gj01.docx
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gj01.docx
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gj01
UnitOne
GlobalEconomyandMarketGlobalization
ACaseStoryintheGlobalEconomy
JulieValentineisacollegejuniormajoringinbusiness.OnarecentSaturday,shewentshoppingatalocalmall.First,sheorderedabigbreakfast,unawarethatmostofhermealwasimportedfromabroad:
baconfromSpain,fruitfromCostaRica,juicefromBrazil,French-brandedyogurt,andbreadmadefromwheatgrowninArgentina.Juliethenheadedtothedepartmentstoretobuyagiftforherdad.SheperusednecktieswithItalianandFrenchbrandnames,andothersmadeinChina,Mexico,andRomania.ShealsoconsideredelectricshaversmadebyBraun(aGermanbrand)andPhilips(aDutchbrand).SheeventuallyboughtaPanasonic(aJapanesebrand).Next,sheheadedtotheperfumecounter,whereshetriedvariousbrands,includingChanel(France),FrenchConnection(UK),EaudeGucci(Italy),andShiseido(Japan).
Juliewasdreamingofbuyingalaptopcomputer.Attheelectronicsstore,sheexploredseveralmodelsmadeinChina’smainland,Ireland,Malaysia,andTaiwan.Asshepassedatravelagency,sherememberedthatherspringvacationwasjustaroundthecorneranddecidedtoconsultherbestfriendMelissa.WhippingoutherNokiacellphone(aFinnishbrand,butmadeinHungary,Mexico,andSouthKorea),shereachedMelissa.MelissaansweredonherMotorolaphone(aU.S.brand,butmadeinMalaysiaandotherAsianlocations).ThetwochattedabouttheirdreamtriptothebeachesofsouthernSpain,consideredMexico,butdecidedtheywouldprobablyendupinPanamaCity,Florida.JulielookedatablousemadeinVietnam,buthesitatedtopurchaseitbecauseshehadreadthatsomeproductsfromSoutheastAsiaaremadebychildlabor.
JulieleftthemallanddroveawayinherHyundai(aKoreanbrand,butmadeinChina).ShewasenviousofMelissa’scar,aBMW(aGermanbrand,butassembledintheUnitedStateswithAsian,European,andSouthAfricancomponents).Overthefollowingweeks,Julieandherexchange-studentfriend,Anders(herfavoriteNorwegianimport),metupseveraltimesatrestaurantsfeaturingfoodfromvariousnations,includingFrance,India,Lebanon,Mexico,etc.OnFridaynight,theywatchedthelatestmovieintheMatrixseries(madeinAustraliaandtheUnitedStates,financedbytheJapanese)onafriend’sbig-screenTV(aDutchbrand,butmadeinIndonesia).Overdinner,JulieandAndersenjoyedpastafromItalyandshrimpfromElSalvador,andchattedabouttheirfuture.Juliewasdreamingofaninternationalcareer.
GlobalizationofMarkets
Asyoucanseefromtheopeningstory,internationalbusinesstouchesourdailyexperiences.Theglobalizationofmarketsreferstotheongoingeconomicintegrationandgrowinginterdependencyofcountriesworldwide.Inpracticalterms,theglobalizationofmarketsisevidentinseveralrelatedtrends.Firstistheunprecedentedgrowthofinternationaltrade.In1960,cross-bordertradewasmodest—about$100billionperyear.Today,itaccountsforasubstantialproportionoftheworldeconomy,amountingtosome$10trillionannually—thatis,$10,000,000,000,000!
Second,tradebetweennationsisaccompaniedbysubstantialflowsofcapital,technology,andknowledge.Thirdisthedevelopmentofhighlysophisticatedglobalfinancialsystemsandmechanismsthatfacilitatethecross-borderflowofproducts,money,technology,andknowledge.Fourth,globalizationhasbroughtaboutagreaterdegreeofcollaborationamongnationsthroughmultilateralregulatoryagenciessuchastheWorldTradeOrganization(WTO)andtheInternationalMonetaryFund(IMF).
Globalizationbothcompelsandfacilitatescompaniestopursuecross-borderbusinessactivitiesandinternationalexpansion.Simultaneously,goinginternationalforafirmhasbecomeeasierthaneverbefore.Afewdecadesago,internationalbusinesswaslargelythedomainoflarge,multinationalcompanies.Recentdevelopmentshavecreatedamorelevelplayingfieldthatallowsfirmsofanysizetobenefitfromactiveparticipationininternationalbusiness.Inaddition,wherecross-borderbusinesswasoncemainlyundertakenbymanufacturingfirms,thisisnolongerthecase.Companiesintheservicessectorarealsointernationalizing,insuchindustriesasbanking,transportation,engineering,design,advertising,andretailing.
PhasesofGlobalization
Sincethe1800s,wecanidentifyfourdistinctphasesintheevolutionofmarketglobalization.Eachphaseisaccompaniedbyrevolutionarytechnologicaldevelopmentsandinternationaltrends.
Thefirstphaseofglobalizationbeganabout1830andpeakedaround1880.Internationalbusinessbecamewidespreadduringthisperiodduetothegrowthofrailroads,efficientoceantransport,andtheriseoflargemanufacturingandtradingcompanies.Inventionofthetelegraphandtelephoneinthelate1800sfacilitatedinformationflowsbetweenandwithinnations,andgreatlyaidedearlyeffortstomanagecompanies’supplychains.
