global shift dickens

Question 1

What is the perception of globalization as a ‘natural order’?

Answer 1

It suggests that globalization is an inevitable and natural progression of economic development, where countries must adapt to remain competitive in the global market.

Question 2

What impact did the financial crash of 2008 have on the global economy?

Answer 2

The financial crash resulted in falling growth rates, rising inequality, significant job losses, and revealed vulnerabilities in the global financial system.

Question 3

What are emerging markets, and what role do they play in the global economy?

Answer 3

Emerging markets, such as China, India, and Brazil, experience relatively high growth rates and have become major global economic players, altering the distribution of economic power.

Question 4

Question: What are the dual forces driving globalization?

Answer 4

Technological advancements and global shifts in economic activities are the dual forces behind the interconnectedness of markets and the movement of goods, services, capital, and labor across borders.

Question 5

Question: What is outsourcing, and what concerns does it raise?

Answer 5

Outsourcing refers to companies relocating production or services to reduce costs. It raises fears of job losses in developed countries and exploitation of cheap labor in developing nations.

Question 6

Question: What are the two broad meanings of globalization?

Answer 6

Empirical - Refers to actual structural changes in the global economy, such as interconnected markets and flow of goods.
Ideological - Relates to the neo-liberal, free-market ideology associated with the ‘globalization project,’ emphasizing free trade and limited government intervention

Question 7

Question: How does globalization impact poverty and inequality?

Answer 7

While globalization has benefits, poverty and deprivation persist, and there is a widening wealth gap between the rich and the poor in many parts of the world.