We Must Reduce the Negative Impacts Associated with Globalization Essay

We Must Reduce the Negative Impacts Associated with Globalization Essay

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Advancements in the past thirty years have had a profound impact on globalization. Advances in technology, including the internet, have helped facilitate decreased transaction costs, increased access to international financial markets, and lower transportation costs. International deregulation of financial markets has increased the ease cross-border flow of capital, which has increased foreign direct investment and facilitated currency exchange. Multilateral trade agreements, including the 1986 GATT for trade in goods, and the 1995 GATS for services, have facilitated cross-border trade of goods and services among most countries. (Lecture 3/11). All of these advancements helped change multinational strategies. As seen in the global supply chains of Wal-Mart, services off-shoring in India, and economic conditions in the United States, the changing multinational strategies have resulted in key implications for primary stakeholders, and have prompted the proposal of public policies for both governments and corporations to improve outcomes and remedy negative impacts.
Over the past three decades, Wal-Mart changed from being a small company to the largest company in the world. (HBS 2003:1). Wal-Mart’s strategy heavily depends on two aspects in order to drive success: lowering costs and controlling its global supply chain. Wal-Mart’s initial strategy relied on offering low prices, and over time, this has resulted in a Wal-Mart exploiting the low prices by becoming the single largest US importer from China. (7) Another key element of Wal-Mart’s low-cost strategy has been to encourage significant consolidation of global value chains (Gereffi 2005:3). This consolidation has helped to give Wal-Mart greater power over the su...

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Murray, Sara. 2010. “Americans Sour on Trade: Majority Say Free-Trade Pacts Have Hurt U.S.; Wedge Issue in Some Races.” The Wall Street Journal. Oct. 2.
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Overby, Stephanie. 2003. “The Hidden Costs of Offshore Outsourcing.” Sept. 1 http://www.cio.com/article/print/29654
Raysman, Richard, and Peter Brown. 2007. “Beware of Outsourcing Backlash.”
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