- I will be able to define the term globalization - I will be able to explain Negative and Positive effects of Globalization - I will be able to explain Integration of Economies - I will be able to explain trends in globalization - I will be able to explain how globalization affects the Canadian economy. Learning goals
Economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology, and capital. What is economic Globalization?
Whereas globalization is centered around the rapid development of science and technology and increasing cross-border division of labor, economic globalization is propelled by the rapid growing significance of information in all types of productive activities and marketization, and the advance of science and technologies. Depending on the paradigm, economic globalization can be viewed as either a positive or a negative phenomenon.
Globalisation could involve all these things!
Economic globalization also has helped to decrease poverty around the world. Poverty has been reduced as evidenced by a 5.4 percent annual growth in income for the poorest fifth of the population of Malaysia. Goods and services, e.g. exports plus imports as a proportion of national income or per capita of population. Positive
Social - the achievement of free circulation by people of all nations. Economic - realization of a global common market, based on the freedom of exchange of goods and capital. The final positive effect to be mentioned is the narrowing gap between the rich and the poor.
Globalization uses up finite resources more quickly. As an example, China joined the World Trade Organization (WTO) in December In 2002, its coal use began rising rapidly. Negative
Globalization acts to increase world oil prices. World oil supply and price, both based on BP’s 2012 Statistical Review of World Energy data
Environmental degradation is an issue which has been debated ferociously in various international meetings, and it has to be accepted that globalization is one of the most important factors that has aggravated the situation.
The amount of raw materials needed to run industries and factories is taking a toll on the natural reserves of planet earth, and pollution has severely impacted the quality of air that we need so very much for our survival.
A A Video 1
WWhat is meant by the phrase "race to the bottom" in the context of globalization? A.The movement to establish corporations in Antarctica B.The practice of moving production of goods to countries with the lowest wages, enironmental standards, and regulations around working conditions C.The movement of goods from Nunavut to the tip of Argentina D.The search for edible foods at the bottom of the food chain CCorrect Answer: B The phrase "race to the bottom" refers to the movement of corporations to countries where goods can be produced the cheapest. This means that the country with the lowest standards wins. This trend has been greatly exacerbated by free trade agreements. Use your Logic
The increasing reliance of economies on each other The opportunities to be able to buy and sell in any country in the world The opportunities for labour and capital to locate anywhere in the world The growth of global markets in finance Integration of Economies Stock Markets are now accessible from anywhere in the world!
New opportunities, in terms of more efficient resource allocation and therefore higher per capita incomes, started to emerge. Globalization - trends
The marked change in global supply and demand conditions has not only brought economies closer together, it has also made relations more complex. Over the past 20 years, world trade has expanded by an average of 6.5 percent a year, significantly outstripping growth in global economic output, just as international capital flows did. So the degree of openness has increased in many countries.
The weight of the emerging markets in the global economy has become significantly more prominent. Overall, this is why shocks in major economies now have a greater and longer-lasting impact on the system as a whole.
Globally active financial institutions and a whole range of derivatives have moved the financial markets closer together, resulting in the emergence of more complex relationships, in addition to those caused by global production chains.
When asked what their favourite foods were, what did young people in Indonesia say? A.McDonald's and Coca Cola B.Nasi Goreng C.rice and fish D.beaver tails Correct Answer A A majority of young people surveyed in Indonesia said that McDonald's and Coca Cola corporations produced their favourite foods. That's globalization alright! Use your Logic again
The expansion of the Canadian and global economies, coupled with the growth of emerging markets, resulted in a strong drive by players in Canada and abroad to take advantage of these lowered trade and investment barriers. Canadian firms began selling their products to other countries and created webs of global supply chains and contracts, providing access to lower-cost raw materials and labour. The Globalization of the Canadian Economy
As Canadian businesses have globalized, so have the CEOs of Canada’s largest firms. Today, 37 percent of the CEOs surveyed have international work experience, compared with 25 percent in 1987—a nearly 50 percent increase. The International Work Experience of Canadian CEOs
Video 2
"Economic globalization." Wikipedia. N.p., 16 May Web. 23 May "Negative Aspects of Globalization." OilPrice. N.p., 3 Mar Web. 27 May "Negative Effects of Globalization." Buzzle. N.p., 23 Dec Web. 27 May Work cited
Made by Maksym Skazatniy