Current and Prospective IR challenges in Asia and the Pacific developing an agenda for employers and their organizations to facilitate transition to the Twenty-first century (a) Overview (b) General issues (i) Achieving competitiveness (ii) Effective IR is a key to improved enterprise performance (iii)...
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