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

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

3. World Merchandise Trade % GDP

4. Merchandise Trade % of GDP

5. Trade Dependence ( )

6. Foreign Direct Investment

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

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

9. 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

10. 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.”

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