Globalization - What does it mean?
Globalization - What does it mean?
⇒ process of internationalization
has effects on:
-
the economy
- consumer markets
- service markets
- labour markets
- capital markets
- consumptio patterns and life style
- politics
- the law
- science and technology
- culture
Preconditions:
- communication technology
- transport facilities
- free trade
What proponents say:
- the economy works at its best with free markets
- use advantages of international division of labour ⇒ more economic growth
What critics say:
- the gap between rich and poor is widening
- loss of social achievements
- less protection of the environment
- few big companies exert (market) power
- international institutions which have no democratic legitimization to exert power (IMF, World Bank, WTO)
- there is still great need for coordination and harmonization
- dominance of capitalist over democratic principles
Dangers:
- internationalization of illnesses (e.g. Sars, bird flu)
- computer viruses
- terrorist attacks
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