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Globalisation
| Question | Answer |
|---|---|
| Culture | a collective system of shared values and norms which distinguish the members of one group from the members of another |
| Values | what the group believes is good, right and desirable |
| Norms | social rules which govern people’s actions towards one another and guide what behaviour is appropriate in given situations |
| Ethics | principles of right and wrong as well as behavioural standards and norms which govern conduct |
| Low context culture | Most communication at face value, not much reliance on the "unspoken" |
| High context culture | Reliance on "unspoken" context which underlies the conversation |
| Ethical relativism | morals are relative to a particular society or culture |
| Ethical imperialism | other cultures or constructs of ethics impose their ethical values on others. |
| No ethics | businesses have only two responsibilities: to make profits and follow the law. |
| Middle of the road | respect for local traditions, human dignity, human rights and the institutional context |
| Globalisation | An ongoing process through which economies, societies and cultures around the world are becoming more and more intergrated due to a worldwide trade and communication network (Samson, Donnet & Daft 2018) |
| Economic globalisation | The high-volume flow of goods services, capital and labour across borders (Gangopadhyay & Chatterji 2018) |
| Globalisation of production | The sourcing of raw materials, labour, products and services from different countries to reduce costs |
| Technology | The application of scientific knowledge for practical purposes , especially in industry |
| FTAs | Free trade areas |
| FDI | Foreign Direct Investment |
| GATT | General Agreement on Tariffs and Trade |
| ASEAN | Founded in 1967 when the governments of Indonesia, Malaysia, the Philippines, Singapore and Thailand joined together. |
| EU | Formed in 1957 with only six member nations and now has 27. |
| AFTA | A free trade area established by ASEAN. |
| AANZFTA | Australia’s first multi-country free trade agreement, which includes ASEAN and New Zealand. |
| NAFTA | A free trade agreement between the US, Canada and Mexico. |
| MERCOSUR | Created in 1995 to promote free trade in South America |
| WTO | World Trade Organisation The only international organisation which handles rules of trade between the countries of the world. |
| IMF | International Monetary Fund Created in 1945 to maintain order in the international monetary system. |
| MNC | Multinational Corporation |
| PPP | purchasing power parity A popular metric used by macroeconomic analysts that compares different countries' currencies through a "basket of goods" approach. Allows for economists to compare economic productivity and standards of living between countries |
| Globalisation includes: | decisions on how to operate in different parts of the globe strategies for entering new markets who to establish alliances with sourcing and supply chain arrangements IT systems to cope with global demands systems for managing international HR |
Created by:
catrinalucock
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