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1、Chapter1,Globalization,Chapter1Globalization,What Is Globalization?,Globalization - the shift toward a more integrated and interdependent world economyThe world is moving away from self-contained national economies toward an interdependent, integrated global economic system,What Is Globalization?Glo
2、baliz,What Is The Globalization of Markets?,Historically distinct and separate national markets are merging It no longer makes sense to talk about the “German market” or the “American market”Instead, there is the “global market”falling trade barriers make it easier to sell globallyconsumers tastes a
3、nd preferences are converging on some global normfirms promote the trend by offering the same basic products worldwide,What Is The Globalization of,What Is The Globalization of Markets?,Firms of all sizes benefit and contribute to the globalization of markets97% of all U.S. exporters have less than
4、500 employees98% of all small and mid-sized German companies participate in international markets,What Is The Globalization of,What Is The Globalization of Production?,Firms source goods and services from locations around the globe to capitalize on national differences in the cost and quality of fac
5、tors of production like land, labor, energy, and capitalCompanies can lower their overall cost structure improve the quality or functionality of their product offering,What Is The Globalization of,Why Do We Need Global Institutions?,Global institutionshelp manage, regulate, and police the global mar
6、ketplacepromote the establishment of multinational treaties to govern the global business system,Why Do We Need Global Institu,Why Do We Need Global Institutions?,Examples includethe General Agreement on Tariffs and Trade (GATT)the World Trade Organization (WTO)the International Monetary Fund (IMF)t
7、he World Bankthe United Nations (UN)the G20,Why Do We Need Global Institu,What Do Global Institutions Do?,The World Trade Organization (like its predecessor GATT) polices the world trading systemmakes sure that nation-states adhere to the rules laid down in trade treaties promotes lower barriers to
8、trade and investment154 members in 2011,What Do Global Institutions D,What Do Global Institutions Do?,The International Monetary Fund (1944)maintains order in the international monetary systemlender of last resort for countries in crisisArgentina, Indonesia, Mexico, Russia, South Korea, Thailand, Tu
9、rkey, Ireland, and GreeceThe World Bank (1944) promotes economic development via low interest loans for infrastructure projects,What Do Global Institutions D,What Do Global Institutions Do?,The United Nations (1945)maintains international peace and securitydevelops friendly relations among nationsco
10、operates in solving international problems and in promoting respect for human rightsis a center for harmonizing the actions of nationsThe G20forum through which major nations tried to launch a coordinated policy response to the 2008-2009 global financial crisis,What Do Global Institutions D,What Is
11、Driving Globalization?,Declining barriers to the free flow of goods, services, and capital average tariffs are now at just 4%more favorable environment for FDIglobal stock of FDI was $15.5 trillion in 2009facilitates global productionTechnological change microprocessors and telecommunicationsthe Int
12、ernet and World Wide Webtransportation technology,What Is Driving Globalization?,What Does Globalization Mean For Firms?,Lower barriers to trade and investment mean firms canview the world, rather than a single country, as their marketbase production in the optimal location for that activityBut, fir
13、ms may also find their home markets under attack by foreign firms,What Does Globalization Mean,Declining Trade And Investment Barriers,Average Tariff Rates on Manufactured Products as Percent of Value,Declining Trade And Investmen,What Does Globalization Mean For Firms?,Technological change meanslow
14、er transportation costs help create global markets and allow firms to disperse production to economical, geographically separate locations low cost information processing and communicationfirms can create and manage globally dispersed productionlow cost global communications networks help create an
15、electronic global marketplaceglobal communication networks and global mediacreate a worldwide culture and a global consumer product market,What Does Globalization Mean,The Changing Demographics Of The Global Economy,Four trends are important: The changing world output and world trade pictureThe chan
16、ging foreign direct investment pictureThe changing nature of the multinational enterpriseThe changing world order,The Changing Demographics Of,How Has World Output And World Trade Changed?,In 1960, the U.S. accounted for over 40% of world economic activity, but by 2009, the U.S. accounted for just 2
17、4% a similar trend occurred in other developed countriesIn contrast, the share of world output accounted for by developing nations is risingexpected to account for more than 60% of world economic activity by 2020,How Has World Output And Worl,How Has World Output And World Trade Changed?,The Changin
