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During the last decades we saw a rapid increase of economic globalization. This fact is due to technological progress and different levels of scarcity of resources in individual countries. Sometimes it seems that the increase of cross-border exchange of goods, services, capital and other factors of production is inevitable. But as a matter of fact, the development of globalization is not determined by any laws of nature. Political decisions and institutions are central adjustment screws.
- Yip identifies four sets of “industry globalization drivers” that underlie conditions in each industry that create the potential for that industry to become more global and, as a consequence, for the potential viability of a global approach to strategy.
- The drivers of globalization are the reduction of barriers to international trade, increased consumer demand, lowered costs of shipping and production, and technological advancements in.
Yips Drivers Of Globalisation Management Essay. 5381 words (22 pages) Essay. 1st Jan 1970 Management Reference this Disclaimer: This work has been submitted by a. YIPS-GLOBALIZATION-DRIVERS 1. 25 May 09 International Business - Yip's Globalisation Drivers 2. Yip’s Globalisation Drivers Team 6 Sachin Arun KA Balaji. 2 THE DRIVERS OF FINANCIAL GLOBALIZATION 331 Table 2?The Drivers of International Financial Integration (1) All countries FA.
Drivers of economic globalization
Economic globalization stands for the economic interconnectedness of countries with the global economy as a whole. This interdependence relates both to the exchange of factors of production (labor, capital, technologies, know-how) and the exchange of products (material goods and services, finished and unfinished products, consumer and capital goods). In my opinion, there are three main drivers for economic globalization and its different characteristics such as trade (see figure 1), international capital markets, currency markets, migration and more:
- Demography: The size of the population of a country is important for factor endowment differences between countries. If a certain economy has a large number of workers but only a small stock of physical capital, the country is labor-abundant and capital-poor. Such a country has an international competitive advantage in manufacturing labor-intensive products. Concerning international division of labor, it will specialize on the production and export of labor-intensive products.
- Technology: Due to technical progress, costs of transportation and of communication decreased strongly during the last decades. Without these reductions of costs, phenomena such as outsourcing, long-distance trade and global value chains would not be possible.
- Political decisions: Economic processes are not operating in a political or institutional vacuum. Reducing or even eliminating barriers to trade in goods, services, labor and capital are political decisions. At the end of the day, whether economically motivated cross-border activities do actually take place or not depends on the policy frameworks in place. It is this framework which decides whether cross-border activities are facilitated, made more difficult or even completely forbidden.
Political decisions and the extent of globalization
The extent of globalization is shaped by political decisions which promote or impede economic cross-border interconnections. Just a few examples for the role of political decisions are the following:
- The decision of a country to reduce import tariffs is essential for the size and structure of international trade in goods and services. Lower barriers in trade increase the incentive to trade with other countries. This decisions is in the hand of the national government respectively parliament. In case of the European Union, these national competences are transferred to the EU. Additional trade policy instruments are bilateral or regional free trade agreements which are used in order to reduce or even eliminate tariff and non-tariff barriers to trade. The conclusion or non-completion of such an agreement is a political decision, too.
- The same applies to the decision to reduce capital controls which are used by national governments in order to regulate in inflow and outflow of capital. Closely linked to capital controls is the topic of foreign exchange controls respectively the design of foreign exchange markets (fixed versus flexible exchange rates).
- Finally, immigration regulations of individual countries are an important limitation of international migrations flows. Hence the removal of these restriction, for example within the fundamental freedoms of the European internal market, is supposed to increase cross-border migration between EU-countries.
Political decisions and the results of globalization
In addition to the shaping of globalization, political decisions are decisive factors for the way society deals with the results of globalization, especially how society wants to correct the market results produced by globalization.
In advanced economies such as the U.S, Germany, France or the United Kingdom, international trade with low-wage countries has negative effects for workers, especially for low-skilled workers. These consequences can be softened by public intervention (see figure 2). For example, if society does not feel comfortable with the distribution of market income due to globalization, taxation and transfer payments can be used in order to achieve a socially desirable distribution of net income. Other institutions which can adjust market outcomes according to preferences of society are the education system, labor market policy tools, all areas of the social security system etc.
