GLOBAL BUSINESS ENVIRONMENT Lo 1: analyse the key
Author : karlyn-bohler | Published Date : 2025-05-24
Description: GLOBAL BUSINESS ENVIRONMENT Lo 1 analyse the key factors which drive globalization GLOBAL BUSINESS ENVIRONMENT P1 analyse key factors of cost market environment and competition that drive global commerce and trade Factors that drive
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Transcript:GLOBAL BUSINESS ENVIRONMENT Lo 1: analyse the key:
GLOBAL BUSINESS ENVIRONMENT Lo 1: analyse the key factors which drive globalization GLOBAL BUSINESS ENVIRONMENT P1: analyse key factors of cost ,market, environment and competition that drive global commerce and trade Factors that drive globalisation Globalisation is a powerful result of the New World system. It represents one of the most influential forces in determining the future course of business. The term was first coined in the 1980’s. We define globalisation as the democratizing of access to local market knowledge, customer information, services, products, and capital across national, cultural, and linguistic boundaries. Factors that drive globalisation First driver is the commoditization of the Information and Communication Technology (ICT) infrastructure, computers, software, and Internet. According to Friedman, “These technologies are able to weave the world together even tighter.” This deep global integration sets the stage for the second driver, the development of world trading systems and standards–leading to free trade, removal of barriers to trade, democratization of capital and investment barriers, and knowledge transfer. These two are now fueling the third driver, economic expansion of emerging markets and new business venturing. Entrepreneurial Capitalism is expanding around the world. International economic integration International economic integration is a topic upon which both academics and policy-makers are focusing a great deal of attention. This has perhaps been most marked in western Europe, given the establishing of the internal market and the prospects for an economic and monetary union. In parallel with the movement toward widening and deeping of western European economic integration, we find an increased integration of eastern Europe to world trade and finance as well as regional integration in North America and in East Asia. International economic integration ‘International economic integration’ is one aspect of “international economics” which has been growing in importance in the past three decades or so. The term itself has a rather short history; indeed, Machlup (1977) was unable to find a single instance of its use prior to 1942. Since then the term has been used at various times to refer to practically any area of international economic relations. By 1950, however, the term had been given a specific definition by economists specialising in international trade to denote a state of affairs or a process which involves the amalgamation of separate economies into larger regions, and it is in this more limited sense that the term is used today. International economic integration More specifically, international economic integration