Economic Globalization Overview

Study Notes

Defined by the IMF as a process resulting from human innovation and technological progress.
Characterized by the integration of economies through the movement of goods, services, and capital across borders.
The United Nations defines it as increased interdependence among world economies due to cross-border trade, capital flow, and technological dissemination.
Major driving forces include the significance of information in productive activities and marketization.

Global trade began with continuous exchanges between heavily populated continents, having lasting impacts.
The Manila galleon trade connected the American continent directly with Asian trading routes, fostering the exchange of goods, people, and ideas.
Trade conflicts have historically caused wars and economic downturns as countries struggle to maintain their trading positions.

Economic globalization has intertwined the economies of most countries, leading to market interdependence.
Economic discord or poor conditions in one country can significantly affect the global economy.
Various global actors facilitate economic globalization, especially in global politics.

The UN aims to maintain international peace and security, promote friendly relations among nations, and coordinate member actions.
Originally founded with 51 member states, the UN has grown to 193 sovereign states as of 2024.

International Labor Organization (ILO): Focuses on labor standards, social protection, and work opportunities.
Food and Agriculture Organization (FAO):
- Aims to defeat hunger, food insecurity, and malnutrition.
- Seeks to reduce rural poverty and enhance agricultural productivity and sustainability.
- Promotes efficient agricultural and food systems and resilience to crises.
United Nations Educational, Scientific and Cultural Organization (UNESCO):
- Promotes international collaboration through educational, scientific, and cultural reforms.
- Aims to build peace and respect for justice, human rights, and fundamental freedoms.
World Health Organization (WHO):
- Focuses on improving global health and eradicating dangerous diseases.
- Engages in research for medicines, vaccines, and nutritious foods.
- Responsible for the World Health Report and health surveys.

The text introduces other agencies, which also play roles in promoting global economic cooperation and addressing global issues such as health, labor standards, and food security.