Sec4 express chapter 2(sustaining economic devt in a globalising world_slideshare)Presentation Transcript
What is Globalization? Its driving forces and ImpactsSUSTAINING ECONOMIC DEVELOPMENT INA GLOBALISING WORLD
WHAT IS GLOBALIZATION? Warm-up Activity Take a moment to find one item with you at the moment that is produced in Singapore? Whatabout anything that you have at home? Anything made in Singapore? Wasit difficult to find anything made and produced entirely from Singapore?
WHAT IS THE IMPACT OF GLOBALIZATION? Economic Impact Divided into positive and negative effects
WHAT IS THE IMPACT OF GLOBALIZATION? Economic Impact Improvement in the standard of living As countries trade are open to foreign investment their citizens
POSITIVE EFFECTS NEGATIVE EFFECTS Improvement in standard of Widening income gap living. between rich and poor Open to FDIs then more rev Increasing income gap as some governments lose out in > Rev = more govt. spending the ability to attract TNCs and FDIs. Increased competition These societies are therefore among nations for: poorer than developed Investment and markets countries who have capitalised on the positive effects of Talent (Global Talent) (see globalisation pg. 55) Even within rich countries – gap between rich and poor is growing (see pg. 56)ECONOMIC IMPACT OF GLOBALIZATION
SOCIAL IMPACTS OF GLOBALIZATION Increased awareness of foreign culture Cultures of the world were distinct and separate. Before WWII – only way to know the culture was to live with them – Ethnography Globalization – Internet has made it possible for people to be aware of distinct cultures. Now let’s try this simple test…can you name the items that appear in the pictures and tell us which societies they come from?
POSITIVE EFFECTS NEGATIVE EFFECTS More awareness of foreign Loss of culture cultures With the world becoming “flatter” (Friedman) – so now brand names Globalization has caused the are exported to other societies. world to “shrink” – more awareness of other cultures, Starbucks & MacDonald’s - food and lifestyles. change in lifestyle that threatens local lifestyles Before Globalization – people Singapore – “Binge drinking”, needed to travel to foreign neighborhood shops vs. shopping places to learn culture and malls etc., taste food – now these are Spread of “Pop Culture” found in one’s own country. Local shows and music being threatened by MTV and InternetSOCIAL IMPACTS OF GLOBALIZATION
50 CENT .VS. TRADITIONAL DANCE
BUZZ BREAK Take a minute to consider why would loss of culture be negative for societies?
POSITIVE EFFECTS NEGATIVE EFFECTS Environmental Management (i.e. Environmental sustainable development): degradation Sustainable development Deforestation & related ensures economies will continue problems to grow if they protect the environment. Global warming (see pg. 62 Increased govt. spending and research into alternative energy sources. S’pore: nuclear energy? Not all earth’s resources distributed equally across nations…Nations must agree to share resources otherwise potential source of conflictsENVIRONMENTAL IMPACT OF GLOBALIZATION
SINGAPORE’S STRATEGIES As with all other countries, Singapore must develop strategies that: maximize opportunities and meet challenges of globalized world
SINGAPORE’S STRATEGIES 6 strategies… Diversifyingthe economy Nurturing Small and Medium Sized Enterprises Venturing abroad Economic cooperation with other countries Managing Resources Managing the Environment
SINGAPORE’S STRATEGIES Strat. 1: Diversify Strat 2: Nurturing SMEs economy S’pore has many schemes S’pore exploring new areas of economic growth: to support the growth of SMEs. R & D in Bio-medical sciences Banks - loan schemes to IT & Manufacturing hub SMEs Regional hub for education and tourism. Association of SMEs (ASME) Developing many areas of the training, seminars to economy reduces improve their capacity and dependence on single capabilities industry or sector. If one slows down the other Tax exemption for first sectors can register growth, $100,000 income for up to 3 years.
SINGAPORE’S STRATEGIES Strat 3: Venturing Abroad Strat 4: Economic Cooperation with other countries Singapore firms encouraged to set up Signing more Free Trade business overseas. Agreements (FTA)s with other countries. Benefits: The spread of investment across the world is to ensure that Singapore’s Singaporeans enjoy more economic growth is maintained even if choice in goods and services markets and investment opportunities Service standards will improve in one particular region are weakened. with increased competition More S’poreans overseas – Problem: Companies will be able to sell Are they rooted to Singapore? Would their goods in more countries they feel they have a stake in and increase their profits Singapore? Local companies will find it easier to venture abroad. Cooperated in Special Economic Zones (SEZ)s Riau SEZ
SINGAPORE’S STRATEGIES Strat 5: Managing Strat 6: Managing Resources… Environment Developing People Managing limited land Promoting local entrepreneurship resources Promoting continuous learning e.g. Bukit Brown Cemetery vs. Road Infrastructure development. Attracting Foreign Talent Declining birth rate and new skills Cooperation with regional and needed for Knowledge based international organizations economy (KBE). Draw foreign talent here to work Public education about and share expertise environmental issues Besides paper qualifications – must attract those with specialised skills (chefs, craftsmen and artisans)
LESSON RECAP What are some of the driving forces of globalization? What are the 6 strategies Singapore has adopted in meeting the challenges and maximising the opportunities of a globalised world?