The Contemporary World

Market Integration

COL003
Module on

3 Market Integration

This module will focus on global market integration. We will also discuss the roles of
international financial institutions in the creation of a global economy. This module will also help you identify
the attributes of global corporations.

At the end of this module, you should be able to:

1. narrate a short history of global market integration in the twentieth century;
2. explain the role of international financial institutions in the creation of a global economy; and
3. identify the attributes of global corporations.

Read the news article below entitled “PH told to prepare industries for ASEAN market integration” published
by the Inquirer.net and answer the questions that follow.
PH told to prepare industries for ASEAN market integration by:
Eileen Garcia-Yap
The Philippine government and businessmen are encouraged to prepare the country’s industries for the coming
integration of the Southeast Asian countries by 2015 through the ASEAN Economic Community 2015 (AEC 2015).
They need to prepare these industries so that they could compete and maximize the opportunities when the
integration would happen, said Asian Development Bank senior country economist Norio Usui.
AEC 2015 is designed to make ASEAN (Association of Southeast Asian Nations) a single market and production
base and a strong regional economic bloc in the global economy where there will be free flow of goods, services,
investment capital and skilled labor following the liberalization.
The countries that will be integrated includes the Philippines, Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar, Singapore, Thailand, and Vietnam.
“The Philippines had a dramatic liberalization too and this integration should benefit you. However, you must aptly
prepare your industries so that you can compete with all the products that will flow freely into the domestic market,” said
Usui.

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Usui spoke to over 50 businessmen and business group leaders in Marco Polo Plaza Hotel last Tuesday for the
2nd National Business Conference of Independent Business Clubs and Chambers. Philexport executive director Fred
Escalona agreed.
“From my personal point of view, one way to really ensure the competitiveness of our local industries especially
the exporters is to do something about our cost structures,” said Escalona. Escalona said that our yearly wage
adjustment would make export manufacturers less competitive over the years because they would incur more operational
costs making them unable to compete based on price points with our neighbors in the region.
On the brighter side, Escalona said that the local manufacturers could also outsource jobs to other countries with
lower labor costs like Myanmar and Laos once AEC 2015 would convene.
Trade Undersecretary Adrian Cristobal Jr., however, said that the government had already developed a unified
industry and international trade strategy guided on the three pillars which included institutionalizing stakeholder
engagement in industry and trade policy making, trade and industry policy research network and capacity building, and
enhanced inter-agency coordination and capacity building for trade negotiators.
“At the base of these three pillars is our industry competitiveness. This is one of the main shifts in strategy that
was lacking in the past, a foundation upon which our international trade policy and negotiation positions are aligned. We
need to identify the strengths and weaknesses of our industries, the opportunities and threats,” said Cristobal.
He said that they were working on road maps for specific sectors like chemicals, copper, and copper products,
furniture, biodiesel, petrochemicals, and auto parts. “We expect to complete most of these road maps and the
comprehensive industrial strategy by the 1st quarter of 2013.this in turn will feed into the PDP (Philippine Development
Plan) review and the IPP (Investment Priorities Plan) for 2013,” Cristobal said.
One of the best ways to increase productivity in export and ensure that industries can compete when the
integration comes in to attract manufacturers to locate in the country, said Usui.
Cristobal agreed and added that the government was aggressively marketing the country as a destination for
manufacturing companies.
According to Cristobal, companies like Fujifilm Optics Philippines, Inc., a subsidiary of Fujifilm Japan, for the
manufacture high-performance lenses for digital cameras, projectors and CCTV (surveillance) cameras, Philippine
Manufacturing Co. of Murata, to manufacture electronics products are now in the country. “We are now encouraging 230
suppliers of Canon in Japan and China to co-locate in the Philippines,” Cristobal.
Source: https://newsinfo.inquirer.net/307486/ph-told-to-prepare-industries-for-asean-market-integration

Answer the questions below.

1. What is the news article all about?

2. How is market integration being defined in the news article?

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Global Market Integration refers to the increasing uniformity of prices or simply the elimination
of
price differences, since all markets become one. Economic theorists argue that the spatial aspect of
globalization
According to has an effect(2000),
Shangquan on the economic relationships
fast globalization of theofworld’s
different units of analysis
economies in the
in recent global
years is largely
based on the rapid development of science and technologies and it has resulted from the environment
in which market economic system has been fast spreading throughout the world and has developed on
the basis of increasing cross-border division of labor that has been penetrating down to the level of
production chains within enterprises of different countries.

