1. Globalization Market Failure – Those who produce and consume don’t bear full cost of their actions (i.e., pollution).

2. Sacrificing Sovereignty Sovereignty – Independent legal authority over a population. – State controlling its own territory.

3. Globalization Human Capital – Attributes gained by a worker through education and experience. International Non-Governmental Organization

4. Benefits of Globalization Reduction of barriers makes economic transactions easier. Rapid economic growth. Global array of products at cheaper prices. Better access to information, technology, and capital. Spread democracy and human rights. Empower non-state actors. Global citizenship.

5. Costs of Globalization Erosion of state sovereignty. Problems spread more easily over borders. – Crime, drugs, economic crises, disease. Labor is exploited by MNCs. Costs of rapid urbanization Gender inequality Backlash against “Americanization.”