Chapter 1: The changing governance of international trade and implications for business
Businesses tend to take for granted that they operate in a global economy, however this global integration is neither as extensive as many commentators would have us believe nor a necessarily self-perpetuating phenomenon. The extent to which businesses operate extensively across the globe is rather limited (Rugman and Verbeke, 2004). In addition, global businessis global at least in part because global governments see this scenario as being in their best interests. Governments have constructed a series of agreements which regulate the flows of goods and services that are the lifeblood of globalization. This chapter will explore the history of this process and its current architecture as well as providing some pointers for future developments. A key point that needs to be emphasized is that the governance of global trade matters for business and that it is important to be aware of developments as they unfold, as they bring both opportunities and threats for individual businesses.
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