Therefore, political decisions and institutions decide whether those persons, who suffer from the market processes in a globalized world, are finally the losers of globalization or not. In case of a strong welfare state (extensive redistribution policy, high level of protection against dismissal and more), economic and social policies could compensate the income losses of those persons who lost their job due to international competition. In that case, looking at the disposable income (= market income minus taxes minus social security contribution plus social transfers), these persons might not be classified as ‘losers of globalization’ anymore.
Limits of political influence
However, it must be pointed out that due to increasing globalization, national capacities to manage the consequences of a globalized world are limited. An impressive example of this limitation is Dani Rodrik’s trilemma of the World Economy. Because all markets need institutions, global markets require global rules, too. These rules have to be established on the global level. Hence national self-determination is violated. On the other hand, if national governments have too much power, they will apply rules and institutional arrangements according to the preferences of local population. Since preferences concerning rules and institutions are supposed to differ between countries, the result of national sovereignty is institutional heterogeneity which is not compatible with uniform global standards.
Nevertheless, even limited room for maneuvers allows national governments to shape globalization, both its extent and its consequences. If, for example, globalization has gone too far according to the preferences of a country, it is not impossible to turn back some elements of globalization. And even more important: Any government has the possibilities to change the market outcomes of globalization in its own country.
Note:
The content of this blog post is a modified pre-release of one section of my paper for the “Vision Europe Summit 2017” which will take place on 14 and 15 November 2017 in Turin. You can visit the Summit’s website by clicking here!
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Globalization Drivers: Yip s Framework Developed by George Yip(1992) Helps analyze the degree of globalization in the industries The 4 main categories of drivers are: Market Globalization Drivers Cost Globalization Drivers Government Globalization Drivers Competitive Globalization Drivers Low (Domestic) High (Global). Essays - largest database of quality sample essays and research papers on Yips Drivers Of Globalisation Tesco. Yips Drivers of globalisation (diagram figure2.3 on p.70) Key drivers of change, which are forces likely to affect the structure of an industry.
YIPS-GLOBALIZATION-DRIVERS. 1. 25 Might 09 International Business - Yip'h Globalisation Motorists. Yip's i9000 Globalisation Motorists Group 6 Sachin Arun KA Balaji Swapnil Arobinda. 25 Might 09 World Company - Yip's Globalisation Motorists International Company Terms World businesses: Importers and exporters; possess no expense outside of their house country. Multinational companies: Possess investment decision in various other countries; Even more concentrated on adapting their products and service to each local market.
Worldwide businesses: Have got invested and are existing in many nations; They market their items through the make use of of the same coordinated picture/brand in all markets. Transnational businesses: Even more complex institutions. They have got invested in international operations; have got Decentralized decision-máking, RD and marketing power to each specific foreign marketplace. 25 Might 09 Cosmopolitan Company - Yip'beds Globalisation Motorists Introduction George Yip (1992) To know the level of Globalisation within an market, analyse 4 Main Groups of Drivers 1. Marketplace Globalisation Motorists 2.
Price Globalisation Motorists 3. Federal government Globalisation Motorists 4. Competitive Globalisation Motorists Low (Domestic) Great (Global). 25 May 09 Essential Company - Yip'h Globalisation Drivers Yip's Platform Technological Element Economic Financial Aspect Social Demographic Element Political Legal Aspect. 25 May 09 Cosmopolitan Business - Yip'h Globalisation Motorists Market Motorists Market Globalisation Motorists Customer needs Customers channels Marketing Major Countries Govt. Globalisation Motorists Cost Globalisation Motorists Competitive Globalisation Motorists. 25 May 09 Cosmopolitan Company - Yip'h Globalisation Motorists Marketplace Globalisation Car owner - Strength Lower (Household) Great (Global) Airlines Computers Automobile Soft Drinks FMCG Retail Banking Guide Publishing Baked Meals.
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25 Might 09 World Company - Yip's Globalisation Drivers Government Motorists Market Globalisation Drivers Customer demands Customers stations Marketing Major Countries Govt. Globalisation Drivers Trade Guidelines Technical Specifications Marketing Regulations Govt. Possessed Rivals Govt. Possessed Clients Legal defense Price Globalisation Drivers Competitive Globalisation Motorists.
