Globalization

Question 1

Driver of globalization

Answer 1

Economic

Technological

Political and Regulatory

Social and Cultural

Question 2

Economic drivers:

Answer 2

Trade Liberalization

Foreign Direct Investment (FDI)

Global Production Networks

Question 3

Trade Liberalization:

Answer 3

Reduction of trade barriers to promote the free flow of goods and services across borders.

Question 4

Foreign Direct Investment (FDI):

Answer 4

Investment by multinational corporations in foreign countries to access new markets, resources, and production efficiencies.

Question 5

Global Production Networks:

Answer 5

Fragmentation of production processes across different countries to take advantage of cost efficiencies and specialized skills.

Question 6

Technological drivers:

Answer 6

Information and Communication Technologies (ICTs)

Digitalization

E-commerce

Question 7

Information and Communication Technologies (ICTs):

Answer 7

Advancements in digital technologies which facilitates instant communication and collaboration across the globe.

Question 8

Digitalization:

Answer 8

Transformation of analog information into digital formats which leads to the digitization of industries, services, and products.

Question 9

E-commerce:

Answer 9

Rise of online platforms and marketplaces enables businesses to engage in cross-border trade and reach global consumers directly.

Question 10

Political and regulatory drivers

Answer 10

Liberalization of Trade Policies

Deregulation

Formation of International Organizations

Question 11

Liberalization of Trade Policies:

Answer 11

Adoption of free trade agreements and the reduction of trade barriers to promote international commerce and investment

Question 12

Deregulation:

Answer 12

Removal of regulatory barriers in industries to foster competition and market integration.

Question 13

Formation of International Organizations:

Answer 13

Establishment of institutions like the World Trade Organization (WTO) and World Bank, facilitates global governance and cooperation.

Question 14

Social and cultural drivers

Answer 14

Cross-Cultural Exchange

Spread of Information and Ideas

Migration and Mobility

Question 15

Cross-Cultural Exchange:

Answer 15

Increased interaction and integration of diverse cultures through migration, travel, and communication, which leads to cultural diffusion and hybridization.

Question 16

Spread of Information and Ideas:

Answer 16

Access to global media, entertainment, and information channels shape global perceptions and influences cultural norms.

Question 17

Migration and Mobility:

Answer 17

Movement of people across borders in search of employment, education, or refuge, contributes to demographic diversity and labor market dynamics.