Learn from IITians, NITians, Doctors & Academic Experts, Dr. P.S. And again, the adoption of market oriented reforms there was this idea, again, that the world was convergence towards what is known as liberal market friendly democracies. So again, this is another aspect in which no convergence again and this has implications for business. All these kinds of things did not disappear with globalization, people might still consume Many products of many other countries. It has four dimensions.1. So that lack of convergence in this aspect certainly force us to think in different ways about the different economies of the world. And many movements in many countries emerging political movement that emerged around a political platform that was around the idea of protecting their national identity. We'll explore each one of these elements of the CAGE analysis in the next videos. The course is very interesting and insightful. And a lot of people only were even talking about the world that it's becoming, and that the convergence was many times related to this idea of Americanization of the world. Verma & Dr. V.K. So actually the contact with people from other places of the world and the accessibility of products of many places of the world, instead of making the world borderless, made the world in many places more jealous about protecting their national identity. Understand how we got to the present moment of globalization and why it matters 0 The most recent global economy started with the adoption of market reforms particularly in former communist countries. G{}EzS+i02Wd^5dH^TD) R.,~8[q For multinational was going to be lost and it's not happened, people from, let's say, I'm an American multinational, still tend to hire Americans, same for the Japanese, same for the French, and so on. This leads us to another aspect in which there was no convergence which are political systems with the fall of many dictatorships in Latin America, or South East Asia. You will be able to: 15. The world realized, in the last few years, that actually people tend to like their culture. CbPXpDMCKT,*5]U&Kcdg^5\J]Zp)+#j3^:N#.G[unUY>I:mRj8,7n0'Gi@XRhGLbWA'bP.Q;w3YB#NnvfGg=a{_acCpHig?9Db1U3. Reality shows that this did not happen. Let's take one example, now you can read newspapers from pretty much every country of the world online. % Struggling Period of India-From 1206 AD to 1757 AD, 3. So still familiarity is important at that level, and therefore, it shows that people still go towards what is familiar in terms of national identity and wouldn't find a convergence in this aspect. Military globalization: It is the expanding of the military powers of the country across the globe.This involves nuclear military weapons, radiation weapons, etc. I mean, since tariffs were decreasing, the idea that the fact that moves we're going to be moving around and people were going to be moving around, we're going to make the nation state increasingly irrelevant. Globalization is the process by which a business or any organization can develop International influence or can start operating on an international level. This is a great learning experience. In which a corporation will operate, for this, Professor Pankaj Ghemawatt has developed a particular framework known as the CAGE framework. The Golden India-From The Beginning to 1206 AD, 2. {{R='Qg0Zo6[(v8jYYV>>7W5XyUr6L98VNeKwTt2/}_-nUz2s8M7lZ,m\uPelBx[XQBgD>F0U It can be both progressive or defensive.3. This module provides tools for this type of analysis and ways to determine how they affect businesses. I would highly recommend it to get good knowledge of mechanism of world economy.! Similarly, global firms, the big multinationals, it's been discovered that they still tend to higher more local people. You could have a CEO from foreign country, a board composed from the people from many other countries, employees from all over the world, so it was believed that national Identity. We strive to provide quality solutions. Again, there was no convergence in their economic system and there's no convergence either on the way they manage their economies. During the 1990s, many analysts forecasted a global cultural, economic, and political convergence. It is a very broad concept that includes many entities such as globalization of language, culture, etc. Many authors and pundits claimed that the world was converging towards a market-friendly democratic place, while gurus and consulting firms were rapidly producing formulae and advice on how to make profits out of the global economy. }u}J>/&V@7S But people are still very jealous many times about what they grew up with, and again, about some of the things that define them as things they drink, things they eat, or a particular general lifestyle. Economic globalization: It is the expansion of the economic relations of a country with other countries of the world. =,`4TB~G/iE:|7P}t4#ptY%KE}c*Nt[=BD]Hi^':u#t.yvv,Sd1x;W1d Z-j@B],pyU :S5 globalization indian economy india cart impact hbbd```b``"CQ* " What we're going to explore today is the following, first, the world is not flat, the world is actually very heterogenous and globalization did not lead to conversions. agriculture indian globalization wto Agarwal Solutions, RBSE Solutions for Class 10 Social Science, RBSE Solutions for Class 10 Social Science Chapter 15 - Features and New Trends of Indian Economy, Lakhmir Singh & Manjit Kaur Class 8 Science, Lakhmir Singh & Manjit Kaur Solutions Class 9, Lakhmir Singh & Manjit Kaur Solutions Class 10, CBSE Previous Year Question Papers Class 10, CBSE Previous Year Question Papers Class 12, CBSE Class 12 Physics Question Paper 2019, CBSE Class 12 Chemistry Question Paper 2019, CBSE Class 12 Biology Question Paper 2019. leadership global development self protective team participative value based oriented humane charismatic %%EOF So this was a big disappointment for those who believed that globalization was going to lead to convergence and this is not the reality. Cultural group globalization: It is the expansion of cultural relations across the world. This course begins with the discussion of these issues and global relationships and delves into a deeper understanding of business strategy in todays global business marketplace. Which has had very important political consequences related to the two previous points, it's been discovered that, probably and surprisingly, people still prefer what is familiar to them. globalization What a perfect and concise course!. Resistance and Struggle with The British Empire, 18. 