What is the background of economic globalization and who mentioned the wordeconomic globalization first?

Answer 1

What is globalization? Globalization refers to expanding global links, the organization of social life on a global scale, and the growth of global thinking, thus creating a world society. More on globalization It is also about ... l the free flow of ideas, l the exchange of culture and values, l the greater attention to human rights, environmental protection and technology. This has made people closer! Examples of globalization -When there is a Stock Market crash in one country, everyone gets affected because we are all in a global economy. This means that a country relies on many economies. When the US had a stock market crash, other places like Canada & Europe also had stock market crashes. The internet is an example of globalization because you can get information easily online and you can communicate with people around the world using msn, face book, YouTube, email, and many other forms. What is the impact of globalization? o Improvements in technology has reduced the costs of transportation (of goods, services and raw materials for production) and communication. o This has increased trade and tourism. o Through trade, people get less expensive goods and their living standards increase. o Economies have become more integrated (ex. US & Canada) o globalization creates more jobs. o but globalization has been criticized because developing nations do not share equally in the benefits of the economic growth Benefits of globalization u 1)Rising standards of living in some parts of the world u 2)Spreading of technology and innovation worldwide u 3)Better education and life expectancy worldwide u 4)Increasing political liberalization and democracy worldwide The benefits of globalization are obvious: faster growth, higher living standards and new opportunities. Costs of globalization But not all countries and not all people have shared the benefits of the globalization phenomenon. In some countries globalization has caused... l Loss of local economic and political control l A widening gap between rich and poor people l Rapid, uncontrolled industrialization and urbanization l Loss of biodiversity and depletion of Natural Resources l Destruction of traditional cultures Canada and globalization The NAFTA agreement started in North America and was implemented on January 1,1994 NAFTA - An agreement between Canada, USA and Mexico to expand trade between these three countries. The agreement was signed on October 2, 1992 by Canadian Prime Minister Brian Mulroney. NAFTA Case Study on Canadian Lawmaking: An American company wanted to bring MMT which is a gasoline additive to Canada as a material that they wanted to trade. The government of Canada said they did not want it because they thought it was dangerous to people's health. The American company demanded the Canadian government to accept the product or pay them $201 million dollars to settle because the NAFTA agreement allows for free trade. So, in the end the Canadian government paid the company $13million to settle the issue. MMT is still being sold in Canada. Communication and Technology n 1 of every 8 couples married in the U.S in 2006 met online n There are over 106 million registered users of my space ( as of September 2006) If MySpace were a country it would be the 11th largest in the world (b/w Japan+ Mexico ) n There are over 2.7 billion searches performed on Google each month. n 47 million laptops were shipped worldwide last year Can globalization be controlled or revered n Globalization may be irreversible and out of anyone's control. They have four good reasons to think so: n One of globalization's driving forces, technological innovation, is inherently unpredictable n Globalization results from the interplay of many parties (economic and political), none of which exerts dominant influence n Old regulatory agencies devised by states cannot control processes that exceed their territorial authority n Apart from minimal rules of competition itself, the world lacks a single set of rules that serves to regulate transnational behavior What is globalization doing for us n globalization may be irreversible and out of anyone's control. They have four good reasons to think so: n One of globalization's driving forces, technological innovation, is inherently unpredictable n Globalization results from the interplay of many parties (economic and political), none of which exerts dominant influence n Old regulatory agencies devised by states cannot control processes that exceed their territorial authority n Apart from minimal rules of competition itself, the world lacks a single set of rules that serves to regulate transnational behavior Discussion Questions • How does globalization effect you? In terms of... - communication? - Technology? - Culture? - Goods, trade? - The environment How has globalization effected the world negatively ? - affected you negatively