MODULE 1

GE 107: THE CONTEMPORARY WORLD

MODULE 1

GLOBALIZATION
GLOBALIZATION
• 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.
GLOBALIZATION
• Globalization means the speedup of movements
and exchanges (of human beings, goods, and
services, capital, technologies or cultural
practices) all over the planet. One of the effects of
globalization is that it promotes and increases
interactions between different regions and
populations around the globe.
What is Globalization? Examples, Definition, Benefits and Effects. (2019). Retrieved November 10, 2020, from Youmatter
website: https://youmatter.world/en/definition/definitions-globalization-definition-benefits-effects-examples/
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 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
• Made possible by:
• Technology
• Communication networks
• Internet access
• Growth of economic cooperation –
trading blocs (EU, NAFTA, etc.)
• Collapse of ‘communism’
• Movement to free trade
 Trade versus Aid?
Made possible by:
• Benefits of Trade:
• Increased choice
• Greater potential for growth
• Increase international economies
of scale
• Greater employment opportunities
 Trade versus Aid?
Made possible by:
• 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
• Multi-national
or trans-national corporations (MNCs
or TNCs) – businesses with
a headquarters
in one country but with business
operations in a number of others.
 Corporate Expansion
• Multi-national
or trans-national corporations (MNCs
or TNCs) – businesses with
a headquarters
in one country but with business
operations in a number of others.
 Corporate Expansion
• Characteristics:
• Expanding revenue
• Lowering costs
• Sourcing raw materials
• Controlling key supplies
• Control of processing
• Global economies
of scale
Corporate Domination:
• Key Issues:
• Damage to the environment?
• Exploitation of labour?
• Monopoly power
• Economic degradation
• Non-renewable resources
• Damage to cultures
 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
GRANT, O GOD, OF YOUR MERCY, THAT
WE MAY COME TO EVERLASTING LIFE,
AND THERE BEHOLDING YOUR GLORY
AS IT IS, MAY EQUALLY SAY:
GLORY TO THE FATHER WHO CREATED
US,
GLORY TO THE + SON WHO REDEEMED
US,
GLORY TO THE HOLY SPIRIT WHO
SANCTIFIED US.
GLORY TO THE MOST HIGH AND
UNDIVIDED TRINITY, WHOSE WORKS
ARE INSEPARABLE, WHOSE KINGDOM
WITHOUT END ABIDES, FROM AGE TO
AGE FOREVER. AMEN.