What is economic globalization?
What is the primary goal of economic globalization?
To Increase the interdependence and Interconnectedness of world economies.
What is a consistent positive of economic globalization?
The spread of technology and innovation.
Who can be negatively impacted by a globalized economy?
Developing countries
What does the term "sustainability" mean in environmental discussions?
Sustainability is refereeing to meeting the needs of the present without compromising the ability of future generations to meet theirs?
What does WTO and the UN stand for?
World Trade Organization and United Nations
Name one benefit of economic globalization for businesses.
Access to larger markets, cheaper labor, or global supply chains?
What is a main benefit of economic globalization?
The efficient use of resources. More access to goods and services worldwide. Better consumer prices
What is an example of the negative impact on an emerging economy?
Sweatshops, low wages, unethical work conditions.
How can globalization negatively affect the environment?
Through increased pollution, resource depletion, and carbon emissions from international trade and transportation?
What is the primary purpose of the WTO?
To promotes and regulate international trade between nations, and to act as a neutral space for trade agreements and disputes.
Explain what is outsourcing, and how is it connected to economic globalization?
Outsourcing is hiring external companies (often in other countries) to perform jobs or produce goods/services, usually to reduce costs?
Who benefits most?
Developed industrialized countries.
How can economic globalization increase inequality between nations?
By concentrating wealth and resources in developed countries while leaving developing ones dependent and underpaid?
Name one way globalization can actually support environmental sustainability.
By spreading green technology, global environmental agreements, or sustainable business practices?
What does USMCA stand for? What is the purpose of the USMCA?
This is a North American Trading Bloc between the US, Mexico, and Canada. To remove trading barriers between these places. To promotes trade amongst one another.
Who is economic globalization intended to benefit?
Everyone.
What does outsourcing have to do with a globalized economy?
Outsourcing is meant to boost jobs and economic growth in developing countries by providing industry and manufacturing jobs in these places.
Economic globalization impact job insecurity? True or False
True
What is the name of the 2015 international agreement where countries committed to reduce carbon emissions?
The Paris Climate Change Agreement
What is protectionism? What is an example of protectionism in society today?
The implementing of trade barriers between places. An example could be how Canada and the US are currently in a trade war over tariffs being placed on goods being imported by either place.
How is economic globalization related to Foreign Aid?
Foreign aid aims at reducing poverty through providing financial stability to places around the world in need, when going through economic hardships.
What is the origins of economic globalization?
Trading that happened along the silk road between Europe and Asia.
What is a main difference between a Multinational and a Transnational corporation?
Multinationals have a headquarters/home base in one specific country (Example Nike headquarters in Portland). While Transnationals have operations globally (Nestle).
Critics argue that multinational corporations in developing countries often avoid environmental regulations due to globalization-related issue. True or False?
True
Critics argue that the WTO sometimes prioritizes this over environmental or labor protections. What is it?
The economy, free trade, and/or profits.