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Topic 1; Globalization

Globalization is the process of increasing economic interconnectedness, promoting cultural exchange, and advancing technology, but it can also lead to job displacement and income inequality. It encompasses various aspects such as market and production globalization, trade barriers, and the emergence of global institutions. The debate surrounding globalization includes concerns about job losses, labor policies, national sovereignty, and its impact on poverty, with critics and supporters presenting differing views on its effects.

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Nafis Sadman Ayon
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4 views23 pages

Topic 1; Globalization

Globalization is the process of increasing economic interconnectedness, promoting cultural exchange, and advancing technology, but it can also lead to job displacement and income inequality. It encompasses various aspects such as market and production globalization, trade barriers, and the emergence of global institutions. The debate surrounding globalization includes concerns about job losses, labor policies, national sovereignty, and its impact on poverty, with critics and supporters presenting differing views on its effects.

Uploaded by

Nafis Sadman Ayon
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

What is

Globalization?
Globalization refers to the shift toward a more
interconnected economy.
• Promotes cultural exchange and integration.
• Advances in technology and communication.
• Can cause job displacement and income
inequality.
• Influences global governance and policies.
• Impacts environmental sustainability.
FACETS OF GLOBALIZATION

Globalization of
1 Markets

Globalization of
Production
2
HOW DOES IB FIT IN

It includes the following:


-Sales
-Investment
-Transportation
It also includes the transfer of Knowledge, labor, capital,
expertise, and so on.
Trade Barriers

• Import Tariff
• Export Tariff/ Export Ban
• Subsidies
• Import Quotas
• Voluntary Export Restraints
• Local Content Requirements
• Administrative Policies
• Anti-dumping Policies
The Emergence of Global Institutions
The Emergence of Global Institutions
Drivers of Globalization
Drivers of Globalization
•Anti-globalization Protests
- Concerns over job losses, wage pressure, cultural erosion, and environmental
damage, though many fears are exaggerated, as globalization often improves
living standards and fosters economic progress in developing countries.

THE GLOBALIZATION DEBATE

•Globalization, Jobs, and Income


- Globalization critics blame job losses on trade, but technology and skill gaps are
bigger factors, while globalization boosts incomes and narrows global wage gaps over
time.
•Globalization, Labor Policies, and the Environment
- Critics argue free trade shifts production to countries with weak labor and
environmental regulations. Still, supporters claim it drives economic growth,
which leads to stricter regulations and reduced pollution over time.

•Globalization and National Sovereignty


- Critics claim globalization undermines national sovereignty by empowering
supranational bodies like the WTO, while supporters argue these organizations
serve collective state interests and rely on nations' consent.

•Globalization and the World’s Poor


- Critics argue that globalization has worsened the income gap, while supporters
claim free trade, debt relief, and economic reforms are key to addressing poverty
in developing nations.

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