Globalization Cross-national interaction between individuals, corporations, and governments (actors of globalization) integration of global markets for: commodities labor services capital, etc.

Globalization in history Trade along the Silk Road between Europe and East Asia for nearly two thousand years

World Merchandise Trade % GDP

Merchandise Trade % of GDP

Trade Dependence (2009-2012)

Foreign Direct Investment

Globalization and the U.S. 2017 Exports $2.35 trillion (1/3 are services) 2017 Imports $2.90 trillion (1/5 are services)

Globalization and the U.S. 2017 trade deficit in goods $807 billion 2017 trade surplus in services $255 billion

Globalization and the US: FDI US-owned assets abroad 0.5 trillion dollars in 1976 6.2 trillion dollars in 2000 21.6 trillion dollars in 2012 Foreign-owned assets in the US 0.3 trillion dollars in 1976 7.6 trillion dollars in 2000 25.5 trillion dollars in 2012

Debates on globalization Normative theory What ought to be e.g.: “Globalization is ultimately good for poor developing countries.” Positive theory What is e.g.: “Globalization increases economic inequality between rich and poor countries.”

Debates on globalization The impact of globalization on income inequality unemployment education health care women and children the environment homeland security, etc.