Course Notes

Topics: World Trade Organization, Globalization, International trade Pages: 4 (1239 words) Published: February 21, 2013
Chapter 1
-We are moving toward a world in which barriers to cross-border trade and investment are tumbling; perceived distance is shrinking due to advances in transportation and telecommunications technology; material culture is starting to look similar the world over; and national economies are merging into an interdependent global economic system -It is a world in which international institutions such as the World Trade Organization and gatherings of leaders from the world’s most powerful economies have called for even lower barriers to cross-border trade and investment. It is a world where the symbols of material and popular culture are increasingly global -Globalization: trend away from distinct national economic units and toward one huge global market -Globalization has several different facets, including the globalization of markets, globalization of production, globalization of consumers -Globalization of Markets: moving away from an economic system in which national markets are distinct entities, isolated by trade barriers and barriers of distance, time, and culture, and toward a system in which national markets are merging into one global market * It has been argued for some time that the tastes and preferences of consumers in different nations are beginning to converge on some global norm, thereby helping to create a global market * Very significant differences still exist between national markets along many relevant dimensions, including consumer tastes and preferences, distribution channels, culturally embedded value systems, business systems, and legal regulations. These differences frequently required that marketing strategies, product features, and operating practices be customized to best match condition in a country * Most global markets currently are not markets for consumer products but markets for industrial goods and materials -Globalization of Production: Trend by individual firms to disperse parts of their productive processes to...
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