4.2.1 About Contemporary Economic Globalization
Completion requirements
4.2.1 About Contemporary Economics and Globalization
To what extent does globalization lead to sustainable prosperity for all people?
You have considered globalization as the ways in which nations are interconnected. Many definitions of globalization focus on the
economic
interdependence of nations (the ways they are connected in terms of money).
Consider two definitions.
globalization: the trend for people, firms, and governments around the world to become increasingly connected to each other (This can be an opportunity because new markets, goods and services, and jobs become available, but it can be a threat when cheaper products and labour costs compete with more expensive local production.)
globalization: the opening of international borders to flows of free trade, people, investment, technology, culture, and ideas among countries (Opening international borders results in global markets instead of local or national markets. This includes markets for goods, services, labour, and capital.)
Throughout the ages, great thinkers have considered the ways that nations deal with their economies. Some believe that the government of each nation must control its financial system. Others believe that trade between nations should be uncontrolled, or free. These ideas have shaped how nations, corporations, and individuals do business. Their ideas have had a great effect on our wealth, poverty, and freedoms.
Consider two definitions.
globalization: the trend for people, firms, and governments around the world to become increasingly connected to each other (This can be an opportunity because new markets, goods and services, and jobs become available, but it can be a threat when cheaper products and labour costs compete with more expensive local production.)
globalization: the opening of international borders to flows of free trade, people, investment, technology, culture, and ideas among countries (Opening international borders results in global markets instead of local or national markets. This includes markets for goods, services, labour, and capital.)
Throughout the ages, great thinkers have considered the ways that nations deal with their economies. Some believe that the government of each nation must control its financial system. Others believe that trade between nations should be uncontrolled, or free. These ideas have shaped how nations, corporations, and individuals do business. Their ideas have had a great effect on our wealth, poverty, and freedoms.
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What do you think about the economy? Have you thought about it?
Complete the 4.2 Economic Beliefs and Values Survey on the next page. |