25 May 09 Essential Business - Yip's i9000 Globalisation Motorists Govt. Globalisation Drivers: Power Low (Household) Large (Global) FMCG Baked Meals Soft Beverages Computers Vehicle Pharma Airlines Retail Banking. 25 May 09 Essential Company - Yip's Globalisation Motorists Cost Drivers Market Globalisation Drivers Customer demands Customers stations Marketing Major Nations Govt. Globalisation Drivers Trade Procedures Technical Requirements Marketing Rules Govt. Owned Competitors Govt. Possessed Customers Host Govt.
YIPS-GLOBALIZATION-DRIVERS. 1. 25 May 09 Essential Business - Yip't Globalisation Drivers. Yip's Globalisation Motorists Team 6 Sachin Arun KA Balaji Swapnil Arobinda. 25 Might 09 International Business - Yip's i9000 Globalisation Drivers International Business Terms International businesses: Importers and exporters; have no purchase outside of their home country. Multinational companies: Have got purchase in additional countries; Even more focused on adapting their products and program to each nearby market.
Worldwide companies: Have got spent and are present in several nations; They market their products through the use of the exact same coordinated image/brand in all markets. Transnational companies: Even more complex agencies. They have got spent in international operations; have got Decentralized decision-máking, RD and marketing and advertising power to each individual foreign market. 25 May 09 Cosmopolitan Company - Yip'h Globalisation Motorists Launch George Yip (1992) To know the degree of Globalisation within an sector, analyse 4 Primary Groups of Drivers 1. Market Globalisation Drivers 2. Price Globalisation Drivers 3.
Federal government Globalisation Motorists 4. Competitive Globalisation Drivers Lower (Domestic) Great (Global). 25 May 09 International Company - Yip's Globalisation Motorists Yip's Construction Technological Aspect Economic Financial Aspect Social Market Aspect Political Legal Factor. 25 May 09 Cosmopolitan Business - Yip'beds Globalisation Drivers Market Motorists Marketplace Globalisation Motorists Customer needs Customers channels Marketing Leading Countries Govt. Globalisation Motorists Cost Globalisation Motorists Competitive Globalisation Drivers. 25 Might 09 World Company - Yip'beds Globalisation Motorists Market Globalisation Car owner - Strength Low (Household) High (Global) Flight companies Computers Vehicle Soft Drinks FMCG Retail Banking Publication Publishing Baked Meals. 25 May 09 World Company - Yip't Globalisation Drivers Government Motorists Market Globalisation Motorists Customer needs Customers stations Marketing Major Nations Govt.
Globalisation Motorists Trade Guidelines Technical Requirements Marketing Regulations Govt. Possessed Competitors Govt. Owned Clients Legal protection Price Globalisation Drivers Competitive Globalisation Drivers.
25 Might 09 Cosmopolitan Company - Yip'beds Globalisation Motorists Govt. Globalisation Driver: Strength Lower (Household) Great (Global) FMCG Baked Food items Soft Beverages Computers Car Pharma Flight companies Retail Bank. 25 Might 09 World Business - Yip't Globalisation Motorists Cost Drivers Marketplace Globalisation Motorists Customer needs Customers stations Marketing Leading Countries Govt. Globalisation Motorists Trade Procedures Technical Specifications Marketing Regulations Govt.
Possessed Rivals Govt. Owned Customers Host Govt.
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Yips Globalization Drivers For Macbook Pro
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Yip first created this platform in his publication Total worldwide strategy: Controlling for world-wide competitive benefit (1992), chaps. How customer behavior submission patterns progress.
