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Aim: Is Globalization good for the world?

Aim: Is Globalization good for the world?. Globalization - Benefits. Easier movements of people, goods, ideas, and technology This promotes economic growth and reduces poverty Globalization encourages global cooperation to solve many social and environmental problems. Globalization - Costs.

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Aim: Is Globalization good for the world?

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  1. Aim: Is Globalization good for the world?

  2. Globalization - Benefits • Easier movements of people, goods, ideas, and technology • This promotes economic growth and reduces poverty • Globalization encourages global cooperation to solve many social and environmental problems

  3. Globalization - Costs • Critics say it has deteriorated the environment • Caused poverty to increase in many countries • WW II

  4. United Nations • Founded at end of WWII as a peacekeeping organization • Part of UN mission is to analyze economic issues and provide aid to poor countries • Brokers international agreements (protect environment and human rights)

  5. World Trade Organization • Body mainly responsible for drawing up and enforcing international trade agreements • Critics claims they only care about wealthy countries

  6. World Trade Organization • “Trade is the ally of working people, not their enemy…As living standards improve, so too does education, health, the environment and labor standards.” – WTO Director General Mike Moore - 1999

  7. World Trade Organization • Negotiating the reduction or elimination of obstacles to trade (import tariffs, other barriers to trade) and agreeing on rules governing the conduct of international trade (e.g. dumping, subsidies, product standards, etc.)— Settling disputes among members regarding the interpretation and application of the agreements… 

  8. World Bank • Initial goal is to help Europe recover from World War II • Focus later shifts to helping poor countries develop their economies • Hydroelectric dams/highways • Criticism for environmental damage, helping corrupt governments

  9. International Monetary Fund • First task was to reconstruct the world’s battered international banking system after World War II • IMF today normally helps countries when facing a crisis such as accumulating too much foreign debt

  10. How does IMF work? • Acts as lender of last resort – loans money at lower interest rate than other lenders • IMF usually requires the government to adopt austerity measures. What are they???? • Critics charge such austerity measures harm poor countries…Why????????

  11. IMF – Cycle of Debt • Some say poor countries get trapped in a cycle of debt • Suggest debt forgiveness, or the cancellation of debts owed to foreign lenders • Countries aren’t forced to do what?

  12. Nongovernmental Organizations (NGOs) • Nonprofit organization that operate outside of governments • Focus on trade and environment • Sierra Club, WWF, CARE, Save the Children

  13. Multinational Corporations • Companies that have a home base in one country and operations in other countries • Promote globalization by moving goods, capital, information, and people across borders to do business.

  14. Multinational Corporations • _____ out of the 100 largest economic entities in the world were companies, not countries • Economic output of ExxonMobil is equal to Pakistan • Toyota’s output is twice that of Guatemala • Critics are fearful of what??

  15. Multinational Corporations • Critics fear Race to the Bottom (wages, working conditions, and pollution) • Supporters argue that trade, investments, jobs increase. New technologies also increase host country’s human capital… • Daewoo

  16. Sovereign Nation States • Nation-State is an independent political body with fully authority over its territory and inhabitants – UN Members • Nation-States have power to regulate trade and capital flows (money/investments) across its borders

  17. Nation-States • To secure global trade benefits, join WTO • Restricts national sovereignty

  18. Economic Development • The process by which countries increase their economic output and improve the lives of their people

  19. Measuring Economic Development • A developed country has an advanced, industrial economy and a relatively high annual per capita GDP • A developing country is in the process of modernizing its economy • New Industrialized (China/Brazil)

  20. Human Development Index • United Nations measures using 3 dimensions • Life Expectancy • Education • Standard of Living (Per Capita GDP)

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