Module 1, Lesson 1

Question 1

What is the third benefit of globalization mentioned?

Answer 1

Lower Costs for Products

Globalization allows companies to find lower-cost ways to produce their products.

Question 2

What is the fourth benefit of globalization mentioned?

Answer 2

Higher Standards of Living Across the Globe

Developing nations experience an improved standard of living-thanks to globalization.

Question 3

What is the fifth benefit of globalization mentioned?

Answer 3

Access to New Markets

Businesses gain a great deal from globalization, including new customers and diverse revenue streams.

Question 4

What is the sixth benefit of globalization mentioned?

Answer 4

Access to New Talent

Globalization allows companies to access talent that is not available in their current market.

Question 5

What is one of the top challenges that world technology leaders face when taking their companies global?

Answer 5

International Recruiting

30% of U.S. and UK tech leaders cited international recruiting as their most common challenge.

Question 6

Why do immigration challenges cause headaches for tech leaders?

Answer 6

Managing Employee Immigration

Immigration laws change often, and in some countries, it is extremely difficult to secure visas for foreign national employees.

Question 7

What is a challenge faced by U.S. and UK tech leaders in terms of global business?

Answer 7

Incurring Tariffs and Export Fees

29% of tech leaders agreed that incurring tariffs and export fees is a challenge for their global businesses.

Question 8

What is a common obstacle in global expansion for companies?

Answer 8

Payroll and Compliance Challenges

Managing overseas payroll and maintaining compliance with changing laws, especially in multiple markets.

Question 9

What is a concern related to globalization and cultural identity?

Answer 9

Loss of Cultural Identity

Globalization can lead to the loss of distinctive cultural features and diversity.

Question 10

What issue arises from companies seeking cheap labor sources overseas?

Answer 10

Foreign Worker Exploitation

Some companies may exploit foreign workers in search of lower costs.

Question 11

What difficulties do businesses face when setting up an overseas presence?

Answer 11

Global Expansion Difficulties

Setting up a compliant overseas presence can be challenging due to upfront costs and navigating new legal systems.

Question 12

Why do companies expanding globally need to be aware of different labor laws in new countries?

Answer 12

Immigration Challenges and Local Job Loss

Failure to comply with labor laws in new countries can lead to financial and legal consequences.

Question 13

What is one of the main reasons for nationalism?

Answer 13

Mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.

Question 14

Who is considered the ‘father of globalisation’?

Answer 14

Peter Sutherland, the former Irish Attorney General, European Commissioner, and ‘father of globalisation’, who helped lay the groundwork for the European single market.

Question 15

According to Nayan Chanda, what made globalization possible?

Answer 15

Our basic need to make our lives better made globalization possible. It can be traced back to our ancestors in Africa who walked out from the continent in the late ice age, leading to the globalization we see today.

Question 16

When did Christopher Columbus ‘discover’ the Americas?

Answer 16

Christopher Columbus ‘discovered’ the Americas in 1492 in search of spices.

Question 17

When is the modern definition of globalization agreed to have started?

Answer 17

The modern definition of globalization is usually agreed to have started around the 1980s when globalization really took off.

Question 18

What factors have allowed globalization to become a driving force of the modern global economy?

Answer 18

Ships, airplanes, internet, and technology advances have allowed globalization to become a driving force of the modern global economy.

Question 19

Access to New Cultures

Answer 19

Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favourite UK-based artist or stream a Hollywood movie.

Example sentence: With globalization, people can experience different cultures without leaving their home.

Question 20

The Spread of Technology and Innovation

Answer 20

Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

Additional information: Globalization facilitates the rapid spread of new technologies and innovations.

Question 21

Lower Costs for Products

Answer 21

Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

Example sentence: Globalization has led to more affordable products for consumers worldwide.

Question 22

Higher Standards of Living Across the Globe

Answer 22

Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

Additional information: Globalization has contributed to the reduction of extreme poverty globally.

Question 23

Access to New Markets

Answer 23

Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

Example sentence: Globalization has opened up new markets for businesses to explore and expand into.

Question 24

Access to New Talent

Answer 24

In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

Example sentence: Companies can tap into global talent pools to find specialized skills for their business needs.