3 - Globalization Flashcards
negative impact of global companies
- MNC’s have become excessively big + powerful
- fiscal evasion + aggressive strategies for reduction of taxes
- bribery + corruption
social contract 1994 (Group of Lisbon)
regulation allowing for sustainable development + social balance
- next generations
- the planet’s finitude
- social responsibility for humanity
challenges of the social contract
increasing inequality + insecurity of income
(due to: globalization, technology, informality and weakening of labour market institutions)
- social mobility is not happening
fair globalization consists of…
- economic efficiency w/ sustained growth
- equal opportunity
- social cohesion
- environmental comprehension
- political democracy + citizenship
- dignity of work
- quality of life
SGD 17
calls for a global partnership for sustainable development
what is the main issue hindering cooperation between nations?
political issue
- successful nations are reluctant to change from the ‘old order’ to the ‘new order’
advantages of globalization
+ global wealth increased
+ millions accessed middle class in developing countries
+ transfer of tech/ideas
+ exposure to cultural diversity
+ international relationships (unification)
disadvantages of globalization
- environmental impacts
- unethical labour
- more global competition
- income inequality + insecurity
- some feel left behind, even though globally wealth increased their share of it is getting smaller
- do not have capacity to keep up w/ technological changes
globalization as a controversial phenomena
benign force
- opportunities: economic prosperity + generalized well being around the world
malign force
- risks: increasing inequality, poverty, illicit trade and crime around the world
globalization
economic integration of countries through freedom of movement of goods , services, capital and people across national boundaries
4th industrial revolution + impact
= cyber physical system
1) job destruction and creation
2) transforming existing jobs
still important to note:
- job quality of jobs created
- distribution of productive gains
- job polarization
social contract
reflects a common understanding on how to distribute power and resources in order to achieve social justice
has the pandemic increased or slowed down globalization
+ internet in work place & teleworking
+ e-commerce increase
+ more international cooperation (ex: vaccine)
- increase in national production
- return to local businesses
social contract should include:
commitment to social dialogue when forming policies
drive for greater efficiency + productivity must be balanced against the right of workers to security + equal opportunities
commitment to take the high road
-> cooperation vs competition is a key element of the new social contract that aims to promote fair globalization
skills needed in 21st century
hard skills: to live in an information and communication technology rich world ex: basic programming skills
soft skills: including collaboration, creativity, entrepreneurial skills, communication and creative thinking