Determine how customer behaviour distribution patterns evolve, including the level to which client needs converge around the globe, customers obtain on a global basis, worldwide channels of distribution develop, marketing platforms are transferable, and “prospect” nations in which many innovation will take location can become identified. Size or scope economics, expertise effects, sourcing efficiencies, and technology benefits that form the economics of an market.-the opportunity for global range or range economics, encounter effects, finding efficiencies highlighting differentials in expenses between countries or regions, and technology advantages-shape thé economics of thé sector. Described by the proper activities of globally competing companies in deciding in which markets to compete. Are defined by the actions of contending firms, such as the extent to which competition from different continents get into the fray, globalize their techniques and corporate and business abilities, and make interdependence between geographical markets. Consist of such factors as favorable trade policies, a harmless regulatory environment, and typical item and technology standards. Consist of such factors as beneficial trade procedures, a harmless regulatory weather, and common item and technologies standards. Marketplace Motorists One element of globalization can be the stable convergence of customer needs.
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As customers in various components of the world increasingly need similar items and providers, possibilities for level arise through the advertising of more or much less standardized choices. Quickbooks activation code generator. How typical needs, tastes, and choices will differ significantly by item and rely on like factors as the importance of social variables, extra incomes, and the level of homogeneity of the situations in which the item is consumed or utilized. This can be applied to customer as well as industrial items and services. Coca-Cola provides comparable but not really identical items around the planet.
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Key Drivers Of Globalization
McDonald'beds, while changing to nearby preferences and choices, has standardized many components of its functions. Software, essential oil items, and data processing services progressively look alike no issue where they are purchased.
The key to taking advantage of such possibilities for size is situated in understanding which components of the item or services can end up being standardized without sacrificing responsiveness to local preferences and circumstances. Global customers have emerged as needs keep on to converge. Huge corporations such as DuPont, Boéing, or GE need the exact same level of quality in the products and services they buy no issue where in the globe they are procured.
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Main Drivers Of Globalization
In several industries, worldwide distribution channels are rising to satisfy an progressively global customer base, further leading to a convergence of requirements. Lastly, as intake patterns turn out to be even more homogeneous, worldwide marketing and advertising will become increasingly essential to global success. Price Globalization Drivers The globalization of customer requirements and the possibilities for scale and standardization it provides will essentially change the economics of many industries. Economies of size and scope, experience results, and exploiting differences in factor expenses for item development, production, and sourcing in various parts of the planet will believe a better significance as determinants of global technique.
At underside will be a simple truth: a one marketplace will no longer end up being large good enough to help a aggressive technique on a global scale in several industries. Global range and range economics are already having far-reaching results.
Yips 4 Drivers Of Globalisation
On the one hands, the more the fresh economies of level and scope shape the strategies of incumbents in worldwide sectors, the harder it will become for fresh entrants to develop an efficient competitive threat. Thus, obstacles to entry in such sectors will get higher. At the exact same period, the competition within like industries can be most likely to raise, highlighting the widening range of competitors among interdependent national and regional markets and the fact that correct differentiation in such a competitive atmosphere may be harder to attain. Competitive Motorists Market characteristics-such as the education to which total industry sales are produced up by export or import quantity, the variety of competitors in conditions of their nationwide origins, the degree to which major players possess globalized their procedures and made an interdependence between their aggressive methods in different parts of the world-also impact the globalization possible of an business. High amounts of industry, competitive variety, and interdependence boost the potential for business globalization. Industry evolution plays a function, as well. As the underlying characteristics of the sector change, competition will react to enhance and protect their aggressive advantage.
Occasionally, this leads to business globalization to speed up. At other situations, as in the situation of the world-wide major product industry, the globalization procedure may become reversed. Federal government Drivers Government globalization drivérs-such as thé presence or absence of favorable trade policies, technical standards, procedures and regulations, and authorities operated or backed competition or customers-affect all various other components of a worldwide technique and are therefore essential in framing the global competitive atmosphere in an market. In the former, multinationals almost exclusively relied on governments to discuss the guidelines of worldwide competition. Today, however, this is certainly modifying. As the politics and economics of global competition become more closely intertwined, international companies are starting to pay greater interest to the só-called nonmarket dimensions of their global strategies directed at shaping the worldwide competitive atmosphere to their advantage (observe the following section).
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This widening of the range of global strategy displays a delicate but real switch in the balance of power between nationwide government authorities and international companies and is definitely likely to have got important outcomes for how variations in policies and rules affecting worldwide competition will become completed in the decades to come.