...The concept of globalization is simply to harmonize all nations by interchanging knowledge of societies, markets, transportations, technology, and various cultural aspects, in hope to create global stability and homogeneity of regulations for a standardized world. The subject of focus in this writing is attentive to economic globalization and the International Monetary Fund (IMF). The IMF was first introduced, along with the World Bank, (these two collectively known as the international financial institutions) towards the end of World War II, in 1944, as an attempt to defend the world from facing another financial crisis such that of the Great Depression (1930) and revive the damages caused by the war. The six goals and guideline principles...
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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...
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...UNIT -1 GLOBALIZATION AND INTERNATIONAL BUSINESS Chapter 1: Globalization and International Business Prof. Madan Survase Globalization & International Business Learning Objectives To explain the concept of globalization To elucidate factors influencing globalization To discuss global business expansion strategy for emerging market companies To explicate the concept of international business To delineate motives for international business expansion To expound the strategy for managing business in the globalization era Globalization & International Business Chapter 1: Globalization and International Business Prof. Madan Survase Globalization of Business: A Historical Perspective In the initial years of human history, there were hardly any formal barriers, such as tariffs or non-tariff restrictions, for the movement of goods or visa requirements for the people. The concept of globalization can be traced back to the phenomenon of a nation-state. Globalization & International Business Chapter 1: Globalization and International Business Prof. Madan Survase Concept of Globalization The process of integration and convergence of economic, financial, cultural and political systems across the world. Globalization & International Business Chapter 1: Globalization and International Business Prof. Madan Survase Definition of Globalization Dictionary of Trade Policy Terms, WTO: “The increasing integration of national...
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...test bank is what most professors use an a reference when making exams for their students, which means there’s a very high chance that you will see a very similar, if not exact the exact, question in the test! This is a sample chapter International Business: Environments and Operations, 14e (Daniels et al.) Chapter 1 Globalization and International Business 1) The broadening set of interdependent relationships among people from different parts of the world is known as ________. A) globalization B) offshoring C) franchising D) outsourcing Answer: A Diff: 1 Learning Outcome: Define the fundamental concepts of international business Skill: Concept Objective: 1 AACSB: Dynamics of the global economy 2) Which of the following best defines international business? A) It includes all public economic flows between two or more countries. B) It includes all private economic flows between two or more countries. C) It includes all business transactions involving two or more countries. D) It includes all business transactions in countries other than your home country. Answer: C Diff: 2 Learning Outcome: Define the fundamental concepts of international business Skill: Concept International Business Daniels 14th Edition Test Bank International Business Daniels 14th Edition Test Bank Objective: 1 3) Which of the following is NOT a likely reason to study international business? A) Global events affect almost all companies. B) Physical, social, and competitive conditions differ from country...
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...Globalization: A Very Short Introduction by Manfred B. Steger is a book outlining the concept of globalization. Steger looks at the perception of globalization from an economical, political, cultural and ecological standpoint. By analyzing and reviewing Globalization: A Very Short Introduction, I will look on Steger's view of globalization focusing on the economical, political, cultural and ecological standpoint, which will explain both the causes and effects of globalization. What Exactly is Globalization? Steger introduces his book by first defining globalization. He explains that many scholars have a one sided view of globalization as oppose to viewing globalization as a whole, seeing that globalization is an uneven process (Steger, 11). He refers this to the parable of the blind scholars and the elephant, and explained how each scholar had very different descriptions of what an elephant is (11). In a similar way, there are different views on globalization. Steger defined globalization as the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. (13) Is Globalization a New Phenomenon? This question was answered by looking at the four approaches to globalization (18-19). By doing this Steger comes up with an answer, which one is inclined to agree with. He stated, "globalization is an ancient process that, over many countries, has distinct qualitative...
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...Principles of Globalization Globalization is a process of collaboration and amalgamation among different cultural groups, a process driven by trade, investment and the advancement of technology. It creates a world where everyone is united and there is a single culture flowing through many different lifestyles, effecting environment, political systems, economic development and prosperity, and the physical well-being of individuals (www.globalization101.org). The concept of globalization has been in act for many years, however recently, the severity of the merging cultures is becoming much more apparent. There are many types of globalization, each focusing on a different aspect in today’s current world issues. Economic globalization refers to the integration of multinational and transnational companies around the world, the seek of global markets and the idea that more global wealth is needed. Moreover, technological globalization refers to the explosive growth of communications over the past 5 decades and how it is thoroughly spreading to many parts of the world. Through both of these types of globalization, we develop the cultural aspect of globalization, defining the harmonization of the world’s cultures to create a single union. It is inevitable that the world will eventually merge and be entirely westernized, however it is solely a question of whether or not this is a positive movement. The Main Players The never ending expansion of technology has drastically taken...
