Week 1 - lecture 2

Question 1

Globalisation definiton

Answer 1

Increasing interconnectivity (linking of economies, cultures, societies through technology, trade and communication) and interdependence (mutual reliance between countries and regions like economic, social and political contexts) of the worlds markets, cultures and populatio

Question 2

Economic drivers

Answer 2

Trade liberalization, the world trade organisations (WTO) has reduced barriers for trading - have a more consistent standard, opening new markets and settling disputes, growth of multinationals

Question 3

Environmental Drivers

Answer 3

Because of the vast scale of globalisation, this has led to environmental challenges like air pollution and climate change.
Globalisation has raised awareness of environmental issues and increased movements (Greta Thunberg)

Question 4

Political Drivers

Answer 4

Institutions like United Nations promote global cooperation and address issues (health, poverty, environmental sustainability), International Monetary Fund (IMF) provides financial help for countries facing economic instability.

Question 5

Cultural Drivers

Answer 5

Facilitated spread of ideas, values and lifestyles aiding in blending cultures together,
Increased global awareness of social issues (gender equality) driven by international organisations

Question 6

Growth of Trade Drivers

Answer 6

From 1995-2006 value of international trade rose from $5 trillion to $12 trillion, this makes emphasis to the ‘modern day globalization phenomenon’.

Question 7

Internationalization Definiton

Answer 7

Rapid growth of international trading and development of global technology to communicate finances and productions.

Question 8

Liberalization definition

Answer 8

Creation of free markets which are influenced by changes in China and the former soviet union. Also involves making information more accessible via internet.

Question 9

Universalisation definiton

Answer 9

Process of convergence (two things coming together to make a whole).
Also involves the convergence of consumer tastes meaning a growth in global trade, markets and products.

Question 10

Westernisation definiton

Answer 10

Dominance of western values (USA influence). This has lead to re-examining the over relationships while in business (relates to Geert Hofstede’s Cultural Dimensions Theory )

Question 11

Deterritorialization definiton

Answer 11

More recent process entailing less emphasis on national barriers and geographical boundaries, all made easier with technology

Question 12

Global Factory

Answer 12

Product made by number of manufacturers in different parts of world, most driven by cost.
Process led to establishment of regional warehouses and distribution centres.