HISTORY OF GLOBAL MARKET INTEGRATION

The Bretton Woods Agreement is the landmark system for monetary and exchange rate
management established in 1944. It was developed at the United Nations Monetary and Financial
Conference held in Bretton Woods, New Hampshire, from July 1 to July 22, 1944. Under the
agreement, currencies were pegged to the price of gold and the US dollar was seen as a reserve
currency linked to the price of gold.
From a global economic perspective, the two world wars exposed a considerable flaw in the
manner through which currencies and exchange rates were managed in the international level. There
was a high level of agreement among the powerful nations that failure to coordinate exchange rates
had exacerbated political tensions. This facilitated the decisions reached by the Bretton Woods
Conference. Furthermore, all the participating governments at Bretton Woods agreed that the monetary
chaos of the interwar period had yielded several valuable lessons.
The experience of World War II was fresh in the minds of public officials. The planners at
Bretton Woods hopes to avoid a repeat of the Treaty of Versailles after World War I, which had created
enough economic and political tension to lead World War II. After World War I, Britain owed Unites
States substantial sums, which Britain could not repay because it had used the funds to support allies
such as France during the war; the Allies could not pay back Britain, so Britain could not pay back the
United States. The solution at Versailles for the French, British and Americans seemed to be “make
Germany pay for it all”. It the demands on Germany were unrealistic, then it was realistic for France to
pay back Britain and for Britain to pay back the Unites States. Thus, many assets on bank balance
sheets internationally were actually unrecoverable loans, which culminated in the 1931 banking crisis.
Intransigent insistence by creditor nations for the repayment of Allied war debts and reparations,
combined with an inclination to isolationism, lead to a breakdown of the international financial system
and a worldwide economic depression. The so-called “beggar thy neighbor” policies that emerged as
the crisis continued saw some trading nations using currency devaluations in an attempt to increase
their competitiveness, though recent research suggests this de facto inflationary policy probably offset
some of the contractionary forces in world price levels.
In the 1920s, international flows of speculative financial capital increased, leading to extremes
in balance of payments situations in various European countries and the United States. In the 1930s,
world markets never broke through the barriers and restrictions on international trade and investment
volume
– barriers haphazardly constructed, nationally motivated and imposed. The various anarchic and often
autarkic protectionist and neo-mercantilist national policies – often mutually inconsistent – that merged
over the first half of the decade worked inconsistently and self-defeating to promote national import
substitution, increase national exports, divert foreign investment and trade flows and even prevent
certain categories of cross-border trade and investment outright. Global central bankers attempted to

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the situation by meeting with each other, but their understanding of the situation as well as difficulties in
communicating internationally, hindered their abilities.
Britain in the 1930s had an exclusionary trading bloc with the nations of British Empire known
as Area”, so named after the British currency. If Britain imported more than it exported to
the “Sterling
nations such as South Africa, South African recipient of pounds sterling tended to put them into London
banks. This meant that though Britain was running a trade deficit, it had a financial account surplus and
payments balanced. Increasingly, Britain’s positive balance of payments required keeping the wealth of
Empire nations in British banks. One incentive for, say, South African holders of rand to park their
wealth in London to keep the money in Sterling, was a strongly valued pound sterling. Unfortunately, as
Britain deindustrialized in the 1920s, the way out of the trade deficit was to devalue the currency. But
Britain couldn’t devalue or the Empire surplus would leave its banking system.
Nazi Germany also worked with a bloc of controlled nations by 1940. Germany forced trading
partners with a surplus to spend that surplus importing products from Germany. Thus, Britain survived
by keeping Sterling nation surpluses in its banking system and Germany survived by forcing trading
partners to purchase its own products. The US was concerned that a sudden drop-off in war spending
might return the nation to unemployment levels of the 1930s and so wanted Sterling nations and
everyone in Europe to be able to import from the US. Hence the US supported free trade and
international convertibility of currencies into gold or dollars.
When many of the same experts who observed the 1930s became the architects of a new,
unified, post-war system at Bretton Woods, their guiding principles became ‘no more beggar thy
neighbor” and “control flows of speculative financial capital”. Preventing a repetition of this process of
competitive devaluations was desired, but in a way that would not force debtor nations to contract their
industrial bases by keeping interest rates at a level high enough to attract foreign bank deposits. John
Maynard Keynes, the foremost British economist whose core ideas essentially changed our
understanding of macroeconomics and economic policy trends, became wary of a return to the Great
Depression. He was behind Britain’s proposal that surplus nations be forced by a “use-it-or-lose-it”
mechanism, to either import from debtor nations, build factories in debtor nations or donate to debtor
nations.
The US opposed Keynes’ plans and a senior official at the US Treasury, rejected Keynes’
proposals, in favor of an International Monetary Fund with enough resources to counteract destabilizing
flows of speculative finance. However, unlike the modern IMF, The US Treasury’s proposed fund would
have counteracted dangerous speculative flows automatically, with no political strings attached – no
IMF conditionality. According to economic historian Brad Delong, on almost every point where he was
overruled by the Americans, Keynes was later proved correct by succeeding events.
After World War II, a number of developing countries attained independence from their former
colonial rulers. One of the common claims made by leaders of independence movements was that
colonialism had been responsible for perpetuating low living standards in the colonies. Thus, economic
development after independence became an objective of policy not only because of the humanitarian
desire to raise living standards but also because political promises had been made, and failure to make
progress toward development could be interpreted as a failure of the independence movement.
Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took
up the analogous belief that economic domination by the industrial countries had thwarted their
development, and they, too, joined the quest for rapid growth.

