Define globalization and describe its manifestation in modern society
Globalization refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. There are benefits and drawbacks to globalization. Often the countries that fare the worst are those that depend on natural resource extraction for their wealth. Many critics fear globalization gives too much power to multinational corporations and that political decisions are influenced by these major financial players.
What you’ll learn to do:
Discuss the pros and cons of globalization from an economic standpoint
The learning activities for this section include:
- Reading: Globalization
- Self-Check: Globalization and the Economy