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...The Effects of Globalization and Neoliberalism on African Societies Globalization and neoliberalism are concepts that can be applied to the analysis of any aspect of modern day society. Social life in a particular area is filled with the constant spread of ideas, practices and beliefs due largely to globalization. This paper will provide an in depth view on the effects Globalization and neoliberalism has had on culture and development in African societies. Within Africa lies various intricate backgrounds from its colonialism roots to the shift towards globalization in the effort to promote development. Exposing the dynamics of globalization as well as its impact on African societies will lead to a better understanding of the relationship between Africa and the international community. Globalization, as defined by Held et al. , sees the issue “as a process (or set of processes) which embodies a transformation in the spatial organization of social relations and transactions--assessed in terms of their extensity, intensity, velocity and impact--generating transcontinental or interregional flows and networks of activity, interaction and the exercise of power.” (Held et al. 2004: 68), It involves the increased interaction between nations and the exchange of ideas, practices, relations and organization. (Ritzer 2008:574). One must be aware that the theory of globalization can be expressed through economic terms as well as sociologically. The...
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...Globalization Outline: • Introduction. • Historical background of the concept. • Tools of globalization. • Different levels or aspects of globalization. • Negatives of globalization • Positives of globalization. • Suggestions. • Conclusion. Globalization is an irreversible and irresistible phenomenon. It is very famous all over the world. While dilating on the subject, it is important to note that globalization not only affects us as a citizen but also as “producer-consumer in the global economy”. In the modern contemporary world, intense debate revolves around the term “globalization”, which is even today a continuous issue. Before exploring the concept, we should take a look over the different definitions of the phenomenon. Globalization can be defined as “closely interrelated integration of market in terms of goods, services and capital”. It can also be defined as “gradual erosion of boundaries between states through increased economic interdependence and interlinkages can be termed as globalization. From the above mentioned definitions, we can assume that globalization is the mutual sharing of goods, services and capital between or among states. It is also gradually making states closer and integrated. There are different theories about the beginning of the concept of globalization. Some are of the view that it started from the mid of 20th century with woods conference 1944. While the others are of the view that this concept was properly started with the establishment...
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...Benefits of Globalization Globalization is considered beneficial to the free trade movement among global markets. Globalization creates the opportunity for domestic businesses to compete internationally. It has the ability to tap into a massive potential customer base and still maintain low cost of goods and services. Globalization creates a demand for companies to be driven and motivated. This leads to the development of new products. By keeping companies competitively challenged, the drive among businesses around the world becomes more customer-orientated when developing new innovative products. Through globalization, businesses around the world are given the opportunity to positively impact their societies. One of the first benefits of globalization that should be considered is its massive potential customer base. According to the World Trade Organization, as of July 23, 2008 there are 153 countries participating in their global organization. The World Trade Organization is the only global organization dealing with the rules of trading between nations. Its goal is to aid producers of goods and services, exporters, and importers in conducting business within the global market. Also, text from scholastic book Understanding Business 9th Edition (page 62) states there are over 6.7 billion potential customers in the global market. At these numbers it would be nearly impossible for a business to enter into the global market and not find a customer base supportive...
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...SQG1: Globalization In chapter 2 we are introduced to the concept of Globalization. After conducting some research and pursuing an opinion, I’ve realized how this chapter really just touches the surface to its much complex nature. Nicholson’s text doesn’t exactly provide us with a specific definition of what Globalization actually is. Perhaps the reason is because it’s so conceptually broad, and its scope of how the VAC interconnects from one country to another is also broad. For that reason I read an article written by David Held and Anthony McGrew titled Globalization. Their definition of Globalization is one that I agree defines not what globalization is, but best defines what it does. They define globalization as a set of processes, that embodies a transformation in the spatial organization of social relations and transactions, generating trans-continental or interregional flows and networks of activity, interaction, and power. What globalization is, isn’t as important as what it does. It is a benefit to society as it is a consequence. It is a truth, and also a paradox. The best way to form the answer of what globalization does is by understanding its dimensions. There are 6 defined dimensions of globalization. The first is its integration and interdependence of national economies. This is referring to how the aggregate activities to the value chain are used more frequently, and that it interconnects economies from other countries. This also harmonizes the fiscal policies...
