GEB 3375 Chapter Notes - Chapter 2: Asia-Pacific Economic Cooperation, North American Free Trade Agreement, Bretton Woods Conference
Document Summary
Chapter 2: globalization of markets & the internationalization of firms. Globalization of markets: ongoing economic integration and growing interdependency of countries worldwide. Globalization allows firms to view the world as an integrated marketplace that includes buyers, producers, suppliers, and governments in different countries. Declining trade barriers & technology due to internet are a contributing factor to gradual integration into a unified global marketplace. Evolved out of a common desire of civilizations, no matter where they developed, to reach out and touch one another. After world war 2, leading industrialized countries sought to reduce international trade barriers. World trade organization (wto) : a multilateral governing body empowered to regulate international trade & investment. Aims to regulate fairness and efficiency in global trade and investment. Consequence of economic, tech and gov"t policy trends. Driver of economic, political and social phenomena. Driver and consequence of firm level internationalization.