Thesecondphaseofglobalizationbeganaround1900andwasassociatedwiththeriseofelectricityandsteelproduction.ThephasereacheditsheightjustbeforetheGreatDepression,aworldwideeconomicdownturnthatbeganin1929.In1900,WesternEuropewasthemostindustrializedregionintheworld.Europe’scolonizationofcountriesinAsia,Africa,theMiddleEast,andbeyondledtotheestablishmentofsomeoftheearliestsubsidiariesofmultinationalfirms.EuropeancompaniessuchasBASF,BritishPetroleum,Nestle,Shell,andSiemenshadestablishedforeignmanufacturingplantsby1900.IntheyearbeforeWorldWarI(pre-1914),manyfirmswerealreadyoperatingglobally.TheItalianmanufacturerFiatsuppliedvehiclestonationsonbothsidesofthewar.
ThethirdphaseofglobalizationbeganafterWorldWarII.Atwar’sendin1945,substantialpent-updemandexistedforconsumerproducts,aswellasforinputgoodstorebuildEuropeandJapan.TheUnitedStateswasleastharmedbythewarandbecametheworld’sdominanteconomy.SubstantialgovernmentaidhelpedstimulateeconomicactivityinEurope.Beforethewar,tariffsandothertradebarriershadbeenhigh,andtherehadbeenstrictcontrolsoncurrencyandcapitalmovements.Severalindustrializedcountries,includingAustralia,Britain,andtheUnitedStates,systematicallysoughttoreducebarrierstointernationaltrade.TheresultofthiseffortwastheGeneralAgreementonTariffsandTrade(GATT).EmergingfromtheBrettonWoodsConferenceof23nationsin1947,theGATTservedasaglobalnegotiatingforumforliberalizingtradebarriers.TheGATTmarkedthebeginningofaseriesofannualnegotiatingmeetingsaiminsatreducingbarrierstointernationaltradeandinvestment.TheGATTeventuallytransformedintotheWorldTradeOrganization(WTO)asmorecountriesjoinedthismultinationalagency.TheWorldTradeOrganizationisamultilateralgoverningbodyempoweredtoregulateinternationaltradeandinvestment.TheWTOaimstoensurefairnessandefficiencyininternationaltransactions.Some149nationsarenowmembersoftheWTO.Additionalglobalcooperationinthepost-wareragavebirthtootherinternationalorganizationssuchastheInternationalMonetaryFundandtheWorldBank.EarlymultinationalsfromthisthirdphaseofglobalizationoriginatedfromtheUnitedStates,WesternEurope,andJapan.TheEuropeansoftenexpandedintoformercolonies.FirmslikeUnilever,Philips,RoyalDutchShell,BritishPetroleum,andBayerorganizedtheirbusinessesbyestablishingindependentsubsidiariesineachoftheforeigncountrieswheretheydidbusiness.AmericanmultinationalssuchasIBM,Boeing,TexasInstruments,Xerox,andMcDonnellDouglasspreadoutacrosstheglobeonthestrengthoftechnologicalandcompetitiveadvantages.Growingmultinationalenterprise(MNE)activitiesandearlyeffortsattradeliberalizationresultedinsubstantialincreasesininternationaltradeandinvestmentbeginninginthe1960s.RecoveredfromWorldWarII,MNEsinEuropeandJapanbegantochallengetheglobaldominanceofU.S.multinationals.Withtheeasingoftradebarriersandcurrencycontrols,capitalbegantoflowfreelyacrossnationalborders,leadingtointegrationofglobalfinancialmarkets.
Thefourthandcurrentphaseofglobalizationbeganintheearly1980s.Thisperiodwitnessedenormousgrowthincross-bordertradeandinvestment.Thecurrentphasewastriggeredbykeytrends,includingthecommercializationofthepersonalcomputer,thedevelopmentoftheInternetandtheWebbrowser,advancesincommunicationsandmanufacturingtechnologies,thecollapseoftheSovietUnionandensuringmarketliberalizationincentralandEasternEurope,andtheindustrializationandmodernizationeffortsofEastAsianeconomies,includingChina.
GrowinginternationalprosperitybegantoreachemergingmarketssuchasBrazil,India,andMexico.The1980switnessedhugeincreasesinFDI,especiallyincapital-andtechnology-intensivesectors.Technologicaladvancesininformation,communications,andtransportationmadeitfeasibleformanagerstoorganizefar-flungoperationsaroundtheworld,geographicallydistantyetelectronicallyinterconnected.Thesetechnologiesalsofacilitatedtheglobalizationoftheservicesectorinareassuchasbanking,entertainment,tourism,insurance,andretailing.Themergerofmajorfirmsonceviewedasstrongholdsofnationalcorporatepowerexemplifiedthegrowingintegrationoftheworldeconomy.Forexample,GMacquiredSaabinSweden,FordacquiredMazdainJapan,andDaimlerBenzboughtChryslerintheUnitedStates.
Inthecontemporaryera,countlessfirmsconfigureandcoordinatetradeandinvestmentactivitiesinagiantglobalmarketplace.Theensuingphasesofglobalizationhavegraduallyshrunkt
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