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...Program on the Geopolitical Implications of Globalization and Transnational Security Definitions of Globalization: A Comprehensive Overview and a Proposed Definition Dr. Nayef R.F. Al-Rodhan Senior Scholar in Geostrategy and Director of the Program on the Geopolitical Implications of Globalization and Transnational Security Geneva Centre for Security Policy Ambassador Gérard Stoudmann Director Geneva Centre for Security Policy June 19, 2006 To comment, please email Ms. Bethany Webster at b.webster@gcsp.ch. All copyrights are reserved by the authors. Avenue de la Paix 7bis P.O. Box 1295 CH-1211 Geneva 1 Telephone Telefax www.gcsp.ch +41 22 906 83 17 +41 22 906 16 49 info@gcsp.ch Dr. Nayef R.F. Al-Rodhan Ambassador Gérard Stoudmann Definitions of Globalization: A Comprehensive Overview and a Proposed Definition Abstract Many authors have attempted, with relative success, to define globalization in a variety of ways. Some claim that it cannot be done, others claim that it would constrain the meaning to do so, and still others have defied these two beliefs and have constructed a working definition. Despite differing opinions about developing a definition, all authors agree on one thing: that defining this term is anything but easy. This paper will attempt to provide a comprehensive overview of the existing definitions of globalization and introduce our proposed definition: “Globalization is a process that encompasses the causes, course, and consequences of...
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...KEY CONCEPTS Part I: Modern Politics: State and Citizens You will find listed below the key concepts for each lecture and chapters from the text. These concepts are what you will be tested on. They will appear on the midterm quiz, in the form of multiple choice questions and in the final exam will be the basis of both the short answer and longer essay questions. Please note that some of the concepts listed under lectures are also covered in the readings, sometimes in more than one chapter. Lec. 1-2 What is Politics? Concepts from the Lecture: Politics ‘Polis’ Plato Machiavelli Modern Age Thomas Hobbes Leviathan Concepts from the Texts: ‘Simile of the Cave’ ‘fortuna’ philosopher-king Behavioural Approach Class Analysis Elite theory Pluralism Institutionalism ‘Power to’ vs. ‘Power over’ Lec. 3 What is the State? Concepts from the Lecture: Treaty of Westphalia Social Contract Legal-institutionalism Branches of State Levels of State Elitism Pluralism Additional Concepts from the Texts: Night Watchman State Neo-liberal state Welfare State Liberal Democracy Lec. 4 The State: Power, Authority, and Sovereignty Concepts from the Lectures and Readings: Power Authority Sovereignty Weber’s Typology of Authority Concepts from Readings: See Lec. 3 concepts Lec. 5 Political Ideologies: Liberalism Concepts from the Lecture Ideology Left vs. Right ideologies John Locke/ Two Treatises of Government J.S...
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...Globalization MGT 448 July 19, 2011 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...
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...Topic: Why Globalization Is Going Into Reverse Date: November 25, 2013 Source: http://www.businessweek.com Summary of the news item Study showed that cross-border investment and trade flows declined worldwide in 2012 and weak economic conditions were partly to blame for the downturn. The article revealed that the largest threat to globalization comes from policy fumbles rather than macroeconomics fundamentals. These fumbles are an increased of protectionist measures of more than 2,000 was enacted by national governments and the failure of multinational companies to capitalize on growth in emerging markets. It revealed that trade and investment flows would rise if multinational corporations would learn to crack the code for competing in emerging economies where growth is strongest. The 100 largest companies headquartered in advanced economies derived only 17 percent of their revenues from emerging markets in 2010, even though those markets are projected to contribute more than 70 percent of global economic growth through 2025, The article analyzes data on trade and other indicators to gauge what they term the “depth of globalization.” 1. Trade and investment flows, after increasing robustly until 2007, dropped sharply during the 2008-09 crisis, then started rising again in 2010 and 2011. 2. In 2012, the dollar value of foreign direct investment inflows worldwide dropped 21 percent, while trade in merchandise declined slightly, and trade in services was flat...
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... Culture, economics and politics appear to come together across the globe through different ways of information, ideas and knowledge, and the investment strategies of global corporations. Globalization can be defined as a process of international integration arising from interchange of world views, products, ideas and other aspects of culture. Suarez-Orozco and Qin-Hillard (2004) claim that globalization defines our era, it is what happens when the movement of people, goods or ideas among countries and region accelerates and globalization tends to dispatch social practices and cultural formations from localised territories. There are so many other definitions of globalization and there a four key concepts according to David Held which interprets globalization, these concepts are; Stretched social relations, intensification of flows, increasing interpenetration and global infrastructure. i. Stretched social relations is the existence of cultural, economic and political networks of connection across the world, these are all stretched across nations of the world and this leads to regionalization which can be defined as the interconnectedness between ‘geographically contiguous states’ that border each other, for example Europe, (Held,2004,p.15). ii. Intensification of flows is a concept associated with stretched social relations; it is increased density of interaction across the globe which implies that the impacts of events are felt strongly than before. iii. Increased...
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