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Memories of the Great Depression, when developing countries’ terms of trade had deteriorated
markedly, producing sharp reductions in per capita incomes, haunted many policymakers. Finally, even
in the developed countries, the Keynesian legacy attached great importance to investment.
In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It
followed that policy should aim at an accelerated rate of investment. Since most countries with low per
capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed
domestically), it was thought that accelerated investment in industrialization and the development of
manufacturing industries to supplant imports through “import substitution” was the path to development.
Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to
government in allocating investments. Distrust of markets extended especially to the international
economy.
Frieden sees the development of economic globalization after WWII in the context of this prior
epoch of economic globalization, as well as its collapse as a result of WWI, the Depression, and WWII.
All of these events had negative effects on almost all major economies (the US economy was a major
exception, at least in terms of the effect of the two world wars).

HOW GLOBAL MARKET INTEGRATION STARTED IN THE 20TH CENTURY

The international economic integration achieved during the nineteenth century was largely
unraveled in the twentieth by two World Wars and the Great Depression. After World War II, the
major powers undertook the difficult tasks of rebuilding both the physical infrastructure and the
international trade and monetary systems. The industrial core--now including an emergent Japan as
well as the United States and Western Europe--ultimately succeeded in restoring a substantial
degree of economic integration, though decades passed before trade as a share of global output
reached pre- World War I levels.

INTERNATIONAL FINANCIAL INSTITUTIONS AND THE GLOBAL ECONOMY

In many parts of the world, international financial institutions (IFIs) play a major role in the
social and economic development programs of nations with developing or transitional economies. This
role includes advising on development projects, funding them and assisting in their implementation.
Some of the international financial institutions are the following:
 Bretton Woods System
In times of globalization the economic environment changes rapidly. Capital
movements become larger and at the same time less controllable. Therefore, the need for a
stabilizing system became more and more apparent. Such a system was established at the
conference of Bretton Woods – the Bretton Woods System. Already in 1944 the British
economist John Maynard Keynes emphasized “the importance of rule-based regimes to
stabilize business expectations”, something he accepted in the Bretton Woods system of fixed
exchange rates.
Leading industrial nations called for a renewal of the purpose and the spirit of this
system to cope with the growing size of international trade and capital flows. The Bretton
Woods Institutions were established just over fifty years ago, at the conclusion of World War II
and in the aftermath of the great depression to aid in the reconstruction of Europe and to make
it less likely that another global calamity such as the great depression would occur again, as an
afterthought. The system that was agreed at Bretton-Woods, New Hampshire, in July 1944 had
several major objectives, including the following:

