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1、Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinGlobal Business Today 7eby Charles W.L. Hill1-2Chapter 1 Globalization1-3IntroductionIn the world economy today, we see fewer self-contained national economies with high barriers to cross-border trade and investme
2、nt a more integrated global economic system with lower barriers to trade and investment over $4 trillion in foreign exchange transactions daily over $12 million of goods and $3.3 trillion of services being sold across national borders the establishment of international institutions1-4What Is Globali
3、zation?Question: What is globalization? Answer: Globalization refers to the trend towards a more integrated global economic system Two key facets of globalization are: the globalization of markets the globalization of production 1-5The Globalization of Markets Globalization of markets - the merging
4、of historically distinct and separate national markets into one huge global marketplace In many markets today, the tastes and preferences of consumers in different nations are converging upon some global norm Coca Cola, Starbucks, Sony PlayStation, and McDonalds hamburgers, IKEA furniture1-6The Glob
5、alization of Production Globalization of production - the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (labor energy, land, and capital) Goal: lower overall cost structure or improve the qual
6、ity or functionality of their product and gain competitive advantage Boeing and Vizio 1-7The Emergence of Global InstitutionsGlobal institutions manage, regulate, and police the global market place promote the establishment of multinational treaties to govern the global business system the World Tra
7、de Organization (WTO) - polices world trading system and ensures nations adhere to the rules established in WTO treaties In 2010, its 154 members accounted for 97% of world trade the International Monetary Fund (IMF) - maintains order in the international monetary system 1-8The Emergence of Global I
8、nstitutionsthe World Bank - promotes economic development the United Nations (UN) - maintains international peace and security, develops friendly relations among nations, cooperates in solving international problems and promotes respect for human rights, and is a center for harmonizing the actions o
9、f nations1-9Drivers of GlobalizationQuestion: What is driving the move toward greater globalization? Answer: declining trade and investment barriers technological change 1-10Declining Trade and Investment BarriersInternational trade occurs when a firm exports goods or services to consumers in anothe
10、r country Foreign direct investment (FDI) occurs when a firm invests resources in business activities outside its home country During the 1920s and 1930s, many nations erected barriers to international trade and FDI to protect domestic industries from foreign competition1-11Declining Trade and Inves
11、tment BarriersAfter WWII, advanced Western countries began removing trade and investment barriers Under GATT (the forerunner of the WTO), over 100 nations negotiated further decreases in tariffs and made significant progress on a number of non-tariff issues Under the WTO, a mechanism now exists for
12、dispute resolution and the enforcement of trade laws, and there is a push to cut tariffs on industrial goods, services, and agricultural products1-12Declining Trade and Investment BarriersLower trade barriers help companies view the world as a single market and establish production activities in opt
13、imal locations around the globe This has led to an acceleration in the volume of world trade and investment since the early 1980s1-13Declining Trade and Investment BarriersFigure1.1: Growth in World Merchandise Trade and Production, 1950 - 2008 1-14The Role of Technological ChangeSince World War II,
14、 there have been major advances in communication, information processing, and transportation The microprocessor - lowered the cost of global communication and the cost of coordinating and controlling a global organization U.S. web-based transactions - $133 billion in 2008 1.6 billion Internet users
15、in 2009 Commercial jet aircraft and super freighters and the introduction of containerization - simplify trans-shipment from one mode of transport to another1-15The Role of Technological ChangeQuestion: What are the implications of technological change for the globalization of production?Answer: Low
16、er transportation costs make a geographically dispersed production system more economical and allow firms to better respond to international customer demands1-16The Role of Technological ChangeQuestion: What are the implications of technological change for the globalization of markets?Answer: Low cost communications networks help create electronic global marketplaces Low cost transporta
