globalization

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gLOBALIZATION Prepared by: Ekta Patel Roll no:32

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Globalization or ( Globalisation ) refers to the increasingly global relationships of culture, people and economic activity. Globalization: Definition

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“an unprecedented compression of time and space reflected in the tremendous intensification of social, political, economic, and cultural interconnections and interdependencies on a global scale.” Stegler , p. ix

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Economic globalization can be measured in different ways. The most common track national and regional imports and exports of output and capital, as well as the balance of trade . At a more detailed level, measurements monitor employment in specific sectors such as auto manufacturing and functional activities such as customer service. For example, China in 2009 surpassed Germany as the world's largest exporter MEASUREMENT:

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The historical origins of globalization remain subject to debate. Though in common usage it refers to the period beginning in the 1970s, some scholars regard it as having an ancient history that encompasses all international activity. HISTORY:

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Archaic period Islamic and Mongol eras Maritime Europe Industrialization Institutionalization

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EFFECTS Economic International trade in manufactured goods increased more than 100 times (from $95 billion to $12 trillion) between 1955 and 2007 . China's trade with Africa rose sevenfold during 2000–07 alone . According to Jagdish Bhagwati , a former adviser to the U.N. on globalization, although there are obvious problems with overly rapid development, globalization is a very positive force that lifts countries out of poverty. According to him, it causes a virtuous economic cycle associated with faster economic growth . Brain drain Opportunities in rich countries attract skilled workers from poor countries , leading to brain drains . For example, nurses from poorer countries come to the US to work. Working conditions In some developing countries labor policies provide less protection than in developed countries. Business process outsourcing n rich countries, business process outsourcing has been a double-edged sword; it enabled cheaper services but displaced some service-sector jobs. However, in lower-cost locations such as India , the outsourcing industry is the " primary engine of the country’s development over the next few decades, contributing broadly to GDP growth, employment growth, and poverty alleviation ".

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Income equality World Bank figures indicate that the number of people living on less than $1 per day-the international standard for extreme poverty-dropped from 1.25 billion (29%) in 1990 to 986 million in 2004 (18% of the larger total population) Distribution of world GDP, 1989 Quintile of Population Income Richest 20% 82.7% Second 20% 11.7% Third 20% 2.3% Fourth 20% 2.4% Poorest 20% 0.2% CONSUMPTION Consumer goods exports such as televisions, radios , bicycles, and textiles into the United States, Europe, and Japan fueled the economic expansion of Asian tiger economies . China exports were worth 157.5 Billion USD in October 2011. In that year exports of goods and services constituted 39.7% of China's GDP . Financial interdependency The collapse of the subprime mortgage market in the U.S. led to a global financial crisis and recession on a scale not seen since the Great Depression .

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Drug and illicit goods trade In 2010 the United Nations Office on Drugs and Crime ( UNODC ) reported that the global drug trade generated more than $320 billion a year in revenues . Political The United Nations Headquarters in New York City . Globalization reduced the importance of nation states . Sub-state and supra-state institutions such as the European Union , the WTO , the G8 or the International Criminal Court , replace national functions with international agreement. Cultural Mandarin is the first language of 845 million speakers, followed by Spanish (329 million speakers) and English (328 million speakers ). However the most popular second language is undoubtedly English, the " lingua franca " of globalization: About 35% of the world's mail, telexes, and cables are in English. Approximately 40% of the world's radio programs are in English. Some 3.5 billion people have some acquaintance of the language . English is the dominant language on the Internet . Music The term globalization implies transformation. Cultural practices including traditional music can be lost and/or turned into a fusion of traditions.

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Environmental Environmental challenges such as climate change , cross-boundary water and air pollution and over-fishing of the ocean, require trans-national/global solutions. Since factories in developing countries increased global output and experienced less environmental regulation, globalism substantially increased pollution and impact on water resources . Effects of population growth on food supplies With human consumption of seafood having doubled in the last 30 years, seriously depleting multiple seafood fisheries and destroying the marine ecosystem as a result, awareness is prompting steps to be taken to create a more sustainable seafood supply.

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Critics argue that globalization results in: Poorer countries suffering disadvantages : While it is true that free trade encourages globalization among countries, some countries try to protect their domestic suppliers. The main export of poorer countries is usually agricultural goods. Larger countries often subsidise their farmers (e.g., the EU's Common Agricultural Policy ), which lowers the market price for foreign crops . The shift to outsourcing : Globalization allowed corporations to move manufacturing and service jobs from high cost locations, creating economic opportunities with the most competitive wages and worker benefits . Weak labor unions : The surplus in cheap labor coupled with an ever growing number of companies in transition weakened labor unions in high-cost areas. Unions lose their effectiveness and workers their enthusiasm for unions when membership begins to decline . An increase in exploitation of child labor : Countries with weak protections for children are vulnerable to infestation by rogue companies and criminal gangs who exploit them. Examples include quarrying, salvage, and farm work as well as trafficking, bondage, forced labor, prostitution and pornography

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Thank you…….

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