Drivers of market globalization: Are the factors, and forces that impact the speed of globalization industrials. Drives of the market consider the key to understand customer demand, and the form of consumption.There are five market globalization drives. Ungson،Yim-Yu Wong(2008) 1-Common customer need. Anonymous answered 5 major key drivers are: Market driver (companies consider the various market to invest- shift of open market economics) cost driver (companies consider the various lifestyle of the country before considering the price of the product and services to rendered). Global flows of goods, information, and capital. Executives are generally optimistic that the relatively free flow of goods and capital—two core drivers of globalization—will survive the financial crisis and the economic downturn. However, few see much further progress occurring in the next five years, a finding that is consistent with the. The five major drivers of international business include political, sociocultural, technological, market, and competitive drivers. False The advent of globalization has had minimal effect on labor standards around the world.
The key driving forces of Globalization includes Economic, Political and Technological factors, the establishment of WTO, emergence and growth of regional integration, the decline in trade barriers, the decline in investment barriers, technological changes, increase in FDI and growth of MNC’s.
As per V K Bhalla and S. Shiva Ramu the major drivers or factors of Globalization are –
1. Economic driving forces of globalization
One of the main driving forces of globalization is economic development.
Drivers of the globalization of firms include government, competition, cost globalization and market drivers. Globalization has also been driven.THE CAUSES OF GLOBALIZATION have been the major motivation for liberalization in the area of foreign direct critical drivers of technological innovation.a list of the globalization top five from an American the fact that the American economy is the.
Establishment of a new monetary system, the Bretton woods system in 1940
Establishment of GATT in 1947
Establishment of CMEA by Soviet Union in 1949-91
Major currencies become convertible in 1958 to 64
Establishment of OPEC in 1960
Development of EuroDollar Market (International Liquidity)
GATT 6th round at Kennedy
Elimination of last customs duties within EC in 1968
GATT Tokyo round 1973-79
Rise of Asian newly developed or industrialised countries
China’s economic reform in 1978-80
Indian Economic Reforms in 1991
Establishment of NAFTA in 1994
Asian Financial Crisis in 1997
Establishment of WTO 1995
Uruguay Round in 1986-94
Adoption of Euro by 11 european countries in 1999
Dotcom crisis 2001
China Joins WTO in 2001
2. Political forces of globalization
Political driving forces plays crucial role in the globalization or internationalization of businesses.
Establishment of United Nations in 1945
Start of a European Recovery Programme, the Marshall Plan in 1948-57
China Becomes a socialist republic in 1949
Korean war in 1950-53
Suez Crisis 1956
Decolonization in Africa 1958 to 62
Yom Kippur War helps to trigger oil price hike 1973
EU enlargement to 9 members in 1973 and then to 12
Fall of Berlin Wall 1989
Dissolution of soviet union to form 13 independent states in 1991
5 Major Drivers Of Globalization Examples
EU enlargement to 27 members
3. Technological Forces
Five Drivers Of Globalization
Recent technological developments including but not limited to computer, mobile phones, internet, aviation, wireless communication and other innovations helped to bring the world closer and together.
Expansion of Plastics and fibre products in 1940
Discovery of large oil fields in middle east (Saudi Arabia) in 1948
Increased use of oil in Europe and Japan
Toyota implemented JIT
Increased use of Jet Engines in air transport1957-72
Commercialization of Integrated circuits in 1961
1960s onwards: Green Revolution
High speed train in Japan 1964
Mont Blanc Road Tunnel 1965
First single chip microprocessor Intel 4004in 1971
First PC by IBM in 1981
Microsoft Windows in 1985 Video enhancer software full version.
invention of www (World Wide Web) by Tim Berners Lee 1989
Fist Website 1991
Number of Internet users rises to 300 million by 2000 and 500 million in 2005
Eurotunnel opens 1994
Launch and use 2G network (GSM) and increase in no. mobiles 1991
First person on Moon Neil Armstrong 1969
This is all about important and key driving forces and factors of Globalization.