Globalization Chapter 2 Section 2

Globalization: integration of the national economies of the world

"Smaller world"

With globalization, however, the world is moving from hundreds of national economies toward one large world economy.

Free enterprise

Freer markets

More freedom of movement for people and goods

Globalization is far from new

How does Globalization affect individuals

Manufacturing jobs have been moved to other countries

Reduces government revenue from taxes

History of Globalization

"First Era of Globalization"

The Cold War affected globalization

Why was the end of the Cold War economically important?

People are reluctant to trade with their enemies

The Cold War acted as a political barrier

Recent causes of Globalization

Advancing technology

Facilitated communication and transportation between countries

Lower transportation and communication costs

Policy Changes

The government can slow down or speed up globalization

Citizens traveling, working, or investing in other countries

What are some benefits of Globalization?

Benefits of Globalization
Benefits of Globalization

People are trading with more people

Money for goods, labor services, etc.

Trading with people one might not have traded with earlier.

Standard of Living Has Increased

Increases in income per person

Hunger and child labor have been cut in half

Life expectancy has dramatically increased

200 million people were raised up out of poverty in the past 20 years

What countries have the highest ratio of globalization to life expectancy, which ones have the lowest?

Costs of Globalization

Increased Income Inequality

Losing American Jobs

Offshoring

New York securities firm

Does globalization cause income inequality?

More Power to Big Corporations

Power to large corporations headquartered in wealthier countries

Do you agree that corporations will influence the world because of globalization?

The Debate on Globalization

Globalization doesn't affect everyone the same way

Brings greater economic wealth, lower prices, more innovation, and less

The costs of globalization are so concentrated

People may receive benefits and costs from globalization

A Fad or Here to Stay?

The human inclination to trade with each other will not be overcome

It is our desire to trade that separates us from other species.

In the face of both opportunities and challenges of economic globalization, Seize every opportunity, jointly meet challenges and chart the right course for economic globalization

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