What is it ?. An economic phenomenon? A social phenomenon? A cultural phenomenon? “the process through which an increasingly free flow of ideas, people,

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Presentation transcript:

What is it ?

An economic phenomenon? A social phenomenon? A cultural phenomenon? “the process through which an increasingly free flow of ideas, people, goods, services and capital leads to the integration of economies and societies” International Monetary Fund (IMF) cited in Köhler, H. (2002).

Activity 2 (What drives Globalization) In groups of 3 students are required to identify and specify the main drivers of Globalization. (Based on observation from previous activity, personal knowledge and view). The findings of each group will be presented to the rest of the class. Hint:

Drivers of Globalization The adoption of more open economic policies – which have increased international trade in goods and services, and cross- border flows of both capital and labour

Drivers of Globalization Technological progress – which has sharply lowered transport and Communications costs and has increased the tradability of goods and services.

Drivers of Globalization The emergence of developing, low-wage economies on the world stage – which has been led by China and India.

Impact of Globalization Integration of Economies 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

Corporate Expansion and Domination Multi-national or trans-national corporation (MNCs or TNCs) Businesses with a headquarters in one country but with business operations in a number of others. Characteristics Expanding revenue Lowering costs Sourcing raw materials Controlling key supplies Control of processing Global economies of scale

Corporate Domination Key Issues: Damage to environment? Exploitation of labour? Monopoly power Economic degradation Non-renewable resources Damage to cultures

Trading in a globalized economy Benefits of Trade: Increased choice Greater potential for growth Increase international economies of scale Greater employment opportunities Disadvantages of trade: Increase in gap between rich and poor Dominance of global trade by the rich Lack of opportunities for the poor to be able to have access to markets Exploitation of workers and growers

Other Issues Accountability of Global businesses? Increased gap between rich and poor fuels potential terrorist reaction Ethical responsibility of business? Efforts to remove trade barriers

Activity 3 ( UK Economical Future) Students will analyze and evaluate the impact of Globalization on the UK economy and its main stakeholders using material supplied previous knowledge and findings from the activities. Is the UK economy open or closed to Globalization? What is the UK Government position on Globalization? What opportunities Globalization offers to the UK economy? What threats does Globalization bring to UK? How will affect employment? How will UK Economy Compete in the global Economy?