Podcast Beta
Questions and Answers
Globalization is a process of interaction and integration among the people, companies, and governments of different ______.
nations
This process of globalization has effects on the ______, culture, political systems, economic development and prosperity, and human physical well-being in societies around the world.
environment
Globalization stands for expanding ______-border facilities and economic linkages.
cross
The objective of making the world a truly interrelated, interdependent, developed ______ village governs the on-going process of globalization.
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Globalization represents the desire to move from ______ to a global sphere of economic and political activity.
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To find the right balance between benefits and costs associated with ______, citizens of all nations need to understand how it works and the policy choices facing them and their societies.
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Advances in ______ technology have dramatically transformed economic life.
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Information technologies have given all sorts of individual economic actors, consumers, investors, businesses - valuable new tools for identifying and pursuing economic ______.
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The expansion of the global economy is an important part of ______.
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Globalization seeks to transform the existing international economic system into a unified system of ______ economics.
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Protectionism is the economic policy of restricting ______ from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.
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The gap between ______ and poor in the world is still very large.
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Many of the global problems are by-products of the expansion of the global economy such as ______ or resource shortages; global warming; expansion of global tourism; the spread of AIDS and other health hazards facilitated by global transport; Internet fraud; and terrorism.
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There are still too many people who die because they are too poor to live. Aid and a fairer ______ system are crucial.
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Income gaps have widened both within countries and between countries. A recent UN study by ______ called for a fair globalization.
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What is a fair division of the growing ______?
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Study Notes
What is Globalization?
- Globalization is a process of interaction and integration among people, companies, and governments of different nations driven by international trade and investment and aided by information technology.
- It has effects on the environment, culture, political systems, economic development, and human physical well-being in societies around the world.
Characteristics of Globalization
- Expanding business and trade across national borders to secure integration of economic interests and activities of people worldwide.
- Aiming to create a unified global economic system, transforming national economies into a global sphere of economic and political activity.
Role of Technology in Globalization
- Advances in information technology have dramatically transformed economic life, providing new tools for economic actors to identify and pursue opportunities.
- Examples include faster analysis of economic trends, easy transfers of assets, and collaboration with international partners.
Ethical Issues in Globalization
- Reduction of protectionism can be unfair if not applied fairly, leading to exploitation by multinationals.
- Inequality of power, lack of trade unions, and massive exploitation of workers by multinationals.
- The gap between rich and poor is still large, with the bottom 40% of the world's population living on less than $2 a day and receiving only 5% of the world's income.
- Economic globalization marginalizes the poor, destroys the environment, and damages cultures.
- Globalization increases inequality and further impoverishes the poor.
- Many global problems, such as pollution, resource shortages, global warming, and health hazards, are by-products of the expansion of the global economy.
- Poverty remains a major issue, with many people dying due to poverty, and aid and a fairer trading system are crucial for poor countries.
- Income gaps have widened both within and between countries, with global trade increasing wealth but benefits unequally distributed.
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Description
Learn about the concept of globalization, its effects on the environment, culture, and economy, and how it shapes our world.
