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Prelim - Intro To Globalization l1

Globalization is the process of interaction and integration among nations, driven by international trade and technology, facilitating the free movement of goods, services, and people. It has various benefits, including increased international trade, wealth, and improved living standards, but also poses challenges such as widening economic inequality and job displacement. Key components driving globalization include international finance, multinational production, and trade, with technology playing a crucial role in enhancing connectivity.

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12 views10 pages

Prelim - Intro To Globalization l1

Globalization is the process of interaction and integration among nations, driven by international trade and technology, facilitating the free movement of goods, services, and people. It has various benefits, including increased international trade, wealth, and improved living standards, but also poses challenges such as widening economic inequality and job displacement. Key components driving globalization include international finance, multinational production, and trade, with technology playing a crucial role in enhancing connectivity.

Uploaded by

hazeltmco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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INTRODUCTION

TO
GLOBALIZATION
CONTEMPORARY WORLD

M S . H A Z E L K AT E C .
What is
Globalization?
It is a process of interaction and integration among the
people, companies and governments of different
nations, a process driven by international trade and
investments and aided by information technology.

It can also be defined as the free movement of goods,


services and people across the world in seamless and
integrated manner.

It makes the world more accessible to everyone


Thomas
HeFriedman
defined globalization as the inexorable integration of
markets, nation states, and technologies to a degree
never witnessed before in a way that is enabling
individuals, corporations and nation-states to reach
around the world farther, faster, deeper, and cheaper
than ever before.

Manfred Steger
The term globalization applies to a set of social
processes that appear to transform our present social
condition of weakening nationality into one of globality.
Benefits of
Globalization
• More international trade
• More wealth in the world
• Improve living standards
• Increased creativity and
innovation
• More goods and services
generally available at lower
prices
TYPES OF
GLOBALIZATION
Economic
refers to interconnectedness of economies through trade and
exchange of resources. It also refers to the widespread
Economic Social
international movements of good, services, capital,
technology and information.

Social TYPES
globalization
It pertains to human interaction within culturalcommunities,
encompassing topics like family,religion, work and education.
Political

Political
Refers to the amount of political co-operation thatexist
between different countries.
What causes
Globalization?

INTERNATION MULTINATIONAL
AL FINANCE PRODUCTION
TRADE
The primary components that led to theintergration o
international market are:
• International finance
— sometimes known as international macroeconomics —is a section of
financial economics that deals with the monetary interactions that occur
betweentwo or more countries. This section is concerned withtopics that
include foreign direct investment and currency exchange rates.

• Multinational production defined as production that is carried out by


firms outside of their country of origin.

• Trade is a type of economic globalization and a measure(economic


indicator) of economic integration. It representsthe proportion of all
production that crosses the boundaries of a country, as well as the
number of jobs in that country dependent upon external trade.
HOW DOES
TECHNOLOGY DRIVE
GLOBALIZATION?
Technological advancement drives
globalization by making it easier for
people, goods, and ideas to move across
borders. For example, people from all over
the world can now share their ideas in just
a second or minute through the internet,
which has enhanced communication and
connectivity.
THE PROS OF GLOBALIZATION
1. It encourages free trade.
Without borders, consumers can purchase items from anywhere in the
world at a reduced cost. There would be fewer barriers in place, like
tariff s, sales taxes, or subsidies because there wouldn’t be nations in
place
that could add restrictions.
2. More trade means the potential for more jobs.
When there are fewer barriers in place to purchase items, then
consumers will generally purchase more things. This creates the
foundation that businesses need to create more jobs.
3. It eliminates currency manipulation. Many countries
todaymanipulate their currencies to benefi t their local economy. Even
THE CONS OF GLOBALIZATION
1. It generally makes the rich richer and the poor poorer. This
means the rich can access what they want or need to become
richer, but the poor get trapped in poverty because they don’t
have the means to access success.
2. Jobs get transferred to lower-cost areas. Jobs can be
created through globalism, but they tend to becreated in the
areas where laborcosts are the cheapest.
3.Globalism creates a culture of fear. Even in jobs aren’t
exported to cheaper areas of the planet, business owners can
hold the threat of doing so over theheads of their current
workers to gain salary concessions.

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