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Globalization in The Contemporary World

Globalization refers to the increasing integration of economies and societies around the world. It is driven by technological advances, reduced trade barriers, and flows of capital, goods, services and people. The document discusses several effects of globalization, including its impacts on industry, finance, economics, politics, law, ethics, language, competition, culture and the environment. It also examines the roles of multinational corporations, organizations like OPEC and WTO, and global political bodies in both connecting nations and generating opposition over issues like sovereignty and worker/environmental standards.

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69 views22 pages

Globalization in The Contemporary World

Globalization refers to the increasing integration of economies and societies around the world. It is driven by technological advances, reduced trade barriers, and flows of capital, goods, services and people. The document discusses several effects of globalization, including its impacts on industry, finance, economics, politics, law, ethics, language, competition, culture and the environment. It also examines the roles of multinational corporations, organizations like OPEC and WTO, and global political bodies in both connecting nations and generating opposition over issues like sovereignty and worker/environmental standards.

Uploaded by

lyka_manzano_1
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GLOBALIZATION IN THE

CONTEMPORARY WORLD
GLOBALIZATION

It can be described as a process by which the


people of the world are unified into a single society
and function together.
This process is a combination of economic,
technological, socio-cultural and political forces.
Globalization is often used to refer to economic
globalization, that is, integration of national
economies into the international economy through
trade, foreign direct investment, capital flows,
migration, and the spread of technology.
EFFECTS OF GLOBALIZATION

Globalization has various aspects which affect the world in


several different ways such as:
• Industrial - emergence of worldwide production markets
and broader access to a range of foreign products for
consumers and companies. Particularly movement of
material and goods between and within national
boundaries.
• Financial - emergence of worldwide financial markets
and better access to external financing for borrowers;
emergence of under or un-regulated foreign exchange
and speculative markets.
• Economic - realization of a global common market,
based on the freedom of exchange of goods and
capital.
EFFECTS OF GLOBALIZATION

• Political
• some use "globalization" to mean the creation of a world
government, or cartels of governments (e.g. WTO, World Bank,
and IMF) which regulate the relationships among governments
and guarantees the rights arising from social and economic
globalization.
• the United States has enjoyed a position of power among the
world powers; in part because of its strong and wealthy
economy.
• People's Republic of China has experienced some tremendous
growth within the past decade. If China continues to grow at
the rate projected by the trends, then it is very likely that in the
next twenty years, there will be a major reallocation of power
among the world leaders. China will have enough wealth,
industry, and technology to rival the United States for the
position of leading world power.
EFFECTS OF GLOBALIZATION

• Legal/Ethical
• The creation of the international criminal court and
international justice movements.
• Crime importation and raising awareness of global crime-
fighting efforts and cooperation.
• Language - the most popular language is English.
• About 75% of the world's mail, telexes, and cables are in
English.
• Approximately 60% of the world's radio programs are in
English.
• About 90% of all Internet traffic is using English.
EFFECTS OF GLOBALIZATION

• Competition
• Survival in the new global business market calls for improved
productivity and increased competition.
• many industries around the world doing the same thing, so
Industries have to upgrade their products and use
technology skillfully to compete.
• Cultural
• growth of cross-cultural contacts
• the desire to increase one's standard of living and enjoy
foreign products and ideas, adopt new technology and
practices, and participate in a "world culture".
• Some dislike the resulting consumerism and loss of
languages.
EFFECTS OF GLOBALIZATION
• Ecological
• the start of global environmental challenges that might be
solved with international cooperation,
• climate change,
• cross-boundary water
• air pollution
• over-fishing of the ocean
• spread of invasive species
• factories are built in developing countries with less
environmental regulation which may increase pollution.
• Pro-globalization people argue that economic
development historically required a "dirty" industrial stage
before progress is made, and it is argued that developing
countries should not, via regulation, be prohibited from
increasing their standard of living.
EFFECTS OF GLOBALIZATION
• Social (International cultural exchange)
• increased circulation by people of all nations with fewer restrictions.
• Spreading of multiculturalism, and better individual
access to cultural diversity through media.
• Some think "imported" culture replaces local culture
causing assimilation.
• Others think it promotes peace and understanding.
• Greater international travel and tourism
• Greater immigration, including illegal immigration
• Spread of local consumer products (e.g. food) to other
countries
• Worldwide fads and pop culture, i.e. Pokémon,
Sudoku, YouTube, MySpace. Accessible to those who
have Internet or Television, leaving out a substantial
segment of the Earth's population.
• Worldwide sporting events such as FIFA World Cup and
the Olympic Games.
EFFECTS OF GLOBALIZATION
• Technical
• Development of a global telecommunications infrastructure
and greater data flow even into the world’s most remote
areas
• Internet: creation and proliferation of information via the
internet & world wide web
• communication satellites: broadcast information through space
around the planet nearly simultaneously allowing for
communications almost everywhere on earth.
• Television: information from around the world can be seen
anywhere in the world
• submarine fiber optic cable
• wireless telephones
• Increase in the number of standards applied globally; e.g.
copyright laws, patents and world trade agreements.
CULTURAL & INTELLECTUAL
INTEGRATION
• All of these effects work together to create
globalization – the integration of the world’s
countries into one world economy – where every
country depends on others to be healthy and
viable.
MULTINATIONAL CORPORATIONS

