1.) Market Globalization or just globalization allows firms to view the world as an integrated marketplace. It refers to the emergence of global markets for standardized products and services and also to the growth of world-scale companies.
2.) Globalization is not a new phenomenon. First Phase: 1830-1880, introduction to railroads and ocean transport, rise of manufacturing and cross border trade of commodities by trading companies. Second Phase: 1900-1930, Rise of electricity and steel production, emergence and dominance of early multinational enterprises in manufacturing and agricultural industries. Third Phase: 1948-1970s, Formation of GATT, Industrialization of western countries and reducing the barriers of trade. Fourth Phase: 1980s- present, Radical advances in information, communication, manufacturing, and consolation technologies, unprecedented rate of growth in cross border trade of products and services and capital.
3.) The five dimensions of globalization are the integration and interdependence of national economies (value chain- sequence of value-adding activities performed by the firm in the process of developing, producing, marketing, and servicing a product), Rise of regional economic integration blocs (NAFTA which is the free trade agreement), Growth of global investment and financial flows (international transactions), Convergence of consumer lifestyle and preferences (similarities how consumers spend their money and time), Globalization of production (lower prices, fierce competition)
I got to tired to finish the questions. Hopefully I will pass my test tomorrow it is on chapters 1-4. I will put a review quiz up that includes questions and answers for chapters 1-4. I’m thinking that will be the most beneficial to my learning. I feel like international business relations can be an interesting class. I do not think the teacher should be giving busy work and making things more difficult than they actually are and or should be. Usually during my class the teacher talks the whole time and sais “are you with me” every 5 words in his Bangladesh accent. Its incredibly horrid and I cannot wait to get this semester done and over with and out of my mind.