globalisation

• globalisation is the process by which countries become more interconnected through trade, investment, migration, communication, and cultural exchange.
• globalisation has led to increased economic growth, but also inequality within and between nations
• globalisation has created new opportunities for businesses, but also challenges such as competition from foreign firms and changing consumer preferences
• globalisation has led to increased economic growth, job creation, and improved living standards in many parts of the world.
• Globalization


  Increasing interdependence and interconnectedness between countries and the flows of goods, capital, services, trade, culture, and ideas
• Types of flows in globalization


  • Flows of capital (money and investment)
  • Flows of labor (people moving to work)
  • Flows of products (physical goods)
  • Flows of services (industries that move around easily)
  • Flows of information (internet, texts, phone calls)
• Globalization


  • Lengthening of connections between people and places
  • Deepening of connections within societies
  • Increasing speed of connections
• Interdependence


  Countries' reliance on each other politically, economically, socially, and environmentally
• Globalization trends started in the early 19th century and 20th century with the adoption of steam power, jet aircraft, containerization, and the telegraph
• In the 21st century, globalization has accelerated with the invention of mobile phones, broadband, fiber optics, GPS, and the internet
• Technological advances enabling globalization


  • Budget airlines like easyJet
  • Increased passenger numbers and revenue
• World trade has steadily increased, especially since the 2000s
• Protectionism


  A nation wanting to protect itself from other nations, using measures like high tariffs, quotas, and restricting foreign firms and investments
• Organizations promoting free trade and globalization


  • World Bank
  • World Trade Organization
  • International Monetary Fund
• World Bank


  • Lends money and gives grants to reduce poverty and fund economic development
  • Adopts trade liberalization policies
• World Trade Organization


  • Requires countries to lower tariffs and barriers to create freer flow of goods and services
• International Monetary Fund


  • Promotes trade liberalization and free trade
  • Maintains international financial system stability
  • Provides loans to countries facing crises
• Major trade blocs


  • NAFTA (North American Free Trade Agreement)
  • European Union
  • ASEAN Free Trade Agreement
• European Union


  • Single market with free movement of goods, capital, and people
  • Integrated economic policies like Common Agricultural Policy
  • Political union as well as economic
• ASEAN Free Trade Agreement


  • 10-member free trade area with uniform tariffs
  • More political than economic, aims to ensure regional stability
• Trade blocs can have disadvantages like trade distortion, short-term unemployment, cultural erosion, and loss of national sovereignty
• Policies of national governments to promote globalization


  • Free market liberalization
  • Privatization
  • Encouraging business startups
• Protectionism


  Government policies that restrict or regulate trade between nations to protect domestic industries
• Ideals of national governments to promote globalization


  • Free market liberalization
  • Privatization
  • Encouraging business startups
• Free market liberalization


  Governments promote free markets and less intervention in the economy, leading to higher outcomes, lower prices, and better standards of living
• Development


  Measured by factors like income per capita, GDP, HDI, and gender inequality index
• Factors of development


  • Environmental
  • Demographic
  • Social
  • Cultural
  • Political
• Economic indicators of development

  • Income per capita
  • Gross national product
  • Gross national income
  • GDP
• Composite indicators of development

  • Human Development Index (HDI)
  • Gender Inequality Index (GII)
• Lorenz curve and Gini coefficient

  Measure inequality in wealth distribution across a population
• Winners of globalization


  • Billionaires
  • Developed countries
  • Rising middle classes
  • Transnational companies
• Losers of globalization


  • Isolated rural populations
  • Workers in old industrial cities
  • Workers in sweatshops
  • Slum dwellers
• Migration


  • Caused by open borders, FDI, transnational companies, and humanitarian crises
  • Has led to rise of nationalist parties and tensions in Europe
• Mekong river development


  Benefits China and Thailand but harms Vietnam's farming
• Attempts to control globalization

  • Internet censorship in China and North Korea
  • Migration limits in UK
  • Trade protectionism in USA
• First Nations in Canada

  • Opposing oil extraction to retain cultural identity
  • Promoting rights and self-governance
  • Funding cultural education centers
• Globalization has led to environmental and ethical concerns
• Cotton production for jeans requires 13,000 liters of water and pollutes rivers
• Bangladeshi textile workers earn an average of £25 per month