• As the world continues to globalize, there is concern


over the way it is globalizing. Corporations have
become larger and multinational, and their
influence and interests go further. Some choices
that corporations take to make profits can affect
people all over the world.
• Corporations and Human Rights
• Corporations work for profit. Other things result from profit
motive: violation of human rights, lobbying for and
participating in manipulated international agreements,
environmental damage, child labor, driving towards
cheaper and cheaper labor, and so on.
MULTINATIONAL CORPORATIONS

• Corporations and the Environment


• Many industries industry create environmental concerns in
the process of doing business. Multinational corporations
sometimes capitalize on lax environmental policies in one
region. While they are able to profit, the costs from
environmental and other damage is carried by the local
population.
MULTINATIONAL CORPORATIONS

• Corporations and Worker’s Rights


• For many companies, the largest cost is often the work
force. Hence, where profits are the bottom line, it is only
natural for companies to seek out the cheapest labor
possible.
• When international agreements are often designed to foster
an environment where cheaper and cheaper labor is
promoted, the workers themselves are often not paid
enough to live on. When a nation tries to provide regulatory
steps to improve workers conditions (which does mean
more costs to the companies), multinational corporations
naturally pick up and go to other places where there are
less measures in place.
MULTINATIONAL CORPORATIONS

• Influence over Government


• Multinational corporations are able to exert enormous
influence over policy-makers around the world simply by
virtue of their economic impact.
OPEC

• Organization of Petroleum Exporting Countries


• Created in 1960 by Iran, Iraq, Kuwait, Saudi Arabia,
and Venezuela to gain control over oil prices.
• Joined by Algeria, Indonesia, Libya, Nigeria, Qatar,
United Arab Emirates, and Angola.
• OPEC countries supply about two-fifths of the
world's oil consumption and possess about two-
thirds of the world's proven oil reserves.
OPEC

• Has some power to shock oil prices that


economically affected multiple markets (amount of
power is disputed).
• In 1973 OPEC began a series of oil price increases in
retaliation for Western support of Israel in the 1973
Arab-Israeli war, and OPEC members' income
greatly increased as a result.
• The influence of OPEC is reduced by
• Internal dissent,
• the development of alternative energy sources in the West,
• Western exploitation of oil sources in non-OPEC countries
WTO
• World Trade Organization
• Had 164 members as of December 2018
• It was created in 1995 to replace the General
Agreement on Tariffs and Trade (GATT).
• It aims to lower trade barriers encourage
multilateral trade.
• It’s a forum for governments to negotiate trade
agreements.
• It’s a place for them to settle trade disputes.
• It monitors members' adherence to GATT
agreements and negotiates and implements new
agreements.
• It operates a system of trade rules.
WTO
• Opposition:
• charges that it undermines national sovereignty by promoting
the interests of large multinational corporations
• That trade liberalization it facilitates leads to environmental
damage and declining living standards for low-skilled workers in
developing countries.
GLOBAL POLITICAL CONNECTIONS

• There are some organizations that are serving to pull


nations together politically through diplomacy and
negotiations.
• Some are regionally based
• NATO (North Atlantic Treaty Organization)
• EU (European Union)
• CIS (Commonwealth of Independent States)
• Others are world wide
• UN (United Nations)
UNITED NATIONS

• Its stated purpose is


• to maintain international peace and security
• to develop friendly relations among nations
• to cooperate in solving international economic, social,
cultural and humanitarian problems and in promoting
respect for human rights and fundamental freedoms
• to be a centre for harmonizing the actions of nations in
attaining these ends.
UNITED NATIONS

• In doing that job, tools the UN might use are as


follows:
• Negotiating
• Treaties
• Economic sanctions
• Humanitarian aid
• Political assistance
• Military intervention

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