Podcast
Questions and Answers
Which of the following scenarios best illustrates the impact of developments in transportation on globalization?
Which of the following scenarios best illustrates the impact of developments in transportation on globalization?
- A country strengthens its border security to control migration.
- A company hosts virtual meetings to coordinate with its international teams.
- A local business increases its prices because of new import tariffs.
- A fashion company can quickly distribute its products globally with affordable air freight. (correct)
Which of the following is NOT a key characteristic of globalization, as described in the text?
Which of the following is NOT a key characteristic of globalization, as described in the text?
- Creation of specialized labor and diverse supply chains
- Increased trade and capital flow across borders
- Rise of insular, protectionist economic policies (correct)
- Increased connectivity between people and countries through networks
A country imposes stricter immigration policies and increases tariffs on imported goods. How would this primarily affect globalization?
A country imposes stricter immigration policies and increases tariffs on imported goods. How would this primarily affect globalization?
- It would promote globalization by stimulating international negotiations.
- It would accelerate globalization by encouraging domestic production.
- It would have no significant impact on globalization.
- It would hinder globalization by restricting the movement of people and goods. (correct)
How do trade organizations such as the World Trade Organization (WTO) contribute to globalization?
How do trade organizations such as the World Trade Organization (WTO) contribute to globalization?
Which factor influencing globalization is most directly affected by advancements in communication technologies?
Which factor influencing globalization is most directly affected by advancements in communication technologies?
Which of the following scenarios represents an example of the 'creation of specialization of labor' as a key characteristic of globalization?
Which of the following scenarios represents an example of the 'creation of specialization of labor' as a key characteristic of globalization?
How can high levels of debt in developed countries pose a threat to globalization?
How can high levels of debt in developed countries pose a threat to globalization?
How do 'freer borders' contribute to the rise of a globalized world?
How do 'freer borders' contribute to the rise of a globalized world?
How might climate change pose a threat to globalization?
How might climate change pose a threat to globalization?
Which of the following is the best example of how business confidence contributes to globalization?
Which of the following is the best example of how business confidence contributes to globalization?
Flashcards
Globalization
Globalization
A dynamic and multidimensional process of economic integration where national resources become more internationally mobile and economies become interdependent.
Increased Trade/Capital Flow
Increased Trade/Capital Flow
Increased trade and capital flow across borders.
Specialization and Offshoring
Specialization and Offshoring
Creation of specialized labor in certain countries and diverse supply chains.
Technology's Role in Globalization
Technology's Role in Globalization
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Transportation Advancements
Transportation Advancements
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Business Confidence in Globalization
Business Confidence in Globalization
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Trade Organizations/Agreements
Trade Organizations/Agreements
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Freer Borders
Freer Borders
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Tariff and Non-tariff barriers
Tariff and Non-tariff barriers
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Study Notes
- Globalization is a dynamic and multidimensional process of economic integration.
- National resources are becoming more internationally mobile.
- National economies are becoming increasingly independent.
- Globalization connects countries, especially in trade and the economy.
- Resources like money, goods, and jobs move more easily between countries.
- Economies are becoming more dependent on each other.
Key characteristics of globalization
- Increased trade (imports/exports) and capital flow across borders.
- Increase in global brands from emerging countries.
- Creation of specialized labor in certain countries and diverse supply chains (offshoring/outsourcing).
- High levels of cross border migration.
- Increased connectivity between people and countries through networks.
Factors Contributing to the Rise of Globalization
- Developments in technology in communication and the internet have made it easier for businesses and people to connect across the world instantly.
- Developments in transportation, like airplanes and shipping, has made moving goods and people across countries quicker and cheaper.
- Business confidence has seen companies invest in international trade and expand their operations worldwide, due to opportunities for profit in global markets.
- Trade organizations and agreements like the World Trade Organization (WTO) and agreements like NAFTA and the EU have reduced barriers to trade, making international business easier.
- Freer borders as many countries have relaxed immigration and trade restrictions, allowing for easier movement of goods, services, and people between nations.
Threats to Globalization
- Tariff threats (trade wars)
- Non-tariff barriers (sanctions, quotas, subsidies)
- Nationalism (reshoring)
- High levels of debts (high interest rates limit economic growth)
- Climate change threats (energy security and water scarcity)
- Cyber threats
- Trump
- Globalization 1.0, 2.0, 3.0
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