2. Economic Globalization Global system of production, consumption, and trade Global system of production, consumption, and trade Organized around the profit imperative: to maximize private ownership and private gain Organized around the profit imperative: to maximize private ownership and private gain

3. Review – Economic Globalization at the Organizational Level Rise of the transnational corporation Rise of the transnational corporation –Conduct business and control assets in more than one country –Relatively recent creations –Now control 25% of global GDP

4. Review – Economic Globalization at the Country Level Economic globalization imposes the development imperative on countries Economic globalization imposes the development imperative on countries Both strengthens and weakens nation- states: Both strengthens and weakens nation- states: –Economic activity requires public order –Economic actors seeks deregulation

5. Economic Globalization at the Personal Level We’re all producers and consumers now…. We’re all producers and consumers now…. We’re all owners and sellers now…. We’re all owners and sellers now….

6. We’re All Owners: Percentage Households Owning Mutual Funds 1980-2007 Investment Company Institute 2008 Fact Book

7. We’re All Owners: Mutual Fund Performance Fidelity Latin America Fund (FLATX) Fidelity Latin America Fund (FLATX) Neuberger Berman Socially Responsive Fund (NBSRX) Neuberger Berman Socially Responsive Fund (NBSRX)

9. We’re All Sellers: U.S. Participation in Paid Labor Force 1947-2007 (Federal Reserve)

10. We’re All Sellers : U.S. Participation in Paid Labor Force 1947-2005 (Bureau of Labor)

11. With More Women in Labor Force…U.S. Marriage & Divorce 1920-2004 (National Center for Health Statistics)

12. With More Women in Labor Force…Out of Wedlock Births 1970-2003 (U.S. Census)

13. With More Women in Labor Force… Percentage Females Never Married 1961-96 New Zealand

14. % of marriages ending in divorce, Asian countries (www.time.com/time/asia) 19902002 South Korea 1147 Hong Kong 1341 Japan2238 Singapore1526 China815