BUA 343 Lecture Notes - Lecture 2: General Agreement On Tariffs And Trade, Natural Environment, North American Free Trade Agreement

• School: University of Maine
• Department: Business Administration
• Course: BUA 343
• Professor: Myer

Document Summary

Chapter 2 notes: globalization of markets and he internationalization of the firm. Globalization of markets ongoing economic integration of growing interdependency of countries worldwide progress. World trade organization a multilateral governing body empowered to regulate international trade and investment. Not new b/c through ages fostered civilization, opened world to innovation & Gatt transformed into this: define market globalization. Value chain the sequence of value-adding activities performed by the firm in the course of developing, producing, marketing, and servicing a product. Contagion the tendency of a financial or monetary crisis in one country to spread rapidly to other countries, due to the ongoing integration of national economies. Canada and mexico fell into recession due to heavy reliance on trade and investment with us. Gradual integration and growing interdependence of national economies, manifested by the production and with marketing of branded products and services worldwide. Decline of trade barriers and new technologies (internet) help globalization.