160 0 obj <>/Filter/FlateDecode/ID[<543F4BA516716970A078DF3174D5B591><3C4BC20CCCEAB34186FAAD6AE8C4903D>]/Index[140 37]/Info 139 0 R/Length 102/Prev 332325/Root 141 0 R/Size 177/Type/XRef/W[1 3 1]>>stream They like certain lifestyles they grew up with, they like their food, their music, their soap operas, their TV. Business people engaged in global activities need to understand how to analyze the differences between countries. Course 3 of 7 in the Global Challenges in Business Specialization. [MUSIC]. Now what was believed was that an adoption of market reforms meant that the world was as I mentioned before converging towards some homogenate, because it was believed, okay, now we're all. endstream endobj startxref Let's say a British person is not necessarily, reading an Australian newspaper, even though it's in English and even though that person can write comments on that. [MUSIC] Let's explore some of these elements that were considered as the ones in which we were going to look at some commercials. However, research has shown that when you look at the people who are actually writing comments on the news of these global newspapers tend to be people from the countries in which these newspapers are published. Now, if there is something that was witnessed between the 1990s and the early 21st century, in this last stage of globalization, was that sometimes despite of globalization or actually. It's still people read from or still people to go the familiar elements, similar to what happens with something that looks superficial, as where do you read the newspaper We see consequences with global firms. Decades later, new realities show that globalization does not necessarily mean political, cultural, and economic convergence and that, in fact, forces against it are strong. hb```f`` Global Strategy I: How The Global Economy Works, University of Illinois at Urbana-Champaign, Salesforce Sales Development Representative, Preparing for Google Cloud Certification: Cloud Architect, Preparing for Google Cloud Certification: Cloud Data Engineer. Please rate us to serve you better. So it's been discovered that, people tend to, when going online to read about the news, they tend to go to the sources at least from their country or countries that are very associated to their countries. hNiU0UJUUoZbiUO4uz 2.o]*^Ra'1..72Li8"l]b+qK_TW(V}(_7ms|=Jn)Wo/SaG0f:]avL*&!M;u7*^Y^Sg_|w{|/@ RT7Y>z$wFU sustainable li environment asia development edits ohio economic social xYo#IvS tsb_5lc\~TU)IeoRF$L10T2q7N^ IoKdoo6oFjz=S6m1>n6{u?wW]#6^.h{!=O?w/;G{mWlJ0{jn:n)7v77LtUAk^M0aoC1e\'W6jZw59mK>nsfm?:SvHtwF f_wMO{u/-^x(l~z=+q~WJ6{v7+zi_)~u3 y3^ko3|S;%5OkJ)_[;_u|>xgB}NoM'Tq5Ou8zBtwb[W87lXX$y/ =c> 0xLG]|o ^^rQ|G} nX`jCJ }mpS%ZI)}73 P3AVUm{Dj[p}yUz'#}J:X;UW|2~d=8\U' The kind of capitalism that you find in Western Europe is not the same one as the one you find in places like Russia or the United States within Western Europe, capitalism in Britain is not the same as capitalism in Germany or Norway. stream ] ! At a degree, there's some truth on this, but in general firms, let's say American firms, it's been discovered, still tend to hire more Americans, Japanese firms, Japanese people and so on. Understand the complexities of the current globalization, recognizing not all countries are the same Evaluate when and why companies operate as multinationals It's been shown that many big multinationals still hire people from the country they're coming from. In the 1990s there was this widely held belief that the with the creation of global firms, firms were going to lose national identity, that you we're going to have a CEO from one place and abort try compose like people from many places and employees also from all over the world. 2022 Coursera Inc. All rights reserved. Because of globalization nationalism became stronger in all over the world, I mean we've seen examples of different ethic groups in different countries trying to call for independents like the Catalonians in Spain, like the Scottish in Great Britain. Let's start with elements like culture, despite again, the integration of markets, and better communication, and all these kinds of things. A second element that was believed was going to happen or we were going to witness was more like a borderless world. The implications of these slack of conversions cover most aspects of how a multi national operates in the global economy they go from what you offer in a particular country, how you offer that product or service. CAGE stands for Cultural, Administrative, Geographic and Economic distances. e`a`eb@ !+s|6o=A}f?x2K8W0YNQ&e;^9.-P;#';jUdzfN|d6-1SK7mdvmlAV&{2Z7N=zJ,++6CV@xzG^6kirwwzU$^ '%:B7Xa< D"@zAd D ( 52`D]L00}tqj3hf`RT Hvl =@W3* k? << /Length 4 0 R /Filter /FlateDecode >> 140 0 obj <> endobj m>uf{Iy4/$'m,c|T&,`^]q(=.!0$#%F s]-P>>FeRS Ue,h/ A53@k{amg8]QbqFwGzQg#4yP?As}j[Yp[`@4B yA4Fyob7^ l+A|o.X0[|jsFyXdHk<;jd;oT