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BAYER's DEFINITION OF GLOBALIZATION

Please read BAYER's DEFINITION OF GLOBALIZATION as defined in the attached document and give examples of the 5 major elements (that which is underlined) globalization provided.

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Please read BAYER's DEFINITION OF GLOBALIZATION as defined in the attached document and give examples of the 5 major elements (that which is underlined) globalization provided.

Globalization means operating in the world economy as a single economy. Globalization is a compulsion now. It promotes the most efficient and cost-effective use of resources. The market encourages productivity and efficiency gains from specialization, it builds economies of scale, it improves efficiency because of greater competition.

Example of 5 major elements

Globalization of production

Here I will give the example of Korean multinational companies LG and Hyundai. They have the manufacturing plants in various countries. Hyundai has got plants in India where it has become one of the largest car manufacturers. Similarly Sony has also its manufacturing plants all over the world.

Globalization of markets

I have taken McDonalds as an example. McDonald's Corporation (NYSE: MCD) is the world's largest chain of fast-food restaurants. Although McDonald's did not invent the hamburger or fast food, its name has become nearly synonymous with both.

http://en.wikipedia.org/wiki/McDonalds#Emblem_for_globalization

McDonald's has become emblematic of globalization, sometimes referred as The Mcdonaldization of society. The Economist magazine uses the "Big Mac index" (the price of a Big Mac) as an informal measure of purchasing power parity among world currencies
McDonald's impact has garnered praise as well as criticism. Some observers have suggested that many of its innovations ...

Solution Summary

This explains the BAYER's DEFINITION OF GLOBALIZATION by giving examples

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