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B A 310 Study Guide - Fall 2019, Comprehensive Final Exam Notes - Asia, World Trade Organization, European Union


Department
Business Administration
Course Code
B A 310
Professor
D. Scanlan
Study Guide
Final

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B A 310

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Lecture Notes
Lecture 1
Chapter 1: Rise of Globalization
Globalization
Globalization - describe the growing interdependence of the world’s economies, cultures, and
populations, brought about by cross-border trade in goods and services, technology and flows of
investment, people, and information
Impact of globalization has been positive
World trade and GDP have grown in tandem for the last ten years
Value added chains - things come from around the world, not just one place
Different parts come from different places and get assembled in one place
Protectionism - theory or practice of shielding a country’s domestic industries from foreign
competition by erecting barriers to trade
Opposite of globalization, tariff barriers
Emerging Market Economies
Globalization is not another word for ‘westernization’ or ‘americanization’
Emerging market economies
Implementing more open trade and free-market policies
Becoming the world’s center of economic gravity through innovation, research and
development
BRIC economies
Brazil
Russia
India
China
World economies are integrated
Ie. The 2008 recession
International Monetary Fund
Founded in July 1944 - Bretton Woods NH
Headquarters: Washington, DC
Membership of 189 countries
Oversees International Monetary System
International Monetary System - global system of exchange rates and international
payments that enables countries and their citizens to buy goods and services from each
other
Gives you a sense of stability
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International monetary fund’s role in global financial stability:
Promote exchange rate stability
Lend countries foreign exchange to help address balance of payment problems
Provide a forum for cooperation on international monetary problems
Facilitate international trade that promotes job creation, economic growth, and poverty
reduction
Provide funding for major infrastructure projects
World Bank
Founded in 1944
Headquarters: Washington, DC
Membership of 189 countries
Initial role was to aid the reconstruction of Europe after WWII
Current focus area:
Agreements supporting international standards in financial systems
Information and knowledge transfer to developing countries to support sustainable
development
Goals:
End extreme poverty by 2030 (people living with less than $1.90/day)
Boost shared prosperity
Increase income of the poorest 40% in every country
World Trade Organization
Began in 1948 under the general agreement on tariffs and trade (GATT)
Liberalized trade by lowering and/or removing trade barriers such as tariffs, quotas, and subsidies
Established: 1994, Uruguay Round
Headquarters: Geneva, Switzerland
Membership of 160 countries
Only international organization dealing with the rues of trade between nations
WTO promotes global trade by:
Administrating trade agreements
Acting as a forum for trade negotiations
Settling trade disputes
Reviewing national trade policies
Providing developing countries with technical assistance and training programs
Helps with tariffs negations between countries
Tariff is paid by either consumer or producer, can become an invisible tax
Multilateral Trading System
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