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1、Chapter 1Globalization,1-2What Is Globalization?vThe world is moving away from self-contained national economies toward an interdependent,integrated global economic systemvGlobalization refers to the shift toward a more integrated and interdependent world economy1-3What Is The Globalization of Marke
2、ts?vHistorically distinct and separate national markets are merging vIt no longer makes sense to talk about the“German market”or the“American market”vInstead,there is the“global market”vfalling trade barriers make it easier to sell globallyvconsumers tastes and preferences are converging on some glo
3、bal normvfirms promote the trend by offering the same basic products worldwide1-4What Is The Globalization of Production?vFirms source goods and services from locations around the globe to capitalize on national differences in the cost and quality of factors of production like land,labor,and capital
4、vCompanies can vlower their overall cost structure vimprove the quality or functionality of their product offering1-5Why Do We Need Global Institutions?vInstitutionsvhelp manage,regulate,and police the global marketplacevpromote the establishment of multinational treaties to govern the global busine
5、ss systemvExamples includevthe General Agreement on Tariffs and Trade(GATT)vthe World Trade Organization(WTO)vthe International Monetary Fund(IMF)vthe World Bankvthe United Nations(UN)1-6What Do Global Institutions Do?v The World Trade Organization(like its predecessor GATT)v polices the world tradi
6、ng systemv makes sure that nation-states adhere to the rules laid down in trade treaties v promotes lower barriers to trade and investmentv The International Monetary Fund(1944)maintains order in the international monetary systemv The World Bank(1944)promotes economic developmentv The United Nations
7、(1945)v maintains international peace and securityv develops friendly relations among nationsv cooperates in solving international problems and in promoting respect for human rightsv is a center for harmonizing the actions of nations1-7What Is Driving Globalization?vThe decline in barriers to the fr
8、ee flow of goods,services,and capital that has occurred since the end of World War IIvsince 1950,average tariffs have fallen significantly and are now at 4 percentvcountries have opened their markets to FDIvTechnological change vmicroprocessors and telecommunicationsvthe Internet and World Wide Webv
9、transportation technology 1-8Declining Trade And Investment BarriersAverage Tariff Rates on Manufactured Products as Percent of Value 1-9What Does Globalization Mean For Firms?v Lower barriers to trade and investment mean firms canv view the world,rather than a single country,as their marketv base p
10、roduction in the optimal location for that activityv Technological change meansv lower transportation costs -firms can disperse production to economical,geographically separate locationsv lower information processing and communication costs-firms can create and manage globally dispersed production s
11、ystemsv low cost global communications networks -help create an electronic global marketplacev low-cost transportation -help create global marketsv global communication networks and global media -create a worldwide culture,and a global market for consumer products1-10The Changing Demographics Of The
12、 Global Economyv There has been a drastic change in the demographics of the world economy in the last 30 yearsv Four trends are important:1.the Changing World Output and World Trade Picture2.the Changing Foreign Direct Investment Picture3.the Changing Nature of the Multinational Enterprise4.the Chan
13、ging World Order1-11How Has World Output And World Trade Changed?vIn 1960,the United States accounted for over 40%of world economic activityvBy 2008,the United States accounted for just over 20%of world economic activityvA similar trend occurred in other developed countriesvThe share of world output
14、 accounted for by developing nations is rising and is expected to account for more than 60%of world economic activity by 20201-12How Has World Output And World Trade Changed?The Changing Demographics of World GDP and Trade 1-13How Has Foreign Direct Investment Changed Over Time?vIn the 1960s,U.S.fir
15、ms accounted for about two-thirds of worldwide FDI flowsvToday,the United States accounts for less than one-fifth of worldwide FDI flowsvOther developed countries have followed a similar patternvIn contrast,the share of FDI accounted for by developing countries has risen vDeveloping countries,especi
16、ally China,have also become popular destinations for FDI1-14How Has Foreign Direct Investment Changed Over Time?Percentage Share of Total FDI Stock 1980-2007 1-15How Has Foreign Direct Investment Changed Over Time?FDI Inflows 1988-2008 1-16What Is A Multinational Enterprise?vA multinational enterprise(MNE)is any business that has productive activities in two or more countriesvSince the 1960s,there has been a rise in non-U.S.multinationals,and a growth of mini-multinationals1-17The Changing World
