BUSI 2701 Study Guide - Midterm Guide: International Monetary Fund, World Trade Organization, Disaster Recovery Plan
14 Dec 2016
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Document Summary
International business consists of business transactions between parties from more than one country. Going global: phases of development: domestic phase, multi-domestic phase, multinational phase, global phase. Globalization refers to the shift toward a more integrated and interdependent world economy. (a product produced by many countries) Barriers to cross-border trade and investment are tumbling; Perceived distance is shrinking due to advances in transportation and telecommunications technology; Material culture is starting to look similar the world over; And national economies are merging into an interdependent global economic system. Is an interdependent global economy a good thing? falling barriers to trade are destroying manufacturing jobs in advanced countries the benefits of this trend outweigh the costs. 2 countries will specialize in what they do most efficiently and trade for other goods - and all countries will benefit the best way for the poor nations to improve their situation. Globalization has several different facets: globalization of markets.