18、g Demographics of World GDP and Trade,How Has World Output And Worl,How Has Foreign Direct Investment Changed Over Time?,In the 1960s, U.S. firms accounted for about two-thirds of worldwide FDI flows Today, the United States accounts for less than one-fifth of worldwide FDI flowsOther developed coun
19、tries have followed a similar patternIn contrast, the share of FDI accounted for by developing countries has risen Developing countries, especially China, have also become popular destinations for FDI,How Has Foreign Direct Invest,How Has Foreign Direct Investment Changed Over Time?,Percentage Share
20、 of Total FDI Stock 1980-2007,How Has Foreign Direct Invest,How Has Foreign Direct Investment Changed Over Time?,FDI Inflows 1988-2008,How Has Foreign Direct Invest,What Is A Multinational Enterprise?,Multinational enterprise (MNE) - any business that has productive activities in two or more countri
21、esSince the 1960sthe number of non-U.S. multinationals has risenthe number of mini-multinationals has risen,What Is A Multinational Enter,The Changing World Order,Many former Communist nations in Europe and Asia are now committed to democratic politics and free market economiescreates new opportunit
22、ies for international businessesbut, there are signs of growing unrest and totalitarian tendencies in some countries China and Latin America are also moving toward greater free market reformsbetween 1983 and 2010, FDI in China increased from less than $2 billion to $100 billion annuallybut, China al
23、so has many new strong companies that could threaten Western firms,The Changing World OrderMany f,How Will The Global Economy Of The 21st Century Look?,The world is moving toward a more global economic systemBut globalization is not inevitablethere are signs of a retreat from liberal economic ideolo
24、gy in RussiaGlobalization brings risks the financial crisis that swept through South East Asia in the late 1990sthe recent financial crisis that started in the U.S. in 2007-2008, and moved around the world,How Will The Global Economy Of,Is An Interdependent Global Economy A Good Thing?,Supporters be
25、lieve that increased trade and cross-border investment mean lower prices for goods and servicesgreater economic growthhigher consumer income, and more jobsCritics worry that globalization will causejob lossesenvironmental degradationthe cultural imperialism of global media and MNEsAnti-globalization
26、 protesters now regularly show up at most major meetings of global institutions,Is An Interdependent Global E,How Does Globalization Affect Jobs And Income?,Critics argue that falling barriers to trade are destroying manufacturing jobs in advanced countriesSupporters contend that the benefits of thi
27、s trend outweigh the costscountries will specialize in what they do most efficiently and trade for other goodsand all countries will benefit,How Does Globalization Affect,How Does Globalization Affect Labor Policies And The Environment?,Critics argue that firms avoid the cost of adhering to labor an
28、d environmental regulations by moving production to countries where such regulations do not exist, or are not enforcedSupporters claim that tougher environmental and labor standards are associated with economic progressas countries get richer from free trade, they implement tougher environmental and
29、 labor regulations,How Does Globalization Affect,How Does Globalization Affect National Sovereignty?,Is todays global economy shifting economic power away from national governments toward supranational organizations like the WTO, the EU, and the UN?Critics argue that unelected bureaucrats have the p
30、ower to impose policies on the democratically elected governments of nation-states Supporters claim that the power of these organizations is limited to what nation-states agree to grantthe power of the organizations lies in their ability to get countries to agree to follow certain actions,How Does G
31、lobalization Affect,How Is Globalization Affecting The Worlds Poor?,Is the gap between rich nations and poor nations getting wider?Critics believe that if globalization was beneficial there should not be a divergence between rich and poor nationsSupporters claim that the best way for the poor nation
32、s to improve their situation is toreduce barriers to trade and investmentimplement economic policies based on free market economiesreceive debt forgiveness for debts incurred under totalitarian regimes,How Is Globalization Affectin,How Does The Global Marketplace Affect Managers?,Managing an interna
33、tional business differs from managing a domestic business because countries are differentthe range of problems confronted in an international business is wider and the problems more complex than those in a domestic businessfirms have to find ways to work within the limits imposed by government intervention in the international trade and investment systeminternational transactions involve converting money into different currencies,How Does The Global Marketplac,
