Globalization Highlights by Iggy

Has Covid-19 killed Economic Globalization?

carlospareja68 — 2021-10-21 12:54:32 UTC

The crisis, combined with the essential public health response, has resulted in the largest and fastest drop in international flows in modern history. Current projections are for a 13-32 percent drop in merchandise trade, a 30-40 percent drop in foreign direct investment, and a 44-80 percent drop in international airline passengers in 2020, all of which are undoubtedly optimistic at this point. These figures indicate a significant reversal of recent globalization achievements, but they do not indicate a fundamental breakdown in international market integration.

According to the latest WTO prediction, global goods exports could decrease to levels last seen in the mid-to-late 2000s by 2020. That would be an excruciatingly painful plummet, particularly in today's larger and more complex global economy. Even the most gloomy trade estimates, however, do not indicate a return to a world of separate national markets.

The World is Flat (Thomas Friedman)

jem0562 — 2021-10-21 12:56:02 UTC

Thomas Friedman (2007) declares that the world is flat or the world has been flattened.

When the world is flattened, the barriers that divide people around the world are removed, allowing everyone to have equal access to the planet's resources.

When ideological barriers disappear and the world becomes ideologically one, the world becomes flattened.

The world becomes flat when everyone has equal access to the world's technology, information, and resources.

The world becomes flattened when it becomes everyone's field.

Fall of Berlin Wall; Rise of Globalization

mavs019 — 2021-10-21 12:58:53 UTC

The fall of the Berlin Wall heralded the end of the Soviet Union and the ideology of communism.

The fall of the Berlin Wall, which occurred 25 years ago this month, was a major impetus for fast regime change in Eastern Europe and worldwide. The wall was also the culmination of a series of failed attempts to avert far-reaching change by limiting economic and corporate policy liberalization.

Offshoring

jem0562 — 2021-10-21 13:06:42 UTC

Offshoring is a way of establishing manufacturing factory outside of one's home country that can be operated from the country of origin.

On both the "demand" and "supply" sides of the market, offshoring has significant ramifications for firms and governments. At its most basic level, it represents a chance for global corporations to create more value for less money. As a result, the global economy's productivity will increase.

Supply Chain

carlospareja68 — 2021-10-21 13:11:29 UTC

A supply chain is a system of companies, people, actions, information, and resources that are engaged in supplying a product or service to a consumer in the world of business.

A supply chain can be either product-based or service-based, with services coming together to provide an overall customer service rather than a finished product. An example of this is the shipping of customers' goods, where staff, vessel supply, and fuel are all required to provide the shipping service to the consumer.

Globalization on Steroids is Big Data

mavs019 — 2021-10-21 13:12:13 UTC

Although the term "globalisation" first appeared in journalism and literature in the 1930s, it had been occuring for millennia. What we are witnessing now could be described as globalisation on steroids; Big Data as the steroid.

Origin of Workflow Software

carlospareja68 — 2021-10-21 13:18:37 UTC

Workflows have a long history in the United States, dating back more than a century. Frederick Taylor and Henry Gantt, two engineers, started it all. At the turn of the century, Fred and Henry were busy establishing the concept of scientific management, which involved integrating engineering science and mathematics to the management of a manufacturing company.

A Workflow Management System (WMS) is a piece of software that automates and streamlines corporate processes. If-then logic is used in the program to transform input into meaningful actions and, as a result, more efficient activities. No-code visual workflows are used by modern workflow management systems, allowing everyone to benefit from their time and money-saving capabilities.

Three Types of Workflow
-Integration-centric workflow systems
-Human-centric workflow systems
-Document-centric workflow systems

Open-sourcing

jem0562 — 2021-10-21 13:18:44 UTC

Engineers, scientists, and other experts interact online to develop something for free, which is known as open-sourcing.

Open source refers to a group of people who have purposefully made their sources accessible so that anyone can examine them. Others can read and analyze it to see how it was made and what it does, allowing them to learn from the source, audit it for improvement, and even contribute to further knowledge and advancement.

Pros of Globalization

2021-10-21 13:28:21 UTC

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Increased Global Cooperation
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Acceleration of Technological advancement

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Increased Cross-Border Investment
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More opportunities for labor, jobs and resources

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Access to New Cultures
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Introduction of NetScape to the public

carlospareja68 — 2021-10-21 13:30:56 UTC

Netscape Communications was a computer services company best known for its Web browser, Navigator. Navigator was one of the two most popular Web browsers in the 1990s.

