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1

Economic and human welfare globalization critics

Exploites lesser developed countries, loss of jobs in developed countries, growing gap between rich and poor, race to the bottom

2

Economic and human welfar globalization supporters

Global economic developement, improves human welfare, provides opportunites to people in emerging markets

3

Consumer welfare globalization supporters

Benefits consumers worldwide through wider variety of products, more affordable products, and wider reacher to consumers

4

Consumer welfare globalization critics

Loss of local retailers, promotion of consumerist culture, uncontrolled access leading to marketing of harmful products to uneducated populations, unregulated production opening the consumers to risk

5

National sovereignty and cultural identity globalization critics

Loss of national identity, imposing western values as universal

6

National sovereignty and cultural identity globalization supporters

Mixing of cultures, greater appreciate of cultural differences

7

Characteristics of manufactured goods

Tangibility, storability, separability, homogeneity

8

Homogeneity

All the same

9

Separability

Ability to separate a product from its service

10

Characteristics of hard service

Tangible, storable, separatable, homogeneity, depends on physical object for storage and export

11

Characteristics of soft service

Intangible, perishable, inseparable, heterogeneity. No export option

12

Factors of production

Land, capital, labor, entrepreneurship

13

Entrepreneurship

Creative ideas and highly skilled workers

14

Moore's law

Power of technology doubles and cost of production falls in half every 18 months

15

Drivers of globalization

Reduction of transaction costs, reduction of transportation costs, sped up by information technology

16

Individulaism

A political philosophy that suggests individuals should have freedom over their economic and political pursuits

17

Individualism can be traced to

Aristotle who argued that individual diversity and private ownership are desirable

18

Individualism stresses

Individual freedom and self expression, self interest, democratic systems and free markets

19

Collectivism believes

The group is more important. Look out for the greater good

20

Democracy

Political system in which government is by the people

21

Totalitarianism

Form of government in which one person or political party has absolute control over all spheres of human life

22

Communist totalitarianism

Socialism through total dictatorship

23

Theocratic totalitarianism

Power is controlled by a party according to religious practices

24

Tribal totalitarianism

A particular tribe has total power

25

Right wing totalitarianism

Economic freedom is allowed but political freedom is restricted

26

Foreign corrupt practices act

Limits corruption in the us. It is illegal to bribe a government official

27

Grease

Money to get things done faster and this is legal

28

Political risk

The liklihood that political forces will change the business environment and effect profits and goals of businesses

29

Economic risk

Likelihood that the economic mismanagement will cause change in the business environment

30

Legal risk

Likelihood that a trading partner will break a contract or expropriate property rights