ADM 1301 Lecture Notes - Lecture 6: Economic Globalization, Cultural Globalization, Free Trade

• School: University of Ottawa
• Department: Administration
• Course: ADM 1301
• Professor: David Delcorde

Document Summary

Globalization: the merging of previously domestic spaces and issues into one multifaceted and interconnected transactional global village. A term used to describe the growing interdependence of people around the world with regard to societal influence, economies, and cultural exchanges. Refers to the increasing economic integration and interdependence of countries. A global movement to increase the flow of goods, services, people, real capital, and money across national borders in order to create a more integrated and interdependent world economy. Globalization: a process of decreasing constraints on the interactions among the nations and peoples of the world. Economic globalization: the integration of fragmented markets into a global economy. Political globalization: the process by which world power relationships change, and there is a loss of sovereignty by the state. Social or cultural globalization: the emergence of a worldwide cultural system. Cost drivers: new markets, strategic alliances, demand for products, source of inexpensive labour, cheaper raw materials, new sources of capital.