Globalization And Contemporary Issues Flashcards
This pertains to the world’s interdependence on one another
Globalization
This idea promotes closer contact between the nationalities of the world.
Global Village
This idea promotes free trade and increasing relations between members of industries in different parts of the world at the exchange of national sovereignity.
Economic Globalization
These are the factors that allow a company to produce goods and services ar a lower cost than its counterparts.
Comparative advantage
In what ways is the social, cultural, political and legal aspect of Globalization expressed?
Social - Greater interaction between nations
Cultural - Exchange of ideas, sentiments. Some ideas may destabilize political structures in other parts of the world
Political - International cooperation with intergovernmental organizations
Legal - Creation and regulation of International laws amid globalization
This period is known as the advent of globalization; the creation of new technology which allowed trade and manufacturing of goods and services at an unprecedented pace.
Industrial Revolution
This period saw the decline in globalization, with many countries blocking trade and the economy crashing due to the Great Depression.
Post-World War I
This period of globalization saw the creation of international organizations led by the United States to promote trade and investment as well as recovery.
Post World War II
What are the arguments of anti globalists against globalization?
Corporativism - Society organized in corporations subordinate to the state
Private entities exert more influence over the policy of nation-states.
Globalization runs on credit based economics resulting in unsustainable debt growtj
What are the counter of Pro Globalists?
Comparative Advantage - Companies produce more for less
Lower prices due to competition, more employment due to more companies moving in, and better resource allocation as countries export what resources they are good in producing.
