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Globalization Questionnaire Essay

755 words - 3 pages

Globalization Questionnaire ….. PAGE \* MERGEFORMAT 1
Running head: GLOBALIZATION QUESTIONNAREWeek One ~ Globalization QuestionnaireUniversity of PhoenixMGT 448~Global Business StrategiesMarch 9th, 2009Globalization QuestionnaireWhat is globalization, and what are some of the traditional international trade theories that support the concept of globalization?"Globalization refers to the shift toward a more integrated and interdependent world economy" (Hill, 2009, p.6). Globalization is the process in which economies of countries all around the world become integrated over a period of time leading to organizations having access to a wider market base and consumers having access to a larger variety of goods and services.Carnegie Endowment for International Peace (2009), states thatGlobalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world (para.1).International trade occurs because of relative price differences between nations. The differences stem from variations in production costs which then result from the following four factors, 1- differences in the factors of production, 2-the differences in the levels of technology which determine the factor intensities used, 3- differences in the efficiencies with which these are utilized, and 4-foreign exchange rates (Ball & McCulloch, 1999). International trade theory shows that nations will attain a higher level of living by specializing in goods for which they possess a comparative advantage and importing those for which they have a comparative disadvantage.List the major drivers of globalization and give three examples of each.There are two factors that motivate globalization, the first is declining trade and investment barriers and the second is the role of technological change (Hill, 2009).Declining Trade and Investment BarriersThe first driving force is the decline in trade barriers. Because of the recession of the trade restrictions, the world has experienced international trade, foreign direct investment and a reduction in tariffs. These practices allow resources, goods and services to be imported and exported while being governed by the General Agreement on Tariffs and Trade (GATT) which was established in 1947, and the World Trade Organization (WTO), which was established in 1993 (Hill, 2009).Role of Technological ChangeAdvances in computers and...

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