Mosaic was established in 1993 at the University of Illinois' National Center for Supercomputing Applications by a team led by Marc Andreesen (NCSA). Mosaic was the first graphical user interface Web browser (GUI). To avoid infringement of copyright, the browser was renamed "Navigator."

The world was flattened as all that has a computer that time can access information within the platform and has equal terms.

Insourcing

mavs019 — 2021-10-21 13:38:02 UTC

Instead of employing an outside individual or organization, insourcing assigns a project to a person or department within the company. It makes use of the organization's developed resources to complete tasks or achieve a goal. For example, a corporation might outsource technical assistance for a new product because it already has technical support for another product.

In addition, insourcing usually involves bringing new activities and processes in-house. As a result, insourcing can be more costly for a business because it frequently necessitates the implementation of new processes in order to launch a new division within the corporation.

Cons of Globalization

carlospareja68 — 2021-10-21 13:39:13 UTC

Globalization Empowers Multinational Corporations

The general complaint about globalization is that it has made the rich richer while making the non-rich poorer.

Workers Can Lose Jobs to Countries With Low-Cost Labor

Building products in nations such as China exposes our technologies to the risk of being copied or stolen, which is already happening at an alarming rate.

Large multi-national corporations have the ability to exploit tax

The Globalization of Production

carlospareja68 — 2021-10-21 13:51:52 UTC

Refers to a system in which different pieces of a single product are created in different parts of the world based on the competitive advantage principle. This also refers to global supply chains, in which a corporation, for example, obtains its products from many countries throughout the world.

The Globalization of Technology and Communication

mavs019 — 2021-10-21 13:55:30 UTC

The globe is becoming both larger and smaller as technology improves. At the stroke of a button, we may now speak with people all over the world. While globalization, or communication between nations beyond their borders, is not a new notion, with the advent of new technologies, it is having a fascinating impact on how we interact and learn.

The Globalization of Trade of Goods and Services

jem0562 — 2021-10-21 13:57:54 UTC

Goods globalization refers to the worldwide movement of goods in various directions. The rise of information and communication technology has accelerated the globalization of services.

Manufacturing costs are reduced as a result of globalization. This allows businesses to sell goods to customers at a lower cost. The average cost of items is an important factor that leads to rising living standards. Consumers can also choose from a greater range of products.

An example of this is coffee, which is claimed to have originated in Ethiopia and is widely consumed in the Arab world. Nonetheless, it is currently renowned as a worldwide consumed product as a result of economic commerce after the 11th century.

The Globalization of financial and capital markets

2021-10-21 14:10:25 UTC

This refers to the movements of currencies through direct and portfolio investments making the world market the playing ground of the Transnational Corporations.

It has resulted in greater inter-connectedness among markets around the world and increased communication and awareness of business opportunities in the far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before.

The Third Wave of Globalization(1990s)

carlospareja68 — 2021-10-21 14:34:07 UTC

Even if we are currently in the midst of the second wave of globalization, a third has already appeared. The third wave of globalization began to be felt around the world in the latter part of the 1990s, and it will most likely manifest itself in full force at the dawn of the twenty-first century.

The global information economy is the approaching third wave. In their early expansionist stages, the colonial powers were mercantilist and, subsequently, industrial countries. Combining industrial and financial resources to form massive monopolistic conglomerates on the lookout for new acquisitions, low-cost raw materials and labor, and new markets.

The First Wave of Globalization

mavs019 — 2021-10-21 14:35:38 UTC

With the first wave of globalization, which lasted nearly a century and ended in 1914, this began to shift. By the end of the 18th century, Great Britain had begun to dominate the world both geographically and technologically, thanks to technologies such as the steam engine and the industrial weaving machine, among others. The First Industrial Revolution was in full swing at the time.

Second Wave of Globalization

jem0562 — 2021-10-21 14:37:34 UTC

Characterized by a 9 percentage point increase in the goods and services ratio to world GDP, capital market integration with a 23 percentage point increase in FDI over GDP, more intense communication and information relationships with significant human capital transfers, and the expansion of business and technological networks.

Creation of the United Nations - April 25, 1945

2021-10-21 14:53:39 UTC

This was the official establishment of United Nations and with its goals and structure already set, countries were free to sign up as a member of the organization. 

They aimed to maintain international peace and security and social cooperation. With UN helping stabilize the global economy, money and trade was encouraged between countries which directly affected the economy.