Globalization and economic policy

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Pytanie English
Odpowiedź English

Forces driving globalization
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cost factors, market factors, technology factors, global business cycle

cost factors
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looking for cheaper labour and manufacturing costs, outsource to other countries, which get an inward investment, jobs and technology

market factors
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domestic markets become saturated, switch to emerging markets, establish a global presence due to global clients, it is dangerous to stand aside

technology factors
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the Internet makes comparison of supply chain costs and of final price, software tools on company intrantes allow managers to access information anywhere, anytime

global business cycle
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it is now international, in every turn of the cycle, the pace of globalization is likely to increase


expansion, boom

contraction, downturn


Company strategy in the face of globalization
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Import/Export, Outsourcing, Foreign direct investment

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lowest risk, lowest profit, franchising, foreign licensing

deeper level of involvement with a long-term contractual agreement

Foreign direct investment
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highest risk, most control and shows the most commitment to the global market, buy property and businesses in the foreign nation, it includes: acquisition, joint ventures, strategic alliances

Political strategy in the face of globalization
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being in favour of market forces and deregulation, being in favour of subsidies and protectionism

being in favour of market forces and deregulation
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labour market more flexible, lower taxes, cut red tape, encourage free trade

being in favour of subsidies and protectionism
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protect job security, social benefits, high taxes in order to pay for social programmes, protect national business and jobs, tariffs and quotas on imports

Measuring and analysing global trade
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balance of trade, balance of payments, exchange rates

balance of trade
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imports minus exports, when import is higher then export we have trade surplus, opposite trade deficit

balance of payments
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balance of trade plus services and investments

exchange rates
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currencies fluctuate against each other

looser regulations
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cancel out quotas and tariffs

human right abuses
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child labour

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back-office services
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front-line services
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customer helplines

world trade organization
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works towards reducing tariffs and quotas, mediates in trade disputes

international monetary found
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makes short-term loans

lends money to developing countries

competitive adventage
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competitive edge

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