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Samenvatting Deal! Economic English (hfst5-8)
- Cours
- Economisch Engels
- Établissement
- Universiteit Gent (UGent)
Deze samenvatting omvat hoofdstukken 5-8 en kunnen perfect gebruikt worden om het oral exam af te leggen.
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UNIT 5: Globalization1.Introduction to globalization
Economic
Process of interdependence between economies, cultures, countries, …
Several countries are connected to each other => they trade with countries, some countries
more than others, the larger country trades with all the countries and influences the smaller
countries, but on the other hand the smaller country influences the larger country ass well.
But globalization doesn’t only happen economically speaking, it also happens culturally.
Culture
For example, the UK isn’t that massive in export than like Russia, China or the U.S., but
although it has not an influence economically, they have a big impact culturally, because of
the language. They have a lot of artists, music, shows, tv-shows, …
The problem is that the world has become smaller in a way and the options are near limitless
for one person to connect to other countries to other people in the world.
World in an oyster: Options have increased significantly throughout the last couple of
decades and even centuries, for one person to explore the world in every way you see
possible. Although the options aren’t limitless, they have increased significantly.
We can easily connect with people from other countries, for example someone can easily
pick up the phone from Europe and call someone from New York. (Possible problem is the
different time there is) => connections and communication has increased a lot => we can
connect with any place in the world almost immediately.
There are also downsides of globalization, like there are some factories who are increased to
a massive scale => they must transport a lot (planes, trucks, boats…): transport is needed to
get an item to you => it leads to global warming, also meat farming
Definition of Thomas L. Friedman: globalization is the integration of capital, technology, and
information across national borders. It creates a certain global village. He believes the world
is flattening, that globalization trade, outsourcing supply chain, and political forces have
changed the world permanently, for better and for worse. You have anti-globalists who are
logical against globalization because there aren’t less poor in society and there is an
increased discrepancy between the haves and the have nots. They ignore environmental
issues and poor labor. In their opinion, globalization has led to child labor because there is no
effort to implement proper codes of conduct or to guarantee a safe workplace. On the other
hand, we have the pro globalists who claim that free trade creates wealth, and it trickles
down and improves the condition of the poor. The developing countries catch up to
industrialized nations much faster.
, Opinion
Globalization brings economic growth, specialization, innovation and cultural exchange. You
relate to a lot of people around the world, and you get to know for example their food, style
of music, clothing, history… however, globalization has caused job displacement, income
inequality, exploitation and environmental problems. In addition, the impact of globalization
varies by region and sector.
IMF
International Monetary Fund, an international organization that strives to improve the
economies of its 189 member countries.
WTO
The World Trade Organization is an intergovernmental organization that regulates
international trade.
2. Evolution of globalization
great eras of globalization:
Globalization1.0 lasted from 1492 – early 1800s.
From a size large to a size medium. Globalization through countries: you went global through
your country, for example: Spain exploring the new world, Britain colonizing India.
Globalization2.0 lasted from the early 1820s until the year 2000.
It shrunk from size medium to size small. Globalization through companies: you went global
through your company.
Globalization3.0 lasted from 2000 to the present.
It shrunk from size small to size tiny. Globalization through individuals: Building around the
individuals requires individuals to globalize themselves and to think of themselves as
potential connectors, collaborators and competitors with other individuals.
Golden straitjacket: individuals must sacrifice economic sovereignty to global institutions
(such as capital markets and multinationals)
The Big Mac Index: compare the Purchasing power parity between two countries.
The Dell Theory: no two countries that are part of a major global supply chain will ever fight a
war against each other.
Golden arches theory of conflict prevention: no two countries that have McDonald’s have
fought a war against each other.
Brazilification: refers to the loss of the middle class and an increase in the income gap.
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