ARBUS301 Lecture Notes - Lecture 3: General Agreement On Tariffs And Trade, Capital Market, Infosys
16 Dec 2019
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Document Summary
Overview of the globalization of markets: globalization and technological advances have altered the international business landscape more than any other trends. Globalization: the interconnectedness of national economies and the growing interdependence of buyers, producers, suppliers, and governments around the world. Globalization of markets: convergence in buyer preferences in markets around the world. Globalization of operations & sourcing: dispersal of operations and sourcing activities worldwide to minimize costs or maximize quality. Phase 1: 1830 to late 1800s: aided by railroads and ocean transport; the rise of manufacturing and trading companies. Phase 2: 1900 to 1930: fueled by electricity and steel; early mnes. Phase 3: 1948 to 1970s: gatt, post-war era; reduction of trade barriers worldwide; rise of global capital market. Phase 4: 1980 to present: fueled by internet and other technologies; rapid liberalization in emerging markets. Old to new world trade: 1492 1800. The power of the individual to collaborate and compete globally. Software + information + connectivity = power.
