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Tpjc Compre Practice

Tpjc Compre Practice

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Published by: The JC Student on Nov 12, 2009
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07/12/2013

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PASSAGE
E
Asia's
linancial
crisis isstoking
tho
dobateoverglobatizaiion.
lt
can bo
a
whirlwind
o1
irade
and
invosirn€nt
thal
buildseconomios
and
spursdevelopmsnt
ln
€von
lhe
world'spooresl
na'lions.
But
ll canalso
bring
oconomies lowovernlght.
We
at th6
OvorseasDevelopmenlCouncilbelieve
thalglobalizationralses
som6
ol lho
most
importanlissuostacinghumanklndtoday.
W6
believg
that these
aro
chsllongosthat must
b€
addr€ss€d
at
thohigh€st
lovoland
on
a
conlinuing basis.W6propose
a
su-mmit
mooting
ol
a
repr€s€ntatlve group
ol world
leaders
to
kick-start
such
a
debate.
Globalization's
6tlocts
have
been
overwhelmingly
good.Spur.ed
by
unprecedented
liberalization,
world
tradecontinuos
to
expandlastor
than
overa
globateconomicoutput,
induciog
a
wav€
of
productivity
and
efficioncy
andcroaling
millio;s
ol
iobs,
Even
moroimpressivg
is the
slunning
increase
in
int€rnalionalinvostmonl
thai
is
building
roads,
airports and
lactories
inpoorercountri€s. ln
tho
j99os
alono,
foreign
invostorspoured
gl
trillion
into
doveloping
economies.
This
tradeand lnvestment
is
raialng living
standards
in
some
countriss'
laster
than
many
thoughi
possibte.
Until
recen
y,it
look at
least
twogenorationsIor livingslandardsto doublo,
bul
inChina, livingstandards nowdouble €very
1O
years-
Bui
wbilo
globalizationhas
€ised
living
standards
for
many,
it
hasmado
lile
moredifficun
for
those dislocated
by
changeand
it
th.eatens
to
leave
part
ol
theworld behind.
ltjs
no
coincidonc€
that
thodisappointjngeconomic pertormance
in
much
of
Sub_saharan Africa
reilectsa
failuro
to
iniegrate
into
the world
economy
and, lhus,
to
tradesuccesstrllly
and
atlracl
investmenl
Th6
loremostchallenge
of
globalization
is
therefore
lo
enslrre
that its
fruitsoxtond
to
allcountries.
Most
torecastssaythat economic
grow,lhin
thedev€toped world
will
conlinue
to
slow,
and that
expandingmarkets in
developing
countriesare neoded
lo
ensure
that
livingstandardscontinue
lo
rise.
The
secondchallenge
ot
gtobalization
.
is
toalay
thefea. that tho groMh
it
brings
is
inherently
destabilazing.
The
Asiancrisis, threatenh'gsome
ot
the
most to-rmidable
econbmiccompetitors
in
theworld,amplities
lhsse
fears-
Neverthetess,
lhe
costs
ol
being lett behind
byglobalization
aro
usuallymuchgroaterthan the loss€s
caused
by
instability.
_The
third
challeng€
ol
gtobalization
isio
address
the
concern
in
weatthiernations that
internationalcompetitiony/illharm ljving
standards.
There
is
ampteevidencetharstagnantwages
in
the
United
Statesand
unemploymentinEuropehave
other
causes*technol;gicatchange,
poor
education,
Europe,s
infloxjbtelabour
markets,hlgh
taxes
anO
an
a-ging
workforce.
But
pollsshowmoreandmore
peoplebelieve
the
caus-es
lie inworldwide
tiade
and
investment.
This
undermines
the
kind
of
leadershipneeded
to
respond
to
the
Asianlinancial
crisis and dealwithothergtobalproblems.
The
fou(h
challenge
ol
globatization
ls
lo
tackle
the
probtems
complicated
by
expandodtradoand
anvestment--environmental
dsgradalion,disease,migration,
cr;e
anct
terrorlsm.
Our
aiJrlity
ro
confront
lhisset
ot new,
p6sr-Cotd
Wu,
"narr"nlE"
*tfi
i"-qriii
g,uuru,
gfobui
cooperation.
There
is
no
doubt lhat gtobatiza
onot
trade
andinuestmuni
hui
in
"ome-*ay"
€akened
the
independence
o{
national governments
and
made tite
ieis
preOictaOte
tormany
individuals.
But
lhose
who woutderect
barriers
lo
traOeanC
invlstmenlto try
to
recapturean €artierora
ol
independ€nce
conlusothe cause
andefl€ct
of
gtobalizatio;,
ln
pursuil
ol
higher
tivrng
stanoards,
v./e
havecreated
lhis
new wortd
oi
qtOlt
martets
anC
lnstantLommunicalion
to
deltver
gains
in
eflici€ncy
and
co.npeti$on
tiat
are
beyond
tho
powers
ol
nalional governmenls.
The goal
is
not
io
disenfranchise
the
individual.
bui
to
10
15
25
30
35
20
(
40
45
 
10
P::,:^::!:l^,::9:^
.choicas,.
d€t:v€rmoro
capirat
and openmore
markers,
si\ing
ihe
rnorvrouat
morgpowgr
lo
control
his
or h€r
desliny.
!e-
OioOoso
fnat
a
gloOal
economic
summit
bs
h6td
belore
tho
end
ot
1999.
Untike fh€
annuarsummrl
ot
the
G-7 induslrializgdcountries.-aneventthatstarted
6sing
its
sense
ol
*f*:^,:
9::199,9so-thts.salh.erins
shoutd
tnctude
sou"rnrn"nt
i""d"o
tiom
arr
regrons
ll9.l?u9l:
ot
devotopmont.
About
two
dozongovernments
woutd
b€
€nouOh
to
altowbroad
panrciparron'
.
whiro
small
enough
for
a
ro
havo
lnpui.
the
summit
wo-uld
oxaminolhecnalengos
ot
gtobalization
and
establish
a
lramelvorkforongoing
dlscusslon
among
thoparticlpanls.
Preparation
shouldbeundsrtaken
by
gov"rr**ti,
i"i".ir-i.""iorganizations
::9,.1?^::1,:"ll
porsons.
sroup,,which,
after'tie
"un-rrntt,
lnou-rl
ionriril
i;
tA"d;
narysrstor
the
higl),loveldebato.
Tho
challengesraised
by
globalizallon
yleldno
easyanswers.
Theystrain
the
abititios
of
nationai
governments
to
contront
them
lnOeponOentty.
Coffectiue
corisiaeiail;n,
inthe
lorm
ol
the
proposed
summit
and
som€
ongolng
consuttative
pro"-u"i-ilii-o"
"
"."i"1
onf
idence-buildingetfort.TIME hftp://Www.time.com/time/maqazine/O217
.
Expand
th@
Dobalo
onGtobattza,ton
505560
E

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