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Global Economic Development

Global Economic Development. Globalization. A process that makes something worldwide in its reach or operation. Globalization is often used in reference to the spread and diffusion of economic or cultural influences. Globalization is not new!.

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Global Economic Development

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  1. Global Economic Development

  2. Globalization • A process that makes something worldwide in its reach or operation. • Globalization is often used in reference to the spread and diffusion of economic or cultural influences. • Globalization is not new!

  3. Developed Nations – Those nations with the industrialization, transportation, and business facilities for advanced manufactured goods. • Emerging Nations – Those in the process of becoming industrialized.

  4. Information Industries Change Economies • Technological advances in manufacturing reduced the need for factory workers. But in other areas of the economy, new demands were emerging. Computerization and communications advances changed the processing of information. • Manufacturing jobs began to move out of developed nations and into emerging nations

  5. Global Economy • Includes all the financial interactions among people, businesses, and governments that cross international borders.

  6. Multinational Corporations • Companies that operate in a number of different countries (Ex: ExxonMobil, Toyota, Walmart, Apple) • Multinational corporations are not always a positive presence in developing countries.

  7. Expanding Free Trade • Opening up the world’s markets to trade is a key aspect of globalization.

  8. Regional Trade Blocs • Europe – European Union (EU) • North America – North American Free Trade Agreement (NAFTA) • South East Asia – Association of Southeast Asian Nations (ASEAN) • World – World Trade Organization (WTO)

  9. Impact of Global Development • Political Impacts – turning to developing nations for resources, trade restrictions, and invasions for resources. • Trade agreements can also lead to improved relations between countries • Environmental Impacts – burning of coal and oil, transportation pollution, and destroying the ozone. • Sustainable Growth – collaborating ways to reduce negative effects of development, promoting green (sustainable) growth.

  10. Global Economic Crisis • Globalization can cause a ripple effect when changes occur to a significant power. • This happened in 2008 when the economy of the United States plummeted. • Housing prices drastically increased and irresponsible lending policies allowed virtually anyone to be approved for a mortgage loan.

  11. Global Economic Crisis cont… • Mortgages were bundled into mortgage-backed security (MBS) and purchased by investors worldwide. • Housing prices plummeted and the value of MBSs declined. • Lending came to a halt, investors were threatened by bankruptcy, and millions worldwide lost their homes and jobs.

  12. https://www.economy.com/dismal/map/default.asp?src=economist

  13. Pros and Cons of Economic Globalization Cons Pros • Creates jobs in emerging countries • Promotes investment in less developed countries • Promotes peace throughout the world • Creates a sense of world community • Raises the standard of living around the world • Benefits those who already have money • Benefits developed nations disproportionately • Creates conflict because of an inherently unfair system • Erodes local cultures • Takes jobs from high-paid labourers in developed countries

  14. http://www.youtube.com/watch?v=s_iwrt7D5OA • http://www.worldometers.info/

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