Introduction to Global Business 2e - Cengage

Introduction to Global Business 2e - Cengage

Introduction to Global Business Chapter 1 The Rise of Globalization 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. After After studying studying this this chapter, chapter, you you should should be be able able to: to: 1. Explain the characteristics of globalization and describe how it functions. 2. Identify how major international institutions facilitate globalization.

3. Evaluate the need for strong and transparent institutions that can adapt to global competition. 4. Describe the key policy measures that make globalization sustainable. 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. After After studying studying this this chapter, chapter, you you should should be be able able to: to: 5. Describe the role of information technology in bridging the global digital divide. 6. Describe the validity of the anti-globalization argument.

7. Explain the case made to temporarily support those people negatively affected by globalization. 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. What What Is Is Globalization? Globalization? Globalization is the socioeconomic reform process of eliminating trade, investment, cultural, information technology, and political barriers across countries. It can lead to increased economic growth and geopolitical integration and interdependence among nations of the world. It is no longer simply another word for Westernization or Americanization. 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

Emerging Emerging Economies Economies Emerging economies Are implementing more open trade and free-market policies to compete with everyone from everywhere for everything Are becoming the worlds center of economic gravity through innovation, research, and development BRIC economies Brazil, Russia, India, and China 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Decoupling Decoupling and and the the Move Move to

to aa Multipolar Multipolar World World Economic Economic Order Order Decoupling A global shift in which industrialized countrydependent developing economies grow based on their own underlying economic strengths rather than those of highlydeveloped countries Multipolar world A world economy in which the engines of growth are comprised of both industrialized (e.g., the United States) and emerging market economies (e.g.,

BRIC countries) 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. EXHIBIT 1.3 A MULTIPOLAR WORLD ECONOMIC ORDER 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Key Key International International Institutions Institutions That That Facilitate Facilitate Globalization Globalization The International Monetary Fund (IMF) The World Bank The World Trade Organization (WTO)

2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The The International International Monetary Monetary Fund Fund International Monetary Funds role in global financial stability: Provides a forum for cooperation on international monetary problems Facilitates international trade that promotes job creation, economic growth, and poverty reduction Promotes exchange rate stability and an open system of international payments Lends countries foreign exchange to help address balance of payment problems 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as

permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The The World World Bank Bank World Banks initial role was to aid the reconstruction of Europe after World War II. Current focus areas: Global integration through trade liberalization Analysis and national trading policy advice Agreements supporting international standards in financial systems Information and knowledge transfer to developing countries to support sustainable development Eradicating communicable diseases 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The

The World World Trade Trade Organization Organization The WTO began trading in 1948 under the General Agreement on Tariffs and Trade (GATT). Liberalized trade by lowering and/or removing trade barriers such as tariffs, quotas, and subsidies WTO promotes global trade by: Administering trade agreements Acting as a forum for trade negotiations Settling trade disputes Reviewing national trade policies Providing developing countries with technical assistance and

training programs Cooperating with the IMF and the World Bank 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Multilateral Multilateral Trading Trading System System Principles Principles Fostered Fostered by by WTO WTO Agreements Agreements Trade without discrimination Increasingly freer trade WTO

Agreements Predictability of trading relationships Promotion of fair competition Encouragement of economic reforms in developing countries 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Institutional Institutional Structure Structure and and Its Its Impact Impact on on Globalization Globalization What is institutional structure?

Institutions are the rules, enforcement mechanisms, and organizations that support market transactions. Impact of globalization: Demand for transparency, openness, and disclosure from political institutions Need for adaptive institutions that provide societal stability and incentives for private investment Increasing expectations of accountability and responsibility for those who govern Importance of independent judiciary and free press 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Effective Effective Policy Policy Measures Measures That That Promote

Promote Globalization Globalization Good Good governance governance Competitive Competitive markets markets Effective Effective Policy Policy Measures Measures Anticorruption Anticorruption

policies policies 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Property Property rights rights Impact Impact of of Information Information Technology Technology on on Globalization Globalization 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as

permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The The Globalization Globalization Controversy Controversy Arguments against globalization: Job losses and income stagnation Loss of local control over economic policies and developments Disappearance of old industries Related erosion of communities 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Key

Key Terms Terms globalization emerging economies decoupling multipolar world international monetary system economic reforms capital markets liberalization of the trading system institutions adaptive institutions accountability transparency antitrust laws digital era bandwidth the web

digital divide sustainable development 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

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