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1. First, it sought to avoid the exchange rate instability of the floating-rate regime of the
1920s, which was seen as having impeded external adjustment and the post-World War I
reconstruction of trade and finance.
2. Second, it aimed to prevent a repetition of the beggar-thy-neighbor policies that had
characterized the latter stages of the interwar gold-exchange standard, during which
countries used trade restrictions and competitive currency devaluations to increase trade
surpluses (or reduce trade deficits) in attempts to reduce domestic unemployment, shifting
that unemployment to other countries.
3. Third, it endeavored to provide autonomy for national authorities to pursue domestic
targeted at achieving full employment.
4. Fourth, it sought to attain symmetric adjustment between those countries with balance-of-
payments surpluses and those with balance-of-payments deficits.
5. Fifth, it aimed to achieve symmetric positions among national currencies within the
international financial regime.
The plans for the system of Bretton Woods were developed by two important
economists then, the American minister of state in the U.S. treasury, Harry Dexter White, and
the British economist John Maynard Keynes who stated: “ We, the delegates of this
Conference, Mr. President, have been trying to accomplish something very difficult to
accomplish. It has been our task to find a common measure, a common standard, a common
rule acceptable to each and not irksome to any.” This statement outlines the difficulty of
creating a system that every nation could accept. The ideas of John Maynard Keynes and
Harry Dexter White have been described as very different from each other on several
occasions but in fact there are extraordinary similarities.
 International Monetary Fund (IMF)
The International Monetary Fund (IMF) was officially established on December 27,
1945, when the 29 participating countries at the conference of Bretton Woods signed its
Articles of Agreement. It commenced its financial operations on March 1, 1947. The IMF today
consists of 183 member countries.
The IMF is a lightning rod for critics who see it as supporting developed countries and
their efforts to impose their policies on less developed countries. Its supporters see it as key to
the emergence and further development of the global economy.
The origin of the IMF lies in the experience of countries during the inter-war period,
including the Great Depression. In the 1920s and 1930s, many countries attempted to maintain
domestic income in the face of shrinking markets through competitive devaluation of their
currencies and resort to exchange and trade restrictions. Such measures could achieve their
objectives only by aggravating the difficulties of trading partners who, in self-defense, were led
to adopt similar policies, leading to a destructive vicious cycle. The purposes of the IMF are as
follows:
1. To promote international monetary cooperation by establishing a global monitoring agency
that supervises, consults, and collaborates on monetary problems.
2. To facilitate world trade expansion and thereby contributes to the promotion and
maintenance of high levels of employment and real income.

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 World Bank
The World Bank is an international organization that helps emerging market countries
to reduce poverty. Its first goal is to end extreme poverty. It wants no more than 3% of people
to live on $1.90 a day or less by 2030. Its second goal is to promote shared prosperity. It wants
to improve the incomes of the bottom 40% of the population in each country. Since 1947, the
World Bank has funded more than 12,000 projects.
The World Bank, officially the International Bank of Reconstruction and Development
(IBRD) is the most important element of the World Bank Group (WBG). The IBRD or the Bank
was established in 1944 at Bretton Woods and began operations in 1964. The World Bank is
not a bank in the conventional sense of the word. Instead, it consists of two organizations, the
IBRD which provides loans, credit, and grants, and the International Development Association
which provides low- or no-interest loans to low-income countries. The Bank works closely with
three other organizations in the World Bank Group:
1. The International Finance Corporation (IFC) provides investment, advice, and asset
management to companies and governments.
2. The Multilateral Investment Guarantee Agency (MIGA) insures lenders and investors
against political risk such as war.
3. The International Centre for the Settlement of Investment Disputes (ICSID) settles
investment disputes between investors and countries.
 General Agreement on Tariffs and Trade (GATT)
The General Agreement on Tariffs and Trade (GATT), signed on Oct. 30, 1947, by 23
countries, was a legal agreement minimizing barriers to international trade by eliminating or
reducing quotas, tariffs, and subsidies while preserving significant regulations. The GATT was
intended to boost economic recovery after World War II through reconstructing and liberalizing
global trade. The GATT went into effect on Jan. 1, 1948. Since that beginning it has been
refined, eventually leading to the creation of the World Trade Organization (WTO) on January
1, 1995, which absorbed and extended it. By this time 125 nations were signatories to its
agreements, which covered about 90% of global trade.
In addition, this is a set of multilateral trade agreements aimed at the abolition of
quotas and the reduction of tariff duties among the contracting nations. When such an agency
failed to emerge, GATT was amplified and further enlarged at several succeeding negotiations.
It subsequently proved to be the most effective instrument of world trade liberalization, playing
a major role in the massive expansion of world trade in the second half of the 20th century.
The GATT was created to form rules to end or restrict the costliest and undesirable
features of the prewar protectionist period, namely quantitative trade barriers such as trade
controls and quotas. The agreement also provided a system to arbitrate commercial disputes
among nations, and the framework enabled a number of multilateral negotiations for the
reduction of tariff barriers. The GATT was regarded as a significant success in the postwar
years. One of the key achievements of the GATT was that of trade without discrimination. All
signatory members of the GATT were to be treated as equals, known as the most-favored-
nation principle, and it has been carried through into the World Trade Organization. A practical
outcome of this was that once a country had negotiated a tariff cut with some other countries
(usually its most important trading partners), this same cut would automatically apply to all
GATT signatories.

