INTB 1203 Chapter Notes - Chapter 1: World Trade Organization, Foreign Direct Investment, European Central Bank
1 Sep 2016
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Document Summary
For businesses, globalization has produced many opportunities: Firms can expand revenues by selling around the world and/or reduce their costs by producing in nations where key inputs, including labor, are cheap. Regulatory and administrative barriers to doing business in foreign nations have been reduced, while those nations have often transformed their economies, privatization of state-owned enterprises, deregulating markets, increased competition, and welcoming investment by foreign businesses. This has allowed businesses, big and small, from both advanced nations and developing nations, to expand internationally. Globalization - the shift toward a more integrated and interdependent world economy. It has several facets, including the globalization of markets and the globalization of production. Globalization of markets - the merging of historically distinct and separate national markets into one huge global market-place. Falling barriers to cross-border trade have made it easier to sell internationally. In many global markets, the same firms frequently confront each other as competitors in nation after nation.
