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WHAT IS GLOBALIZATION? WHY IS IT HAPPENING? HOW DOES IT IMPACT US AND THE WORLD?

WHAT IS GLOBALIZATION? WHY IS IT HAPPENING? HOW DOES IT IMPACT US AND THE WORLD?. GLOBALIZATION. DEFINED: an ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of exchange and trade

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WHAT IS GLOBALIZATION? WHY IS IT HAPPENING? HOW DOES IT IMPACT US AND THE WORLD?

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  1. WHAT IS GLOBALIZATION?WHY IS IT HAPPENING?HOW DOES IT IMPACT US AND THE WORLD?

  2. GLOBALIZATION • DEFINED: an ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of exchange and trade • Occurs thanks to the interconnectedness of the modern global economy • Globalization forces our culture to interact and deal with others

  3. SUPPLY CHAINS • DEFINED: the connections that link all parties involved in the production and sale of a product • Supply chains begin and end with the consumer (you)! • First a consumer DEMANDS, or wants a product • Then a long “chain” of people work to SUPPLY create it • It ends with the consumer ends by purchasing it at a certain PRICE • Example?

  4. Why is globalization happening so quickly now? • ECONOMIC REASONS: • New forms of technology allow gigantic flows of capital and other technologies • Transnational corporations (TNCs) • International economic institutions

  5. Bretton Woods Conference 1944 • 44 Nations agreed to revise trade practices • 3 new int’l economic organizations • IMF: International Monetary Fund • World Bank • GATT: General Agreement on Tariffs and Trade later to be the World Trade organization (WTO)

  6. Bretton Woods lasted for over 30 years • “the golden age of controlled capitalism • Ended by conservative politics embrace of “neo-liberalism” • Market is self-regulating • Survival of the fittest (Herbert Spencer) • Rejected Keynesian models of state intervention • Validated by the fall of communism

  7. Transnational Corporations (TNCs) • GM, Walmart, Exxon, Mitsubishi, Siemens, etc • 42 of the world’s top economies are corporations • powerful players the influence the economic, political and social welfare of many nations

  8. International Economic Institutions • IMF, World Bank, WTO • Began as means of loans to developing nations • Now more interested in integrating and deregulating markets around the world

  9. Problems with Globalization • Lowering of labor standards • Ecological degradation • Growing indebtedness of the Global South to the North • Loans tied to laws • Interest payments now exceed aid received ($355 Billion interest v. $80 Billion in aid)

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