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1What is GlobalizationThe merging of national economies into one big interdependent global economic systemInterconnectedness between societiesAdvantagesPromising economic growthincreases trade and capital flowcreates jobsraise incomes of consumersimproves quality of lifeDisadvantagesRich get richer poor get poorerfavors skilled workers leaving behind unskilled workersincreases environmental and social problemsLocal governments are losing controlCultural Homogenization Products have one meaningStandardization You can sell the same product across the globeContributing factorsMass marketingconsumer mentalitypeople are spending more nowImpact of elite cultureInfluence of the internet2 Polarization People defending their traditions and way of life3Hybridization and DialecticsHybridizationMix of homogeneity and polarization If you do not adapt and improve you will dieDialectics An explanation of the ongoing process of hypbridizationManaging in the global economy involves understand the following interrelated themes 1Management The art and science of getting things done through other people2Globalization The end of independent national economies and the shift towards one big interdependent global economy 3Global management getting things done through other people ho are a part of a national economy that can often have different social economic and cultral differences
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