Contemporary World Flashcards
Word used to describe the growing interdependence
of the world’s economies, cultures, and populations,
brought about by cross-border trade in goods and
services, technology, and flows of investment, people,
and information.
Globalization
Term used to describe the changes in societies and
the world economy that are the result of dramatically
increased trade and cultural exchange. In specifically
economic contexts, it refers almost exclusively to the
effects of trade, particularly trade liberalization or
“free trade”
.
Globalization
A common belief that globalization plays a role just at
international levels of trade and commerce, but the
fact is that it has played an important role in making
our lives much more comfortable too.
Globalization
The phones, apparels, gadgets or accessories that we
use in our day-to-day life are be available to us
through globalization. Knowingly or unknowingly, we
are all under the impact of globalization, and more
importantly it has helped in bringing international
peace and justice to mankind.
Globalization
closer contact between different parts of the world, with increasing possibilities of personal exchange, mutual
understanding and friendship between “world citizens”
The formation of a Global Village
“free trade” and increasing
relations among members of an industry in different
parts of the world (globalization of an industry), with
a corresponding erosion of National Sovereignty in
the economic sphere.
Economic globalization
Signs Of Globalization
- Increase in international
trade at a faster rate than
the growth in the world
economy - Increase in international
flow of capital including
foreign direct investment - Greater transborder data
flow, using such technologies such as the Internet, communication satellites and telephones - Greater international cultural exchange, for example through the export of Hollywood and Bollywood movies.
- Some argue that even
terrorism has undergone
globalization. Terrorists
now have attacked places
all over the world. - Spreading of multiculturalism and better individual access to cultural diversity, with on the other hand, some reduction in diversity.
- Erosion of nationalsovereignty and national borders through international agreements leading to organizations like the WTO, UN and IMF
- Greater international travel and tourism
- Greater immigration, including illegal immigration
- Development of global telecommunications infrastructure
- Increase in the number of standards applied globally (copyright laws)
Many anti-globalism activists see globalization as the
promotion of a Corporatist agenda, which is intent on
constricting the freedoms of individuals in the name
of profit.
Anti-Globalization
They also claim that increasing autonomy and
strength of corporate entities increasingly shape the
political policy of nation-states.
Anti-Globalization
Globalization imposes credit based economics,
resulting in unsustainable growth of debt and debt
crises.
Anti-Globalization
Supporters of free trade point out that economic theories such as comparative advantage suggests that free trade leads to a more efficient allocation of resources, with all thoseinvolved in the trade benefitting.
Pro-Globalization
In general, they claim that this leads to lower prices,
more employment and better allocation of resources.
Pro-Globalization
The country is taking part in the process of
globalization ever since the country signed
agreements with World Trade Organization in 1995.
Globalization of the Philippines
Now, globalization is very effective in the Philippines,
it has allowed major changes in the nation like more
labor, and more Filipino and foreign companies has
emerged in the nation in order to help the country’s
developing economy.
Globalization of the Philippines
Globalization can make the Philippines into a better nation if the Philippine leaders to make their economy more advance through global trading and allowing more foreign investors to the help boost the economy.
Globalization of the Philippines
By accomplishing those goals, the Philippines should
be able to reduce the poverty level as well as increase
labor force for job opportunities for those that are in
need for a living.
Globalization of the Philippines
The most effective factor in the Philippines is
education.
Globalization of the Philippines
The society’s mentality is to be educated and it’s with
education that people in the nation see their
opportunity for a better life in the future.
Globalization of the Philippines
However, since the poverty level is still increasing,
most Filipinos has managed to find work overseas
and they have managed to seek better living than in
the Philippines.
Globalization of the Philippines
Advantages of Globalization
- Peaceful Relations
- Employment
- Education
- Product Quality
- Cheaper Price
- Communication
- Transportation
- GDP (Gross Domestic Product) Increase
- Free Trade
- Travel and Tourism
Disadvantages of Globalization
- Health Issues
- Loss of Culture
- Uneven wealth distribution
- Environment Degradation
- Disparity
- Conflicts
Refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.
Economic Globalization
The fast globalization of the world’s economies in recent years is largely based on the rapid development of science and technologies.
Economic Globalization
-The advancement of science and technologies has greatly reduced the cost of transportation and communication, making economic globalization possible.
Economic Globalization
Shipping cost (2000)
- Ocean-half of that in the year 1930
- Airfrieght-1/6
- Telecommunications- 1%
(as of 2022, the cost increased 8-9x)
-the way the acceleration of economic
activities leads to the destruction of spatial
barriers and distances
Time and Space Compression Effect
-(Ford’s car is designed in Germany, its
gearing system produced in Korea, pump in
USA, and engine in Australia.)
Time and Space Compression Effect
