1. Introduction to module 1
1.1 Rationale 1
1.2 Course structure and methods 3
2. Introduction to definition and measures of globalisation 4
2.1 Markets transcend Nation State borders 4
2.1.1 Trade in goods and services ............................................................ 4
2.1.2 International Investment or Foreign Direct Investment ( FDI) .......... 5
2.1.3 International Financial markets ........................................................ 6
2.1.4 International communications........................................................... 7
3. Rise of Globalisation 8
3.1 Definition 8
3.2 Evidence of globalisation: key indicators 10
3.2.1 Key indicators ................................................................................ 10
3.2.2 World Trade in goods .................................................................... 11
3.2.3 World Trade in Services ................................................................ 17
3.2.4 Foreign Direct Investment ............................................................. 20
3.2.5 Important points summary
3.2.6 Labour migration............................................................................ 22
3.3 Explanations of greater economic integration 24
3.3.1 Falling tariff barriers in trade in goods........................................... 25
3.3.2 Falling non tariff barriers................................................................ 30
3.3.3 Trade liberalisation in Services and Investment............................ 32
3.3.4 Important points summary
3.3.5 Capital market liberalisation .......................................................... 36
3.3.6 Important points summary
3.3.7 Falling communication costs ......................................................... 39
3.3.8 Domestic macro and micro economic reform................................ 41
3.4 Business and consumer theoretical gains and losses from trade. 44
3.4.1 Introduction.................................................................................... 44
3.4.2 The theory of comparative advantage........................................... 45
3.4.3 Leontief paradox; challenge 1 ....................................................... 46
3.4.4 Gravity models :Challenge 2 ......................................................... 47
3.4.5 Economic geography: Challenge 3 ............................................... 47
3.4.6 Important points summary
3.5 International Institutions 48
3.5.1 Introduction.................................................................................... 48
3.5.2 Consequences for business
3.6 The rise of China ............................................................................. 53
3.6.1 Summary explanation of China’s past success:
4.0 Firm responses to Globalisation 61
4.1 Introduction.................................................................................... 61
4.2 Market selection ............................................................................ 61
4.3 Pricing............................................................................................ 63
4.4 Costs ............................................................................................. 66
4.4.1 Reduce its own variable costs....................................................... 68
4.4.2 Reduced its own fixed costs.......................................................... 68
4.4.4 Product differentiation ................................................................... 69
4.4.4 Vacate the market ......................................................................... 69
4.4.5 Seek protection.............................................................................. 69
4.5 Production; make or buy .............................................................. 71
4.5.2 Supply Chain Disintegration ......................................................... 72
4.6 Location of investment decisions. ................................................ 73
4.6.2 Investment for market access ....................................................... 74
4.6.3 Investment for lowest cost of production....................................... 74
4.6.4 Investment to gain access to raw materials .................................. 77
4.7 Adapt or Die................................................................................... 77
5.0 Exchange rates 79
5.1 Impact of exchange rate volatility .................................................... 79
5.2 Explanations of volatility .................................................................. 80
5.3 Fixed or float.................................................................................... 82
5.4 Exchange rate and balance of trade * ............................................. 84
5.5 Exchange rates and the wider economy ......................................... 86

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