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Escape clauses did exist, whereby countries could negotiate exceptions if their domestic
producers would be particularly harmed by tariff cuts.
 World Trade Organization (WTO)
The World Trade Organization (WTO) began life on 1 January 1995, but its trading
system is half a century older. Since 1948, the General Agreement on Tariffs and Trade
(GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in
Geneva in May 1998, included a celebration of the 50th anniversary of the system.) It did not
take long for the General Agreement to give birth to an unofficial, de facto international
organization, also known informally as GATT. Over the years GATT evolved through several
rounds of negotiations. The last and largest GATT round, was the Uruguay Round which lasted
from 1986 to 1994 and led to the WTO’s creation. Whereas GATT had mainly dealt with trade
in goods, the WTO and its agreements now cover trade in services, and in traded inventions,
creations and designs (intellectual property).
The past 70 years have seen an exceptional growth in world trade. Merchandise
exports have grown on average by 6% annually. This growth in trade has been a powerful
engine for overall economic expansion and on average trade has grown by 1.5 times more than
the global economy each year. Total exports in 2016 were 250 times the level of 1948. The
GATT and the WTO have helped to create a strong and prosperous trading system contributing
to unprecedented growth.
ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS IN THE CREATION OF GLOBAL
ECONOMY
1. Bretton Woods System = The Bretton Woods System has an important role to play in making
globalization work better. It was created in 1944 to help restore and sustain the benefits of
global integration, by promoting international economic cooperation. Today, they pursue,
within their respective mandates, the common objective of broadly-shared prosperity.
2. International Monetary Fund = The International Monetary Fund focuses on the functioning
of the international monetary system, and on promoting sound macroeconomic policies as a
precondition for sustained economic growth.
3. World Bank = The World Bank concentrates on long-term investment projects, institution-
building, and on social, environmental, and poverty issues.
4. General Agreement on Tariffs and Trade (GATT) = General Agreement on Tariffs and Trade
has reduced the tariff and boosted to the economy after the Second World War ended by
encourage the imports and exports among countries again. GATT was formed to help
developing country to work well in the international trade.
5. World Trade Organization = World Trade Organization (WTO) is the only international
organization dealing with the global rules of trade. Its main function is to ensure that trade
flows as smoothly, predictably and freely as possible.

GLOBAL CORPORATIONS
A global corporation, also known as a global company, is coined from the base term ‘global’,
which means all around the world. It makes sense to assume that a global company is a company that
does business all over the world. There aren’t many companies in the world that can boast of having a
business presence in every major country. Actually, they probably can be numbered on the fingers of

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both hands. The global company definition, therefore, should be a little more lenient to accommodate
this fact, which would enable more companies to call themselves global companies. Really, a global
company is any company that operates in at least a country other than the country where it originated.
Realistically, expanding to even just one additional country is a lot of work and is therefore a great
achievement. If you are operating in one country, selling your products around the world and shipping
them to customers in countries in Europe while you’re in the Philippines, that doesn’t necessarily mean
you’re a global company. It takes more than that to earn the name a global company.
To be a global company, you need to introduce not only your products, but also your company
to people who live in another country. You need to conduct significant research to figure out which
country is your best choice for expansion and how to introduce yourself. Probably, you'll have to send
some of your employees to that country to speak with people face-to-face and to experience that
country on a first-hand basis, before you decide whether the country is right for your company. Once
you expand to another country and establish yourself successfully, it's only natural that you will want to
try an additional country, and another, and yet another. That is how global companies have started, and
now they have a massive list of countries in which they do business.
Example:
Coca-Cola now sells its beverages in more than 200 countries. Not only does the Coca-Cola
company sell its popular fizzy drinks such as Coke, Fanta, and Sprite, it also sells some 3,800 other
products, including soy-based beverages that have been enriched with vitamins. The Coca-Cola
company also sells juices, iced teas, bottled water, and a lot more. One of the reasons why Coca-Cola
has seen such monumental success in nearly every country it has established itself is that it never has
a standardized view of all countries. Instead, each country is considered on an individual basis. The
company will make sure it only provides products that fit with the tastes and culture of the local
community. Often, this means that Coca-Cola must create entirely new products to fit a market's
demographics, or it may tweak an existing product so that it will appeal to residents in a specific locality.
You may have noticed this. Some Coca-Cola products are available in some countries but not in others;
this is because those products were created for that country or were tweaked to suit the preferences of
a specific country.

