Lec. 3: The global Context Flashcards

1
Q

What is globalization?

A

The process of international integration arising from the interchange ofworld views, products, ideas and other aspects ofculture

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2
Q

What are the dimensions of globalization?

A

Political
Economic
Social
Technological

Nb. other categorizations do exist.

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3
Q

What is implied by the notion “the world is flat”?

A

That world is integrated and easily manageable.

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4
Q

What is a Footloose industry?

A

An industry that can be placed anywhere, as such not having specific requirements to a country’s factor endowments.

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5
Q

What are Incoterms?

A

Standardized commercial terms, dealing with the obligations of cost, risk, and insurance of goods delivery.

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6
Q

Why isn’t the world flat?

A

10-15% of phone calls and investments are local

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7
Q

Why is the world spiky?

A

Innovation still happens in the west. Start-ups still mainly happen in Silicon Valley.

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