ADMS 1000 Lecture Notes - Lecture 8: Canadian Business, North American Free Trade Agreement, International Trade
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Identify factors that have encouraged globalization of business. Describe central channels or forms of globalization. Discuss importance and consequence of multinational and borderless corporations. Explain purpose of protectionism and its relationship with international trade. Discuss implications of nafta for canada and the canadian business. Considered as a process of combining economies of different nations. Expanding degree and forms of cross border transactions among people, assets, goods, services. Growth in direct foreign investment and reflects shift toward increasing economic interdependence. Potential for sales growth obtaining needed resources. Provides financial support to under developed regions of the world. no benefit can be taken for granted. Profits do not necessarily to be given to host country- can be returned to home country. Difficult for any one state to control. Logic of trade- fundamental argument that ountries produce certain goods/servces more efficiently than others, global efficiency, and hence wealth can be improved through free trade. Mercantilism- economic theory from 1500-1800 (colonial period)