Definitions
What is CSR?
Voluntary company actions to benefit society
What is globalization?
Integration of global economies/cultures
What is pollution?
Environmental harm (e.g. water, land, air)
What is a trade agreement?
Allows free movement of goods/services. Prevents tax evasion/double taxation
What is dumping?
Selling below cost in foreign markets
What is a Stakeholder?
Anyone affected by a business they have a stake in
What are some positive effects of globalization?
More productivity, lower prices, better human rights
What is resource depletion?
Overuse of natural resources
USMCA
Trade agreement between US, Mexico, and Canada
What is predatory dumping?
Lowering prices to kill competition, then raising prices
What is business ethics?
Rules guiding ethical decisions in a company
What are some negative effects of globalization?
Job loss in Canada, cheap labour abuse, disease spread
What are sweatshops?
Unsafe, exploitative factories in poor countries
What is the European Union? (EU)
Economic union with 28 European Countries
What is subsidizing?
Government-assisted exports
What is ethical dilemma?
No clear right/wrong answer (e.g. child labour)
What is transnational globalization strategy?
Mix of both global efficiency and local needs
What is corporate corruption?
Illegal activity and personal gain in business
What is the World Trade Organization?
Organization that has 164 Countries easing global trade
What is microcredit?
Small loans for entrepreneurship
Ethical Imperialism
One global ethical standard
What is the difference between global and multidomestic globalization strategies?
Global: Same product and marketing everywhere
Multidomestic: Tailored products/marketing to local culture
Ethics depend on local culture/laws
What is the G20/G7?
Top world economies
What is NGO?
Nonprofits helping global communities (e.g. FLO)