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    Irold Sanchez
    Globalization is a process of increasing integration and interaction between people, companies, and governments around the world through international trade and investment, aided by information technology. While globalization has occurred for millennia, recent decades have seen especially large increases in cross-border flows driven by policies opening markets and technological advances that lower costs. Globalization allows developing countries to grow but is controversial as some argue it benefits multinational corporations more than local enterprises and cultures. Resistance to globalization comes from people and governments seeking to manage the global flows of capital, labor, goods, and ideas.

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    01 Handout 1

    Uploaded by

    Irold Sanchez
    23 views2 pages
    Globalization is a process of increasing integration and interaction between people, companies, and governments around the world through international trade and investment, aided by information technology. While globalization has occurred for millennia, recent decades have seen especially large increases in cross-border flows driven by policies opening markets and technological advances that lower costs. Globalization allows developing countries to grow but is controversial as some argue it benefits multinational corporations more than local enterprises and cultures. Resistance to globalization comes from people and governments seeking to manage the global flows of capital, labor, goods, and ideas.

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    Globalization is a process of increasing integration and interaction between people, companies, and governments around the world through international trade and investment, aided by information technology. While globalization has occurred for millennia, recent decades have seen especially large increases in cross-border flows driven by policies opening markets and technological advances that lower costs. Globalization allows developing countries to grow but is controversial as some argue it benefits multinational corporations more than local enterprises and cultures. Resistance to globalization comes from people and governments seeking to manage the global flows of capital, labor, goods, and ideas.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    23 views2 pages

    01 Handout 1

    Uploaded by

    Irold Sanchez
    Globalization is a process of increasing integration and interaction between people, companies, and governments around the world through international trade and investment, aided by information technology. While globalization has occurred for millennia, recent decades have seen especially large increases in cross-border flows driven by policies opening markets and technological advances that lower costs. Globalization allows developing countries to grow but is controversial as some argue it benefits multinational corporations more than local enterprises and cultures. Resistance to globalization comes from people and governments seeking to manage the global flows of capital, labor, goods, and ideas.

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    © All Rights Reserved
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    of 2

    GE1714

    Globalization

    What Is Globalization?

    Globalization is a process of interaction and integration among the people, companies, and governments of different
    nations, a process driven by international trade and investment and aided by information technology. This process has
    effects on the environment, on culture, on political systems, on economic development and prosperity, and on human
    physical well-being in societies around the world.

    Globalization is not new, though. For thousands of years, people—and, later, corporations—have been buying from and
    selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected
    China and Europe during the Middle Ages. Likewise, for centuries, people and corporations have invested in enterprises
    in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before
    the outbreak of the First World War in 1914.

    Figure 1. Map of the Silk Road

    But policy and technological developments of the past few decades have spurred increases in cross-border trade,
    investment, and migration so large that many observers believe the world has entered a qualitatively new phase in its
    economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just
    1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion. Distinguishing this current
    wave of globalization from earlier ones, author Thomas Friedman has said that today globalization is “farther, faster,
    cheaper, and deeper.”

    This current wave of globalization has been driven by policies that have opened economies domestically and
    internationally. In the years since the Second World War, and especially during the past two decades, many governments
    have adopted free-market economic systems, vastly increasing their own productive potential and creating myriad new
    opportunities for international trade and investment. Governments also have negotiated dramatic reductions in barriers to
    commerce and have established international agreements to promote trade in goods, services, and investment. Taking
    advantage of new opportunities in foreign markets, corporations have built foreign factories and established production
    and marketing arrangements with foreign partners. A defining feature of globalization, therefore, is an international
    industrial and financial business structure.

    Technology has been the other principal driver of globalization. Advances in information technology, in particular, have
    dramatically transformed economic life. Information technologies have given all sorts of individual economic actors—
    consumers, investors, businesses—valuable new tools for identifying and pursuing

    01 Handout *Property of
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    GE1714

    economic opportunities, including faster and more informed analyses of economic trends around the world, easy transfers
    of assets, and collaboration with far-flung partners.

    Globalization is deeply controversial, however. Proponents of globalization argue that it allows poor countries and their
    citizens to develop economically and raise their standards of living, while opponents of globalization claim that the
    creation of an unfettered international free market has benefited multinational corporations in the Western world at the
    expense of local enterprises, local cultures, and common people. Resistance to globalization has therefore taken shape
    both at a popular and at a governmental level as people and governments try to manage the flow of capital, labor, goods,
    and ideas that constitute the current wave of globalization.

    Reference:
    The Levin Institute - The State University of New York. (2016). What is globalization. Retrieved from
    http://www.globalization101.org/what-is-globalization/

    01 Handout *Property of
    STI

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