Globalization the growing integration of the economies and societies of the world Glocalization Product or service is adapted specifically to each locality or culture to which it is marketed Prime Characteristics of Globalization -Interdependency among nations -Transparency -Seamless international marketplace -Blending/merging of cultures Integration vs. Assimilation -assimilation: progression where a minority culture eventually assumes and resembles the characteristics of the prevailing culture Importance of International Trade -Maximizing production & efficiency -Increasing market audience -Receiving foreign direct investments Global vs Domestic business -Scope (territory) -Culture (shared attributes, values, goals, and practices that characterize a particular category) -Market factors (demographic, sociological, and economic forces that vary) -Management skills International transaction occurs when a firm in one nation exchanges products, services, resources, or capital with a firm located in another nation Pax Romona Roman peace - a period of peace and prosperity in the Roman Empire that lasted from 27 BC to AD 180. Magna Carta Libertatum chartered as a way to formally recognize the legal limitations of a king's power. sometimes credited with stimulating the growth of free trade during this time period. Industial Revolution heralded the introduction of mass production, improved transportation, technological progress, and the industrial factory system. Information Age era in which information is considered to be a valuable resource and its capture and distribution generates competitive advantage to organizations. Pax Americana "American Peace," period of relative peace in the Western world since the end of WWII in 1945, which coincided with the dominant military and economic position of the United States