ATTRIBUTES OF GLOBAL CORPORATIONS

Continued Sophisticated
Growth Technology
Right
Control
Skills

Network Forceful
Marketing
of and
Branches Advertising

Very high Good

GLOBAL
assets and CORPORATIONS Quality of
turnover Products

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Name: Course & Section:
A. Directions: Narrate a short history of global market integration in the 20th century by filling in the
diagram below. Write the events in chronological order: 1 being the first event to happen.

B. Directions: Explain the roles of international financial institutions in the creation of a global economy
by writing an informative essay. Write your essay on the space provided below.

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C. Directions: Cite 5 examples of Global Corporations and explain why they are considered as Global
Corporations. Write your answers on the table below.

REASONS FOR BEING A GLOBAL

GLOBAL CORPORATIONS CORPORATION

1.

2.

3.

4.

5.

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Directions: Write the gist of the lessons that we have tackled. Focus on the following topics:
a. History of Market Integration

b. Role of International Financial Institutions in the Global Economy

c. Global Corporations

Name: Course & Section:

Directions: Identify whether the companies below are considered as Global Corporations or not, based on
their attributes. Write your answer beside the logo.

Apple

Facebook

Johnson & Johnson

San Miguel Corporation

McDonald’s

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Module on
Introduction to the Study of
Globalization

Name: Course & Section:

Directions: Circle the letter of the correct answer.
1. Where did the agreement of the Bretton Woods System happen?
A. New Hampshire B. New Jersey C. New York D. New Zealand
2. In the history of global market integration, what empire is known as the Sterling Area?
A. American Empire B. British Empire C. Greek Empire D. Roman Empire
3. Which country is the most affected by the Great Depression?
A. France C. Great Britain
B. Germany D. United States of America
4. What international financial institution was established to end extreme poverty by promoting
shared prosperity?
A. Bretton Woods System C. World Bank
B. International Monetary Fund D. World Trade Organization
5. Which international financial institution aims to contribute to the promotion and maintenance of
high levels of employment and real income?
A. Bretton Woods System C. World Bank
B. International Monetary Fund D. World Trade Organization
6. What is World Bank’s role in the creation of global economy?
A. It focuses on the functioning of the international monetary system.
B. It ensures that trade flows as smoothly, predictably and freely as possible.
C. It helps in restoring and sustaining the benefits of global integration, by promoting
international economic cooperation.
D. It concentrates on long-term investment projects, institution-building, and on social,
environmental, and poverty issues.
7. What is Bretton Woods System’s role in the formation of global economy?
A. It focuses on the functioning of the international monetary system.
B. It ensures that trade flows as smoothly, predictably and freely as possible.
C. It helps in restoring and sustaining the benefits of global integration, by promoting
international economic cooperation.
D. It concentrates on long-term investment projects, institution-building, and on social,
environmental, and poverty issues.

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8. Which of the following is NOT an attribute of global corporation?
A. have good quality of products
B. have sophisticated technology
C. have high assets and turnovers
D. have more than 50 branches around the world
9. What is the first step in becoming a global corporation?
A. invest in different multinational companies
B. introduce your company to people who live in another country
C. buy stocks from the top-grossing companies in the United States
D. send some of the employees to nearby countries to speak with people face-to-face
10. Which of the following is NOT related to the World Bank Group?
A. International Banking Relations
B. International Finance Corporation
C. Multilateral Investment Guarantee Agency
D. International Center for the Settlement of Investment Disputes

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