Podcast
Questions and Answers
What are some advantages of economic globalization?
What are some advantages of economic globalization?
- Increase unemployment
- Promote technological exchange (correct)
- Enhance quality of life (correct)
- Promote economic growth (correct)
What is one benefit of globalization related to economic growth?
What is one benefit of globalization related to economic growth?
Countries can engage in division of labour, reducing production costs and raising productivity.
How does globalization enhance quality of life?
How does globalization enhance quality of life?
It facilitates the free flow of economic resources, enabling trade for necessary goods and services.
How does globalization promote technological exchange?
How does globalization promote technological exchange?
What are some disadvantages of economic globalization?
What are some disadvantages of economic globalization?
What is one major concern regarding workers in less developed countries due to globalization?
What is one major concern regarding workers in less developed countries due to globalization?
How does globalization contribute to unfair competition in international trade?
How does globalization contribute to unfair competition in international trade?
How does globalization impact inequality between the rich and the poor?
How does globalization impact inequality between the rich and the poor?
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Study Notes
Pros of Economic Globalization
- Promotes economic growth by allowing countries to specialize in production based on their advantages, leading to reduced production costs and increased productivity.
- Enhances quality of life through international trade, enabling countries to exchange goods and services, fulfilling needs more effectively.
- Fosters technological exchange, where developed countries innovate in capital-intensive sectors while multinational corporations transfer technology to developing nations during labor-intensive production phases.
Cons of Economic Globalization
- Exploitation of workers in less developed countries due to lax labor regulations and lower wages, leading to poor working conditions.
- Causes unfair competition in international trade as globalization can disproportionately favor stronger economies, disadvantaging smaller nations.
- Contributes to widening inequality between the rich and poor, as benefits of globalization may not be equitably shared, reinforcing economic disparities.
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