Globalisation And International Business Pdf
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International trade is an exchange of goods or services across national jurisdictions. Inbound trade is defined as imports, and outbound trade is defined as exports. International trade is subject to the regulatory oversight and taxation of the involved nations, namely through customs.
Globalisation refers to the integration of markets in the global economy, leading to the increased interconnectedness of national economies. Markets where globalisation is particularly significant include financial markets , such as capital markets, money and credit markets, and insurance markets, commodity markets, including markets for oil, coffee, tin, and gold, and product markets, such as markets for motor vehicles and consumer electronics. The globalisation of sport and entertainment is also a feature of the late 20th and early 21st centuries.
Globalization - Approaches to Diversity. The tendency of economic globalization has its roots in the trauma of the the depression before World War II. American political elites Council on Foreign Relations became very careful to ensure that nothing similar will be repeated Korten Globalization can be seen as a means or system of acceptance and adherence to global problems of mankind Dobrotici
The Globalization of Markets
Globalisation refers to the integration of markets in the global economy, leading to the increased interconnectedness of national economies. Markets where globalisation is particularly significant include financial markets , such as capital markets, money and credit markets, and insurance markets, commodity markets, including markets for oil, coffee, tin, and gold, and product markets, such as markets for motor vehicles and consumer electronics.
The globalisation of sport and entertainment is also a feature of the late 20th and early 21st centuries. Globalisation brings a number of potential benefits to international producers and national economies, including:. Most recently, the collapse of the US sub-prime housing market triggered a global crisis in the banking system as banks around the world suffered a fall in the value of their assets and reduced their lending to each other. This created a liquidity crisis and helped fuel a severe downturn in the global economy.
Over-specialisation, such as being over-reliant on producing a limited range of goods for the global market, is a further risk associated with globalisation. A sudden downturn in world demand for one of these products can plunge an economy into a recession. Many developing countries suffer by over-specialising in a limited range of products, such as agriculture and tourism.
The awareness of rising inequality, along with job losses, has been argued to have contributed to the rise in anti-globalisation movements. Increased trade associated with globalisation has increased pollution and helped contribute to CO 2 emissions and global warming.
Trade growth has also accelerated the depletion of non-renewable resources, such as oil. The impact of globalisation on the UK economy The main issues arising from globalisation for the UK are:. However, growth in the short term may become more unstable as the global economy becomes increasingly interconnected.
The recent credit crunch is evidence that unstable growth is a possible consequence of globalisation. Some economists have also argued that globalisation has increased the process of deindustrialisation in the developed countries, including the UK.
Long term, jobs may be destroyed in the manufacturing sector and created in the service sector, hence creating structural unemployment , which could widen the income gap within countries. The net effect of the impact on employment depends upon the speed of labour market adjustment, which itself depends upon mobility and flexibility. Improvements in labour productivity may be needed to close the productivity gap.
Increased competition is likely to reduce the price level, for traded manufactures. Because UK firms can source from around the world costs may be held down, and this may be passed on in terms of reduced domestic and export prices. The volume of both imports and exports is likely to increase, with trade representing an increasing proportion of GDP. The effect on the balance of payments is uncertain and depends upon relative growth rates, inflation, competitiveness, and the exchange rate.
The economy is one of the major political arenas after all. Identifying Speculative Bubbles and Its Effect on Markets Speculation plays an interesting role in economics and one that drastically affects markets. It is Many economies are at the brink of collapse, as companies struggle to stay afloat. World governments Globalisation Globalisation refers to the integration of markets in the global economy, leading to the increased interconnectedness of national economies.
Why has globalisation increased? The pace of globalisation has increased for a number of reasons: Developments in IT, transport and communications have accelerated the pace of globalisation over the past 40 years. More recently, the rise of social media means that national boundaries have, in many ways become irrelevant as producers use new forms of communication and marketing, including micro-marketing, to target international consumers. The rise of new electronic payments systems ,, including e-Wallets, pre-pay and mobile pay, e-Invoices and mobile pay apps, also facilitate increased global trade.
When capital can move freely from country to country, it is relatively straightforward for firms to locate and invest abroad, and repatriate profits. Increased trade which has become increasingly free, following the collapse of communism, which has opened up many former communist countries to inward investment and global trade.
The emergence of footloose multinational and transnational companies MNCs and TNCs and the rise in the significance of global brands such as Microsoft, Apple, Google, Sony, and McDonalds, has been central to the emergence of globalisation. The drive to reduce tax burdens and avoid regulation has also meant the establishment of complex international business structures.
The advantages of globalisation Globalisation brings a number of potential benefits to international producers and national economies, including: Providing an incentive for countries to specialise and benefit from the application of the principle of comparative advantage. Access to larger markets means that firms may experience higher demand for their products, as well as benefit from economies of scale , which leads to a reduction in average production costs.
Globalisation enables worldwide access to sources of cheap raw materials, and this enables firms to be cost competitive in their own markets and in overseas markets. Seeking out the cheapest materials from around the world is called global sourcing.
Because of cost reductions and increased revenue, globalisation can generate increased profits for shareholders. Avoidance of regulation by locating production in countries with less strict regulatory regimes, such as those in many Less Developed Countries LCDs. Globalisation has led to increased flows of inward investment between countries, which has created benefits for recipient countries.
These benefits include the sharing of knowledge and technology between countries. In the long term, increased trade is likely to lead to the creation of more employment in all countries that are involved. The disadvantages of globalisation There are also several potential disadvantages of globalisation, including the following:. Business Economics.
Many companies have become disillusioned with sales in the international marketplace as old markets become saturated and new ones must be found. How can they customize products for the demands of new markets? Which items will consumers want? In this powerful essay, the author asserts that well-managed companies have moved from emphasis on customizing items to offering globally standardized products that are advanced, functional, reliable—and low priced. Multinational companies that concentrated on idiosyncratic consumer preferences have become befuddled and unable to take in the forest because of the trees. Only global companies will achieve long-term success by concentrating on what everyone wants rather than worrying about the details of what everyone thinks they might like.
The apparent onset of an era of anti-globalization creates significant challenges for international business IB practice, research and education. This paper aims to discuss the implication of these challenges for IB scholarship. This essay assesses the needs for research in IB in view of the challenges posed by the anti-globalization movement. The author identifies and analyzes two sets of concerns of the anti-globalization movement: the unequal distribution of the benefits of globalization and emergent constraints on national sovereignty. On that basis, he offers suggestions on how international business scholars may contribute to addressing these challenges through research, teaching and public engagement.
Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. Pearce Published Business. Firstly, the wide range of separate specific concerns of the early debate are subsumed within four generic issues, i efficiency, ii distribution, iii sovereignty, iv growth and development. Secondly, the analysis is now structured around modes of analysis of multinational enterprises MNEs , as the agents that carry out FDI.
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