AFM333 Lecture Notes - Lecture 2: Bretton Woods Conference, International Monetary Fund, General Agreement On Tariffs And Trade

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM333
• Professor: clarkhampton

Document Summary

Chapter 2 globalization of markets and the internationalization of the firm. Globalization of markets: ongoing economic integration and growing interdependency of countries worldwide. Allows firms to view the world as an integrated marketplace that includes buyers, producers, suppliers, and government in different countries. The twin trends of market globalization and technological advances now permit firms to more readily engage in both marketing and procurement activities on a global scale. Job creation by internationally activie firms is contributing to higher living standards around the world. Globalization is helping disseminate values from liberalized economies about free trade and respect for intellectual property rights to an everwidening international audience. Phases of globalization four distinct phases in the evolution of market globalization: the first phase of globalization began about 1830 and peaked around 1880. Due to widespread of railroads, efficient ocean transport and the rise of large manufacturing and trading firms.