SOM 122 Chapter Notes - Chapter 104-127: Collectivism, Protectionism, Offshoring

• School: Syracuse University
• Department: School of Management
• Course: SOM 122
• Professor: Geoghegan

Document Summary

Globalization: the world economy is fast becoming an independent system through this process: governments and businesses are more aware of the benefits to business shareholders. Benefits: potential for higher standards of living and improved businesses: con: allow businesses to exploit workers in less-developed countries and bypass domestic environmental and tax regulations. Imports: products made or grown abroad and sold domestically in the us. Exports: products made or grown here and shipped for sale abroad: machinery, electronic equipment, grains. International trade: becoming more important to most nations and their businesses, there are borders opening for foreign businesses and offering incentives for domestic businesses to expand internationally easier for foreign firms to partner with locals. Firms must expand into foreign markets simply to keep up with competitors. Distinctions based on wealth: high-income countries: annual per-capita income greater than ,746, upper-middle-income countries: in between ,746 and ,595, lower-middle-income countries: in between ,595 and , low-income countries: less than .