Module 1, Lesson 1 Flashcards
(24 cards)
What is the third benefit of globalization mentioned?
Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products.
What is the fourth benefit of globalization mentioned?
Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living-thanks to globalization.
What is the fifth benefit of globalization mentioned?
Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams.
What is the sixth benefit of globalization mentioned?
Access to New Talent
Globalization allows companies to access talent that is not available in their current market.
What is one of the top challenges that world technology leaders face when taking their companies global?
International Recruiting
30% of U.S. and UK tech leaders cited international recruiting as their most common challenge.
Why do immigration challenges cause headaches for tech leaders?
Managing Employee Immigration
Immigration laws change often, and in some countries, it is extremely difficult to secure visas for foreign national employees.
What is a challenge faced by U.S. and UK tech leaders in terms of global business?
Incurring Tariffs and Export Fees
29% of tech leaders agreed that incurring tariffs and export fees is a challenge for their global businesses.
What is a common obstacle in global expansion for companies?
Payroll and Compliance Challenges
Managing overseas payroll and maintaining compliance with changing laws, especially in multiple markets.
What is a concern related to globalization and cultural identity?
Loss of Cultural Identity
Globalization can lead to the loss of distinctive cultural features and diversity.
What issue arises from companies seeking cheap labor sources overseas?
Foreign Worker Exploitation
Some companies may exploit foreign workers in search of lower costs.
What difficulties do businesses face when setting up an overseas presence?
Global Expansion Difficulties
Setting up a compliant overseas presence can be challenging due to upfront costs and navigating new legal systems.
Why do companies expanding globally need to be aware of different labor laws in new countries?
Immigration Challenges and Local Job Loss
Failure to comply with labor laws in new countries can lead to financial and legal consequences.
What is one of the main reasons for nationalism?
Mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
Who is considered the ‘father of globalisation’?
Peter Sutherland, the former Irish Attorney General, European Commissioner, and ‘father of globalisation’, who helped lay the groundwork for the European single market.
According to Nayan Chanda, what made globalization possible?
Our basic need to make our lives better made globalization possible. It can be traced back to our ancestors in Africa who walked out from the continent in the late ice age, leading to the globalization we see today.
When did Christopher Columbus ‘discover’ the Americas?
Christopher Columbus ‘discovered’ the Americas in 1492 in search of spices.
When is the modern definition of globalization agreed to have started?
The modern definition of globalization is usually agreed to have started around the 1980s when globalization really took off.
What factors have allowed globalization to become a driving force of the modern global economy?
Ships, airplanes, internet, and technology advances have allowed globalization to become a driving force of the modern global economy.
Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favourite UK-based artist or stream a Hollywood movie.
Example sentence: With globalization, people can experience different cultures without leaving their home.
The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
Additional information: Globalization facilitates the rapid spread of new technologies and innovations.
Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
Example sentence: Globalization has led to more affordable products for consumers worldwide.
Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
Additional information: Globalization has contributed to the reduction of extreme poverty globally.
Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
Example sentence: Globalization has opened up new markets for businesses to explore and expand into.
Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
Example sentence: Companies can tap into global talent pools to find specialized skills for their business needs.
