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MGT 3660- Kang
| Question | Answer |
|---|---|
| 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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