SWITCHING FROM THE GLOBALIZATION OF MARKETS TO THE GLOBALIZATION OF PRODUCTION AND SERVICES IN A SEMIGLOBALIZED WORLD
-
Authors:
• Serghei MĂRGULESCU, email: margulescu@univnt.ro, Afiliation: Professor, Ph.D., Economic Sciences Faculty, “Nicolae Titulescu” University, Bucharest
• Elena MĂRGULESCU, Afiliation: Associate professor, Ph.D., Economic Sciences Faculty, “Nicolae Titulescu” University, Bucharest -
Keywords: semiglobalization, globalization of markets, globalization of production and services
-
Abstract:
The retrospective of the theoretical approaches of the phenomenon of economic globalization in the last three decades emphasizes the movement of attention from the globalization of markets, from the\'80s, to the globalization of production and services in the current decade. This trend is essentially the result of implementing new strategies by multinational companies. It also requires accepting the idea that the current status of the world economy is in reality one of semiglobalization and not of complete globalization. We try in this context to draw a line between the "globalization of markets" and the "globalization of production and services" and to adjust the typology of multinational companies to these realities. A feature of the globalization of production and services is the implementation of the arbitrage strategy in respect of one or more production factors. But the "globalization of production and services’ gains a new content due to the new possibilities offered by the “modularization” of production. Following, the arbitrage strategies began to address new factors, as for example the "functions" of production resulting from the restructuring of the value chain of a "product" in its broadest sense (from conception to postsales analysis).
We believe that, in the context of the emergence and development of the globalization of production and services, it is the time to define a new category of world economy players, the category of the “globally integrated company / business ". Within this new framework, the company strategies acquire features that exceed the classic approach and have to be thatfore analyzed distinctively.