Introduction to Globalization Quiz

Introduction to Globalization

• Globalization is a process of expanding sociocultural and socio-ecological processes from national to international and transcultural levels.
• Globalization is viewed as the movement of trade, capital, and ideas.
• The Global Connected Index (GCI) measures flows and interconnections between countries through trade, capital, people, and information.

Defining Globalization

• Students should be able to identify the extent of Globalization.
• Students should be able to define Globalization.
• Students should be able to differentiate competing conceptions of Globalization.
• Students should be able to identify underlying philosophies of varying definitions of Globalization.

Socioeconomic Changes in Globalization

• Macro-structural changes in a globalized society include product and services integration, emerging institutional arrangements, pluralistic identity, and growth of supra-territorial relations.
• Four key shifts in society are the growth of trans- and supra-territorial connectivity, the shift from capitalism to hyper-capitalism, a move from nationalism to identifying pluralism and hybridity, and a move from rationalism to knowledge reflexivity.
• Factors driving globalization include the reduction of trade barriers, like the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO).
• Modern technology developments also further globalization by facilitating faster communication and access to information promoting an information society.

Interrogating Globalization

• Lesson objectives include discussing Economic Globalization as a complex process for global and local changes.
• Students should be able to explain Economic Globalization's accompanying Cultural and Political aspects.
• Students should be able to articulate assumptions behind globalization.
• Students should be able to critically evaluate the impacts of Globalization, especially for poor countries.
• Development Paradigms are ideas of prescribed paths for development through defined visions.
• Economic globalization is about expanding the market economic system throughout the world through a complex process impacting people and their cultures.
• Cultural Globalization refers to increasingly contacted peoples and their cultures, ideas, values, and ways of life.
• Political Globalization refers to the enlargement of the international political system and inter-regional dealings like managing trade.

International Financial and Trade Institutions

• The World Bank facilitates investment of capital for member countries funding large-scale projects and implementing Structural Adjustment Policies (SAPs). Poor countries are required to make changes or meet conditions to receive loans.
• The International Monetary Fund (IMF) provides short-term emergency loans to help countries with the flow of foreign money.
• The World Trade Organization (WTO) aims to reduce tariffs and create agreements related to multilateral policies regarding the environment, food safety, and product quality among other issues.

Impacts of Globalization

• Economic Deregulation which is met with disapproval from groups such as labor organizations, environmental groups, indigenous peoples, and consumer groups is leading to impacts such as.
• Neglect of the environment
• Low wages and unstable employment
• Under-serving of consumers
• Privatizing common resources

Test your understanding of globalization, its definitions, and its socioeconomic impacts. This quiz covers concepts such as the Global Connected Index and the various philosophies behind globalization. Prepare to differentiate between competing ideas and explore the changes in a globalized society.