MARK 462 Lecture Notes - Lecture 1: World Trade Organization, Cultural Imperialism, Debt Relief

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What is globalization: globalization: shirt toward a more integrated and interdependent world economy, world is moving away from self-contained national economies toward an interdependent, integrated global economic system (economical convergence) Mostly for uniform markets computer chips, commercial jet aircraft, oil, wheat, aluminum, etc. Important to recognize that significant differences still exist among national markets. The product was created (ideas : firms promote the trend by offering the same basic products worldwide influences) globally. What do global institutions do: world trade organization, policies the world trading system, makes sure that nation-states adhere to the rules laid down in trade treaties, promotes lower barriers to trade and investment. International monetary fund (1994: maintains order in the international monetary system, lender of last resort for countries in crisis (argentina, indonesia, mexico, What is driving globalization: foreign direct investment (fdi) occurs when a firm invests resources in business activities outside its home country.

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