Podcast
Questions and Answers
What is globalization, according to the IMF?
What is globalization, according to the IMF?
- The decreasing movement of people, goods, and ideas across borders
- The increasing economic independence of countries worldwide
- The separation of countries into East and West blocks
- The growing interdependence of countries worldwide through the increasing volume and variety of cross-border transactions (correct)
What was a major example of early globalization?
What was a major example of early globalization?
- The fall of the Berlin Wall
- The voyages of Christopher Columbus
- The rise of e-commerce
- The Silk Road (correct)
What has increased in recent years due to globalization?
What has increased in recent years due to globalization?
- The number of low-income countries
- The number of independent countries
- The importance of national boundaries
- The volume of international trade (correct)
What is one benefit of globalization to citizens in poor countries?
What is one benefit of globalization to citizens in poor countries?
Why has the flow of goods increased globally?
Why has the flow of goods increased globally?
Which region is a significant supplier of clothing exports?
Which region is a significant supplier of clothing exports?
What is the pattern followed by countries to achieve excellent results in the clothing industry?
What is the pattern followed by countries to achieve excellent results in the clothing industry?
What is a consequence of low demand for clothing in the garment industry?
What is a consequence of low demand for clothing in the garment industry?
What is the term used to describe the phenomenon where corruption is exacerbated by the consequences of the development gap?
What is the term used to describe the phenomenon where corruption is exacerbated by the consequences of the development gap?
What is a characteristic of sweatshops in the clothing industry?
What is a characteristic of sweatshops in the clothing industry?
What is a reason why some countries or regions are wealthier than others?
What is a reason why some countries or regions are wealthier than others?
What is the estimated number of children under 5 who die from preventable diseases?
What is the estimated number of children under 5 who die from preventable diseases?
Study Notes
Definition of Globalization
- Globalization is the growing interdependence of countries worldwide through cross-border transactions, international capital flows, and the diffusion of technology.
Early Examples of Globalization
- The Silk Road (1st century BCE-1400s) was a trade route connecting Venice to China, SE Asia, and Somalia.
- Christopher Columbus "discovered" the Americas in 1492, marking the beginning of globalization.
Characteristics of Globalization
- Shift from independent/separate states to a more interdependent world.
- Boundaries (political, economic, social) become less important.
- The world has "gotten smaller" due to improved technology, leading to increased movement of people, goods, ideas, and money.
Effects of Globalization
- Increased trade and flow of investment, leading to development and better quality of life.
- Improvements in transportation, allowing for faster and more efficient shipping of goods worldwide.
- Companies now have access to more markets for goods, services, labor, and capital.
Clothing Industry
- A significant portion of world clothing exports are manufactured in low-income countries, particularly in Asia.
- The emergences of Korea, Singapore, Hong Kong, Taiwan, Philippines, Indonesia, Thailand, Malaysia, Bangladesh, Pakistan, Sri Lanka, Laos, Vietnam as major world suppliers in the clothing industry have occurred in three successive waves.
Benefits of Globalization in the Clothing Industry
- Boosted economies
- Created job opportunities
- Consumers have access to a variety of clothing, styles, etc.
- Extremely profitable market
- Developing countries can make a profit from their exports
Drawbacks of Globalization in the Clothing Industry (Sweatshops)
- Factory workers are employed at very low wages for long hours and under poor conditions.
- Children are often employed without proper safety regulations or training.
- Workers are paid according to the number of pieces they can produce, leading to low pay and repression.
- Hard work, repetitive tasks, and low pay are common in sweatshops.
Global Inequality
- Some geographical regions of the world are richer and more developed than others.
- The development gap is attributed to factors such as corruption, open economies, foreign investment, and natural resources.
Consequences of the Development Gap
- ⅕ of the population lives on < $2/day
- 11 million children under 5 die from preventable diseases due to inability to combat diseases.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the concept of globalization, its definition, and its historical examples, including the Silk Road. It explores the increasing interdependence of countries through international trade and technological advancements.
