- Globalization
  - Definition
    - Shift towards integrated and interdependent world economy
    - Key attributes: integrated, interdependent
    - Example: ThinkPad computer with parts from multiple countries
  - History of Globalization
    - Three eras
      - Globalization 1.0 (1492 - early 1800s)
        - Countries led globalization
        - Motivated by imperialism, power, natural resources
      - Globalization 2.0 (early 1800s - 2000)
        - Companies led globalization
        - Focused on markets and labor
      - Globalization 3.0 (2000 - present)
        - Individuals and small groups as agents
        - Enabled by technology, global thinking, and connectivity
  - Advantages of Globalization
    - Lower prices
    - Economic growth
    - Improved living standards
    - Transfer of advanced technology
    - Freedom of exchange of goods and capital
    - Improvement of labor standards
    - Examples: Outsourcing CAT scans to India, Intel in Dalian
  - Disadvantages of Globalization
    - Environmental concerns
      - Pollution due to weak regulations in developing countries
    - Job losses
      - Manufacturing moving to less developed countries
      - Unemployment in developed nations
  - Implications of Globalization
    - Irreversible trend requiring adaptation
    - Need for localization despite globalization
      - Example: KFC adapting menus to local tastes
    - Complex decision-making in international business
      - Choosing countries, partnerships, and strategies