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MGT 3660- Kang

Globalization the shift toward a more integrated and interdependent world economy; the world is moving away from independent economies to a global economy
What is aiding the development of the "global market"? - falling trade barriers make it easier to sell globally - consumers’ tastes and preferences are converging on some global norm - firms promote the trend by offering the same basic products worldwide
What are the main factors of production? Land, labor, energy, and capital
What do global institutions do very well? - help manage, regulate, and police the global marketplace - promote the establishment of multinational treaties to govern the global business system
What is the World Trade Organization and what does it do? - polices the world trading system - makes sure that nation-states adhere to the rules laid down in trade treaties - promotes lower barriers to trade and investment
What is the International Monetary Fund and what does it do? - maintains order in the international monetary system - lender of last resort for countries in crisis: Argentina, Indonesia, Mexico, Russia, South Korea, Thailand, Turkey, Ireland, and Greece
What is the World Bank and what does it do? promotes economic development via low interest loans for infrastructure projects
What is the United Nations and what does it do? - maintains international peace and security - develops friendly relations among nations - cooperates in solving international problems and in promoting respect for human rights - is a center for harmonizing the actions of nations
What is the G20 and what does it do? forum through which major nations tried to launch a coordinated policy response to the 2008-2009 global financial crisis
What are the factors driving globalization? Declining barriers to the free flow of goods, services, and capital; and technological change
What does Technological change mean? lower transportation costs, low cost information processing and communication, low cost global communication networks, and global communication networks and global media
What are 4 major trends of the global economy? - The changing world output and world trade picture - The changing foreign direct investment picture - The changing nature of the multinational enterprise - The changing world order
Is the percentage of the economic activity that is accounted for by the US rising or falling? Falling, in 1960, the U.S. accounted for over 40% of world economic activity, but by 2009, the U.S. accounted for just 24%
What countries have a rising FDI? developing countries like China
What is a Multinational Enterprise (MNE)? any business that has productive activities in two or more countries
What are the former Communist nations now like? Many former Communist nations in Europe and Asia are now committed to democratic politics and free market economies
What are examples of the risks that globalization can bring? - the financial crisis that swept through South East Asia in the late 1990s - the recent financial crisis that started in the U.S. in 2007-2008, and moved around the world
What arguments do supporters of the global economy make? - lower prices for goods and services - greater economic growth - higher consumer income, and more jobs
What arguments do opposers of the global economy make? - possible job losses - environmental degradation - the cultural imperialism of global media and MNEs
What is the impact of globalization on labor policies and the environment? Critics argue that firms avoid the cost of adhering to labor and environmental regulations by moving production to countries where such regulations do not exist, or are not enforced
What is the political economy of a nation? how the political, economic, and legal systems of a country are interdependent
What is a political system and how is it assessed? the system of government in a nation; assessed by the degree to which the country emphasizes collectivism as opposed to individualism the degree to which the country is democratic or totalitarian
What is collectivism and who was it originally associated with? Who is it currently associated with? stresses the primacy of collective goals over individual goals; it can originally be traced to Plato but is currently associated with Karl Marx



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