Question 1

What is meant by a trend towards a multipolar world and why does it matter?

Accepted Answer

A trend towards a multipolar world refers to the shift in global power dynamics from a unipolar or bipolar system to one where multiple countries or regions hold significant influence and power. This shift is often seen as a response to the decline of a single dominant superpower and the rise of other major players on the global stage, such as China, India, and the European Union.

This trend matters because it has the potential to reshape international relations, global governance, and geopolitical dynamics. In a multipolar world, no single country or bloc has the ability to unilaterally dictate global policies or outcomes. This can lead to a more balanced distribution of power and influence, as well as increased competition and cooperation among major powers.

Additionally, a multipolar world can also present challenges and opportunities for addressing global issues such as climate change, security threats, and economic development. It may require new forms of diplomacy, cooperation, and conflict resolution as different powers vie for influence and seek to protect their interests.

Overall, the trend towards a multipolar world matters because it reflects a shifting global order that has the potential to impact a wide range of international issues and relationships. It requires careful analysis and strategic thinking by policymakers and leaders to navigate the complexities and opportunities that come with a more multipolar world.

Question 2

What is meant by global localisation, aka "glocalisation"?

Accepted Answer

Global localisation, often referred to as "glocalisation," is a term that blends the words "globalization" and "localization." It refers to a strategy or process where a company or organization adapts its products, services, and operations to local cultures, tastes, and behaviors while maintaining a global outlook and reach. The concept is based on the idea that while globalization standardizes certain aspects of business and culture, there is still a significant need to cater to local differences to be successful.

In practice, glocalisation involves understanding the local market conditions, regulations, consumer preferences, and cultural nuances, and then tailoring products or services to meet those specific needs. For example, a fast-food chain like McDonald's operates globally but offers region-specific menu items to appeal to local tastes. In India, they might serve vegetarian burgers due to the large vegetarian population, while in Japan, they might offer a teriyaki burger to align with local flavors.

Glocalisation is not limited to product adaptation; it also extends to marketing strategies, business models, and corporate social responsibility initiatives. Companies practicing glocalisation strive to balance the efficiency and consistency of global operations with the responsiveness and relevance of local engagement.

The concept of glocalisation suggests that businesses that recognize and respond to local market demands while leveraging their global brand and resources can achieve a competitive advantage. It allows for a more inclusive approach to international business, where companies can be both globally connected and locally respected.

Question 3

What is the difference between de-facto and de-jure globalisation?

Accepted Answer

De-facto and de-jure globalisation refer to two different ways in which globalisation can be understood and implemented.

De-facto globalisation refers to the actual, practical implementation and effects of globalisation in the world. This includes the real-world impact of global interconnectedness, such as the flow of goods, services, and information across borders, the spread of cultural influences, and the integration of economies on a global scale. De-facto globalisation is concerned with the tangible and observable aspects of global interconnectedness and how it shapes the world we live in.

On the other hand, de-jure globalisation refers to the legal and formal frameworks that govern globalisation. This includes international trade agreements, treaties, and organizations that are designed to facilitate and regulate global economic and political interactions. De-jure globalisation is concerned with the legal and institutional structures that underpin global interconnectedness and provide a framework for international cooperation and governance.

In summary, the difference between de-facto and de-jure globalisation lies in their focus - de-facto globalisation deals with the actual effects and manifestations of global interconnectedness, while de-jure globalisation deals with the legal and institutional frameworks that govern and regulate global interactions. Both perspectives are important for understanding the complex and multifaceted nature of globalisation.

Question 4

What are the main drivers of globalisation?

Accepted Answer

The answer of What are the main drivers of globalisation?...

Question 5

Identify the first three waves of globalisation and their respective main drivers.

Accepted Answer

The answer of Identify the first three waves of globalisation...

Question 6

Identify the 3 correct statements 
1. Globalisation can be understood as an increase of cross-border activities.
2. The economic rise of China vis-à-vis the advanced countries has contributed to an increasingly bipolar world.
3. Economic globalisation and regionalisation of economic activity are not necessarily mutually exclusive developments.
4. The term "de-jure globalisation" signifies the globalisation of international law.
5. Technological and political developments influence globalisation by affecting the economic behaviour of companies and households.
6. The second wave of globalisation was driven by a widespread liberalisation of cross-border capital mobility.

Accepted Answer

The answer of Identify the 3 correct statements 
1. Globalisation...

Quiz 1: Introduction to the New Global Economy

What is meant by a trend towards a multipolar world and why does it matter?

What is meant by global localisation, aka "glocalisation"?

What is the difference between de-facto and de-jure globalisation?

What are the main drivers of globalisation?

Identify the first three waves of globalisation and their respective main drivers.