BUS 201 Chapter 5: Bus201 Chapter 5.doc
31 Mar 2012
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Document Summary
Total volume of world trade today is around 8 trillion each year. Globalization is a process by which the world economy is becoming a single interdependent system. Imports product made or grown abroad but sold domestically. Exports product made or grow domestically but shipped and sold abroad. Past many nations followed strict policies to protect domestic companies, today more and more countries are aggressively encouraging international trade. Governments and businesses have simply become more aware of the benefits of flobaliziation to. New technologies have made international travel, communication, and commerce easier, faster, their countries and stock holders and cheaper than ever before. Conventional transatlantic travel takes less than a day. Competitive pressures: sometimes a firm simply must enter foreign markets just to keep up with its competitors. Globalization charge that it allows businesses to exploit workers in less developed countries and bypass domestic environmental land tax regulations.
