Globalization

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SYED NAZAKAT MUMTAZ:

SYED NAZAKAT MUMTAZ 1446-311038 MSC (ECONOMICS 2) PRESENDTED TO DR BASHIR AHMED KHILJI

Globalization:

Globalization

Globalization:

Globalization Definition: An economic phenomenon? A social phenomenon? A cultural phenomenon? The movement towards the expansion of economic and social ties between countries through the spread of corporate institutions and the capitalist philosophy that leads to the shrinking of the world in economic terms.

Integration of Economies:

Integration of Economies The increasing reliance of economies on each other The opportunities to be able to buy and sell in any country in the world The opportunities for labour and capital to locate anywhere in the world The growth of global markets in finance

Integration of Economies:

Integration of Economies Made possible by: Technology Communication networks Internet access Growth of economic cooperation – trading blocs (EU, NAFTA, etc.) Collapse of ‘communism’ Movement to free trade

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Benefits of Trade: Increased choice Greater potential for growth Increase international economies of scale Greater employment opportunities

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Disadvantages of trade: Increase in gap between the rich and the poor Dominance of global trade by the rich, northern hemisphere countries Lack of opportunities for the poor to be able to have access to markets Exploitation of workers and growers

Corporate Expansion:

Corporate Expansion Multi-national or trans-national corporations (MNC’s or TNC’s) – businesses with a headquarters in one country but with business operations in a number of others.

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Characteristics: Expanding revenue Lowering costs Sourcing raw materials Controlling key supplies Control of processing Global economies of scale

Corporate Domination:

Corporate Domination Key Issues: Damage to the environment? Exploitation of labour? Monopoly power Economic degradation Non-renewable resources Damage to cultures

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Other Issues: Accountability of Global businesses? Increased gap between rich and poor fuels potential terrorist reaction Ethical responsibility of business? Efforts to remove trade barriers

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Thanks

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