1.1 GLOBALIZATION

How do you define globalization?

• A focus on regional self-sufficiency

• Limited interaction between nations

• The integration of economies, cultures, and societies on a global scale

• Avoiding global trade

International business is less complex than domestic business.

• TRUE

• FALSE

-Growth of railroads, efficient ocean transport, and the rise of large manufacturing and trading firms
- Invention of the telegraph and telephone enabled information flows between and within nations

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•The rise of electricity and steel production
- •Establishment of some of the earliest subsidiaries of multinational enterprises (MNEs).

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•1947:General Agreement on Tariffs and Trade (GATT) was created, which reduces barriers to international trade and investment
•Many companies developed internationally-recognized trade names
•MNEs began to seek constant advantages by locating factories in developing countries with low labor costs.

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•Rapid growth in cross border trade of products, services & capital triggered by the development of personal computers, the Internet and web browsers.

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•The rise of digital technologies through technological breakthroughs in fields such as quantum computing, the Internet of Things, artificial intelligence, robotics, autonomous vehicles, 3D printing, etc.

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