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Globalization:pros and cons

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Globalization:pros and cons

  1. 1. Globalization is arguably the most important factor currently shaping the world economy. Although it is not a new phenomenon (waves of globalization can be traced back to the 1800s) the changes it is bringing about now occur far more rapidly, spread more widely and have a much greater business, economic and social impact than ever before.
  2. 2. Some special features of globalization in present days Growing interdependence of all processes  Establishing of a global financial-economic area  Information technologies - WWW  Change in the state’s functions – vanishing of the national boarders  Universality of the world – dissemination of the democratic system and socio – cultural values 
  3. 3. Increased Standard of Living
  4. 4. Access to New Markets
  5. 5. Decreased Employment
  6. 6. Widening Disparity in Incomes
  7. 7. Impact on the Government  Positive effects  Increased economic development  Expanded infrastructure  Transfer of modern management techniques  Greater interdependence among business partners o Negative effects  MNC power increased  MNCs externalize cost to countries  Competition results in too many concessions  MNCs influence local policies  Companies incorporate in low tax countries  Pressure to reduce social benefits
  8. 8. • Positive effects • Increased job opportunities • Upgraded education system • Increased training  Negative effects  Job displacement  Loss of industries or economic groups  Lowered labor standards  Downward wage pressure  Decreased union power  Diminished social contract
  9. 9.  Globalization lets countries do what they can do best. If, for example, you buy cheap steel from another country you don’t have to make your own steel. You can focus on computers or other things.  Globalization gives you a larger market. You can sell more goods and make more money. You cancreate more jobs.  Consumers also profit from globalization. Products become cheaper and you can get new goods more quickly.
  10. 10.  Globalization causes unemployment in industrialized countries because firms move their factories to places where they can get cheaper workers.  Globalization may lead to more environmental problems. A company may want to build factories in other countries because environmental laws are not as strict as they are at home. Poor countries in the Third World may have to cut down more trees so that they can sell wood to richer countries.
  11. 11.  Globalization can lead to financial problems . In the 1970s and 80s countries like Mexico, Thailand, Indonesia or Brazil got a lot of money from investors who hoped they could build up new businesses there. These new companies often didn’t work, so they had to close down and investors pulled out their money.  Some of the poorest countries in the world, especially in Africa, may get even poorer. Their population is not as educated as in developed countries and they don’t have the new technology that we do.  Human, animal and plant diseases can spread more quickly through globalization.

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