BUS201 Lecture Notes - Lecture 1: Robert Reich, International Trade, Complete Control
19 Jul 2018
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Document Summary
Globalization is occurring in the world economy. Since the collapse of communism at the end of the (cid:1005)(cid:1013)(cid:1012)(cid:1004)(cid:859)s, (cid:374)atio(cid:374) after (cid:374)atio(cid:374) has s(cid:449)u(cid:374)g to(cid:449)ards (cid:271)ei(cid:374)g free (cid:373)arkets. Regulatory and administrative barriers to doing business in foreign nations have come down. The trend is privatizing state-owned equities, deregulating markets, increasing competition, welcoming investment by foreign businesses. The shift toward a more integrated and inter-dependent world economy. The merging of historically distinct and separate national markets into a global marketplace. Falling barriers to cross-barrier trade have made it easier to sell internationally. Tastes and preferences are converging on a global norm. Firms such as coca-cola, mcdonalds and sony are both benefactors and facilitators of this worldwide trend, helping to create a global market. Many differences still exist within markets such as consumer tastes and preferences, distribution channels, culturally embedded value system. Most global markets are currently for industrial goods and materials that serve a universal need the world over.
