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What is Globalization? KFC: Kuwait Globalization refers to the global connectivity, integration, and interdependence of cultural, economic, technological, environmental and, social factors. Globalization and the Economy Globalization is felt first and foremost in economic life. Globalization refers to the increasing integration and interdependence of all realms of economic life, including trade, production, and consumption. Arguments against Globalization • Perpetuates the cycle of poverty • Promotes inequality • Outsourcing of jobs • Transferring of business culture • Protection of business sectors • Creates trade imbalances • Exploits the environment • Promotes terrorism Arguments for Globalization • Increases life expectancy • Improved standard of living • Promotes equality • Increased democratic participation • Decrease in child labor • Equalizes trade • Reduces the threat of terrorism • Can create economic incentives for peace What is the WTO? • Founded in 1995 • 150 member nations • Overriding purpose is to help trade flow as freely as possible •Negotiating forum • Set of Rules • Settles Disputes between countries Trade US trade deficit as of January 2007 59.1 billion 2006 US trade deficit with China in millions of dollars Exports = 55,224.2 Imports = 287,772.8 Difference: -232,548.6 Difference 2006: -201, 544.8; 1985: -6 What US companies outsource? • Nike (production) • Delta Airlines (customer service) • Chase Financial (customer service) • Sara Lee (production) • IBM (customer service & production) • Dell (customer service & production) • American Express (customer service) • Hanes (production) • Western Union (customer service) Virtually every business sector outsources, mortgage companies, banks, retailers, airlines, automakers, internet service providers, computer, etc. By 2008 Costa Rica will employ 730,000 in customer service call centers for American companies. Employees will make $400 a month. Environment A nacreous cloud seen from Antarctica's Mawson base. Unfortunately, it is a reminder of environmental damage being inflicted on the ozone layer by decades of chlorofluorocarbon emissions. Ecological damage resulting from the explosion and fire at Rukpokwu-Rumuekpe pipeline, Nigeria Mining polution Gender Apple Ipod factory China. Nike factory Health An interconnected world means that diseases such as SARS, HIV/AIDS, Bird Flu are an even greater threat. Labor Changes in labor patterns and job opportunities have been among the most visible aspects of globalization. Security and Terrorism Society and Culture Is globalization simply western imperialism? What are the cultural implications of globalization? Can the Earth sustain a global standard of living based on western society’s consumer values? Are there winners in globalization? Losers? Who are they? Is the US losing? Based on some of the things you’ve just learned about globalization, how secure do you think your economic future is?
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