Dimensions of Globalization PDF

Dimensions of globalization  Economic globalization - refers to the increasing integration of national economies around the world, particularly through trade and financial flows. - involves trade in goods and services, capital...

Dimensions of globalization  Economic globalization - refers to the increasing integration of national economies around the world, particularly through trade and financial flows. - involves trade in goods and services, capital flows and trade in assets, the transfer of technology and ideas, and international flows of labor or migration.  Economic globalization Economic integration includes the integration of: Goods – Including the production and sale of products and their parts across international borders. Services – Including increased movement of labor and the growth of international service providers such as call centers moving overseas.  Benefits of economic globalization Rise of Multinational Corporations ○ Multinational corporations can move their manufacturing industries overseas to nations where the cost of production is low. Internationally Mobile Labor Forces ○ Those with in-demand skills can find work across the world before even stepping on an airplane and travel internationally. Movement of Manufacturing Overseas ○ Industries moved offshore where labor regulations are sometimes less stringent and wages are lower.  Disadvantages of economic globalization Loss of Manufacturing Jobs in Developed Nations ○ Globalization inevitably leads to the movement of industries to achieve economies of scale. Exploitation of Developing Nations ○ Goods are cheaper to produce in developing nations because they often have lower wages and worker protections. International Interdependence ○ Nations are becoming overly dependent on international supply chains. Climate Change and Environmental Impacts ○ An international economy could have significant bad effects on the environment. Goods have much greater distance to move, leading to greater carbon footprints for products.  Political globalization - refers to the growth and expansion of a worldwide political system that includes various national governments and international organizations, resulting in increased interactions and the sharing of political practices and policies across borders.  Benefits of Political globalization Establishment of International Norms ○ nation-states sign treaties with international bodies Ease of Movement ○ political agreements between nations lead to relaxing of the movement of labor across boundaries. Ease of Trade ○ create better trade routes around the world  Disadvantages of Political globalization Loss of Power at the Nation-State Level ○ When nation-states make multinational agreements, they often make concessions in order to reach a middle ground that’s satisfactory to all parties. They also sign-off on certain norms and standards that restrict their abilities to unilaterally take action. Decreased Political Accountability ○ The administrators who make decisions and recommendations, and administer programs, are not directly accountable to the people who their decisions impact.  Cultural globalization - refers to the process by which ideas, values, and experiences from one culture are transmitted and spread across the world, leading to the intensification of social relations and the infusion of global cultural elements into everyday life.  Benefits of Cultural globalization Standardization ○ allowed for uniformity of standards in measuring time and space. Economic Growth ○ creates greater opportunities for wealth creation as it allows businesses and people to move and operate across different geographies with greater ease. Broadening Human Perspective ○ allows humans living in one part of the world to learn how other people experience life.  Disadvantages of Cultural globalization Erosion of Local Cultures ○ while bringing people together, can also pose a threat to local cultures, languages, and traditions and replacing them with a transnational culture. Widening of Inequalities ○ allows for greater opportunities for wealth creation. But, it has been argued that it also makes some people wealthier and leaves others behind.  Ecological globalization - refers to the idea that the world needs to be considered one interconnected ecosystem. - refers to the interconnectedness of environmental issues on a global scale, focusing on how global alliances and practices affect the environment.  Issues of Ecological globalization Increased Transport of Goods Economic Specialization ○ allows nations and geographical regions to focus on their economic strengths while relying on trading partners for goods they don’t produce themselves. Decreased Biodiversity ○ Increased greenhouse gas emissions, ocean acidification, deforestation, climate change, and the introduction of invasive species all work to reduce biodiversity around the globe. References - Google Images - Drew, C. (2024, February 2). 8 Types of Globalization (Definition & Explanation For Students). Helpful Professor. https://helpfulprofessor.com/types-of-globalization/ - WITA. (2021, August 13). Economic Globalization - WITA. https://www.wita.org/ustrade/basics-of-trade/economic-globalization/ - Steger, M. B. (2020). The political dimension of globalization. In Oxford University Press eBooks (pp. 64-C4.F6). https://doi.org/10.1093/actrade/9780198849452.003.0004 - Effects of globalization on the environment. (2021, April 15). Business Insights Blog. https://online.hbs.edu/blog/post/globalization-effects-on-environment