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Questions and Answers
According to Friedman (1999), what does globalization enable corporations, countries, and individuals to do?
What is the main focus of globalization according to Harvey (1989)?
How does Guest (2017) define globalization?
How has the theory of time-space compression been impacted by rapid innovation in communication and transportation technologies?
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What is the primary reason for companies to move their production facilities around the world?
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What is the main difference between offshoring and outsourcing?
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What does the hyperglobalist perspective of globalization emphasize?
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According to the skeptical perspective, how do current international processes appear?
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What is the main characteristic of the hyperglobalist perspective?
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How does the skeptical perspective differ from the hyperglobalist perspective?
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Study Notes
Globalization and its Concepts
- Globalization enables corporations, countries, and individuals to connect with each other and access global markets, resources, and technologies (Friedman, 1999).
- The main focus of globalization is the spatial reorganization of economy and society, resulting in the erosion of time and space (Harvey, 1989).
- Globalization is defined as the increasing interconnectedness of economies and societies, driven by advances in technology and global trade (Guest, 2017).
Impacts of Technological Innovation
- Rapid innovation in communication and transportation technologies has accelerated the theory of time-space compression, allowing for faster and more efficient global interactions.
Production and Sourcing
- The primary reason for companies to move their production facilities around the world is to take advantage of lower labor costs, access new markets, and increase competitiveness.
- Offshoring involves relocating a company's production facilities to another country, while outsourcing involves contracting with a third-party provider to perform specific tasks or services.
Hyperglobalist and Skeptical Perspectives
- The hyperglobalist perspective emphasizes the emergence of a single, integrated global economy, characterized by the free flow of goods, services, and capital across national borders.
- From the skeptical perspective, current international processes appear to be shaped by the interests of powerful nations and corporations, leading to unequal economic outcomes and limited global convergence.
- The main characteristic of the hyperglobalist perspective is its emphasis on the erosion of national borders and the rise of a global, neoliberal economy.
- The skeptical perspective differs from the hyperglobalist perspective in its emphasis on the continued importance of national governments and the uneven distribution of economic power and benefits.
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Description
Test your understanding of globalization with this quiz focusing on defining globalization, key dynamics, theories, perspectives, and differentiating westernization from glocalization.
