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Summary W1 Assgn Globalization.docx MGT/448 Globalization MGT/448 Globalization Globalization refers to the tendency of foreign trade, investment, information technology and outsourcing of manufacturing to weave the economies of different countries together. $7.49
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Summary W1 Assgn Globalization.docx MGT/448 Globalization MGT/448 Globalization Globalization refers to the tendency of foreign trade, investment, information technology and outsourcing of manufacturing to weave the economies of different countries together.
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W1 Assgn G MGT/448 Globalization MGT/448 Globalization Globalization refers to the tendency of foreign trade, investment, information technology and outsourcing of manufacturing to weave the economies of different countries together. In business and finance, the term refers primarily to the eco...
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MGT/448
Globalization
MGT/448
Globalization
Globalization refers to the tendency of foreign trade, investment, information
technology and outsourcing of manufacturing to weave the economies of different countries
together. In business and finance, the term refers primarily to the economic integration of global
markets, but it is also used to describe countries' socio-cultural integration. Overall,
globalization has had the effect of increasing both international trade and cultural exchange
significantly.
There are three of the traditional, international trade theories that support the concept of
globalization: Adam Smith Theory, Free Trade and Theory of Comparative Advantage. The
Adam Theory is the theory of absolute advantage. It states that if a nation is more effective than
other nations in manufacturing products, then it should only export the commodity and
exchange it with the rest of the world. Free Trade states that trade should take place with duties
and taxes levied by every government to allow demand and supply and therefore prices to be
determined
by the market. Comparative advantage communicates that if a nation can produce a good at a
comparatively lower cost of opportunity than others, then it has a comparative advantage over
others. The buyer's benefit in purchasing such items from an effective country would
eventually outweigh the disadvantages.
There are two major drivers of globalization. One of the most striking trends over the
past sixty years has been the reduction in legal and regulatory barriers to the free movement of
goods, services, and capital that occurred after World War II. The second factor is technological
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