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Globalization: Challenges, Debates, and Perspectives

Explore the impacts of globalization on societies, economies, and cultures, delving into the ongoing debates surrounding its effects. From economic shifts to social repercussions, understand the driving forces and consequences of this global phenomenon.

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Globalization: Challenges, Debates, and Perspectives

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  1. Chapter 11Looking Ahead

  2. Expectations of Globalization • Do the driving forces of globalization (Ch. 1) signify a different era? • A break from the past • A New World Order – Different views of the US and Russia • Anti-globalization • Those negatively affected by the process • Mainly targeted at economic institutions

  3. Challenges Affecting all Domains • Two competing goals of most economies • Capitalistic – maximizing the profits of private enterprise • Socialistic – maximizing welfare in society • Changing demographics impacts nations • Population growth and composition • Geographic differences • Inequality and poverty in every community • Access to opportunity

  4. Minorities and marginal communities • Powerlessness and social exclusion • Managing technology • Affecting all aspects of society • Civil society • NGOs are an influential force

  5. Debating Globalization Representative forums of the debate • World Economic Forum • Private effort bringing elites and opinion leaders together • Importance of economic liberalization across nations • World Social Forum • Led by NGOs of various persuasions • Stresses the negative fallout of globalization

  6. AGAINST GLOBALIZATION - Undercuts national sovereignty. - Poor countries versus the power of the rich. - Free trade overwhelms the less developed. - Weak labor and environmental regulations in the developing world cause job losses in the developed world. - Materialism and global trumps beliefs/culture and traditional values. - Excessive immigration causes social upheavals. - Fast pace of change does not allow time for institutions and systems to adapt.

  7. FOR GLOBALIZATION -Expands opportunities for individuals with skills who can build wealth. - Freer trade facilitates economic growth, reduces poverty by creating new jobs. - Global competition keeps prices in check and encourages innovation. - Globalization is a natural tendency of people to interact between nations and cultures. - Global interaction checks the power of a few nations to dominate the world. - Climate problems and energy needs force people to work at global solutions. - Interdependence makes people discover their common humanity for a better world.

  8. Some Debates in Each Domain • Economic domain: Free trade versus protectionism • Physical domain: Protecting the environment versus exploiting resources • Business domain: Dominant MNCs versus small and medium enterprises • Political domain: Participative democracy versus strong, directive leadership • Social domain: Multiculturalism versus domination by a majority culture

  9. Some Convergences and Divergences • Economic: Free trade and income inequality • Social: Tolerance and fundamentalism • Political: Democracy and independence movements • Physical: Technology and sustainability • Business: Standardization and local preferences

  10. Taking a System Perspective • Globalization is an ongoing inexorable process with historical roots • Domain dynamics with winners and losers keep debate going • ACE framework enables analysis by studying interactions • Helps derive recommendations at varied levels • Individuals • Groups • Nations (c) C. Gopinath, 2018

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