CHAPTER 2: THE STRUCTURES OF GLOBALIZATION IN CONTEMPORARY WORLD
It refers to the INTERNATIONAL MOBABILITY in SERVICES, ECONOMY etc.
Economic globalization
It refers to the INCREASING INTEGRATION of ECNOMIES around the world particularly through the movement of goods, services, and capital across borders.
Economic globalization
Economic globalization is a ______ _____, the result of HUMAN INNOVATION and TECHNOLOGICAL PROCESS
Historical process
It refers to an AGREEMENT among COUNTRIES in a geographic region to REDUCE and REMOVE TARIFF BARIERS
Economic integration
Advantages
• It promotes local growth by stimulating overall growth
• Higher levels of mutual trust would be created
• A global community requires a global economy
• It forces us to share financial considerations with everyone
• It provides an opportunity for undeveloped countries to join the developed world
• Innovations in some fields would create new technologies
Disadvantages
• It gives more power to businesses to influence civil government
• It removes local culture emphasis
• It encourages disease development and spread
• In economic globalization, most of the world is ignored
• The exploitation of workers is likely to increase
• It would change where there are unemployment and poverty
The products of this company are CUSTOMIZED to LOCAL PREFERENCES rather than homogenized, LIMITING the ability to CREATE ECONOMIES of SCALE
Multinational companies
This kind of company have an INVESTMENT in MANY COUNTRIES but MAINTAIN a STRONG HEADQUARTERS in ONE COUNTRY
Global companies
refers to the INCREASING INTERDEPENDENCE of world economies as a result of the increasing scale of cross-border commodities and service trade, and the flow of international capital, and the rapid and widespread of technology
Economic globalization
NNATIONS that are EMERGING from a different type of economy towards a MARKET-BASED ECONOMY
Transitional countries
COUNTRIES with a LOT of INDUSTIRIAL activities and where PEOPLE generally have HIGH INCOMES
Developed countries
Apart from GDP growth, it is also INCLUDES IMPROVEMENTS in LITERACY, LIFE EXPECTANCY and people's WELL BEING
Economic development
Nations with a WEAK INDSURTIAL base where people have a LOWER life expectancy, LESS education, and LESS INCOME. Example: East Asia and Africa
Developing countries
"Economic globalization REFLECTS the CONTINUING EXPANSION and MUTUAL INTEGRATION of market frontiers, and is an irreversible trend for the economic development in the whole world at the turn of the millenium"
According to the United Nations
COUNTRIES have realized that with OTHER COUNTRIES, this is the STRATEGICALLY IMPORTANT for GROWTH of the economy in the era of globalization
Economic cooperation
It is the WAY of EXTENDING TRANSITIONAL ECONOMIC PROCESSES and ECONOMIC RELATIONS to more and more countries and by DEEPENING the economic INTERFEPENDENCIES among them
Organic system