Question

In your own words, define globalization and explain why it is important to business (Pearson text Chapter 4) 2. Summarize the Assigned Discussion case (Toyota in Ontario, e-Course Kit) in one paragraph

Answer 1

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Definition - Globalization is about people and business interconnecting around the world, leading eventually to a global integration of culture, politics and economy. It is capable of moving and interacting effectively with people around the world to do international business. The name globalisation, coined in the late 1970s, is relatively new. Just three developments are attributed to the rapid globalisation: the aircraft, the computer and the internet. Due to increased demand in the world's high-tech industry, business and industry have enormous global profits. So today, globalization is a key concept to be understood and appreciated by higher education students because they need to hire people in business or industry who can work with people from other nations and cultures and can travel independently to promote their business or their industries. In addition, the world faces global challenges which interdisciplinary organizations must face in order to address these challenges; provide everyone on this earth with access to clean water and sustainable clean renewable energy for only a few. The collection and sharing of know-how across disciplines, institutions and other institutions at global scale will need to resolve these global challenges. It is in itself challenging to create meaningful relations that work globally.

Importance - The theory of comparative advantage is based on globalization which states that good producing countries export a particular product better into less efficient producing countries. In contrast, a latter country can then efficiently export to the former country the goods it produces, which may also be inadequate. The premise is that not all countries are good at producing every kind of goods and therefore benefit from trading. Moreover countries can profit from each o trade because of its wage differential and the way in which countries are given different resources. Globalization also means that countries in the world subscribe to WTO rules and procedures or to the WTO which oversees trade terms and conditions. There are other world bodies, such as the United Nations and several arbitration bodies, where countries agree, in principle, when they open up their economies to respect free trade and non-discriminatory trade policies.