世界经济概论（英文版）chapter 04 Globalization and Economic Integration

chapter04GlobalizationandEconomicIntegrationInthischapter,we’llcover:Globalization:DefinitionandCharacteristicsGlobalizationinHistoricalPerspectiveGlobalizationandEconomicGrowthProsandConsofEconomicGlobalizationGlobalization:DefinitionandCharacteristicsGlobalizationisevidentinmanyways.Acommonperspectivesonglobalization：thegrowinginterdependenceoftheworld’speopleGlobalization:DefinitionandCharacteristicsAshortdefinitionofglobalization：thegrowingliberalizationofinternationaltradeandinvestment,andtheresultingincreaseintheintegrationofnationaleconomies.Globalization:DefinitionandCharacteristicsTheideaofglobalization：ImprovedTechnologyinTransportationandTelecommunicationsMovementofPeopleandCapitalDiffusionofKnowledgeNon-GovernmentalOrganizations(NGOs)andMultinationalCorporationsGlobalization:DefinitionandCharacteristicsDavidHenderson’sdefinition:1.theincreasingtendencyforfirmstothink,plan,operate,andinvestforthefuturewithreferencetomarketsandopportunitiesacrosstheworldasawhole;2.thegrowingeaseandcheapnessofinternationalcommunications,withtheInternettheleadingaspect;Globalization:DefinitionandCharacteristics3.thetrendtowardcloserinternationaleconomicintegration,resultinginthediminishedimportanceofpoliticalboundaries.Thistrendisfueledpartlybythefirsttwotrends,butevenmorepowerfullybyofficialpoliciesaimedattradeandinvestmentliberalization;Globalization:DefinitionandCharacteristics4.theapparentlygrowingsignificanceofissuesandproblemsextendingbeyondnationalboundariesandtheresultingimpetustodealwiththemthroughsomeformofinternationallyconcertedaction;and5.thetendencytowarduniformity(or“harmonization〞),bywhichnorms,standards,rules,andpracticesaredefinedandenforcedwithrespecttoregions,ortheworldasawhole,ratherthanwithintheboundsofnation-states.Globalization:DefinitionandCharacteristicsFinancialglobalization

Referstothegrowingunificationorintegrationoffinancialmarketsallovertheworld.ResultedinhighcapitalmobilityandalargevolumeofgrossinternationalfinancialflowsGlobalization:DefinitionandCharacteristicsAsocio-economicphenomenon“racetothebottom〞Occursbetweencountries,states,provincesorterritoriesasanoutcomeofglobalization,freetrade,neoliberalismoreconomicderegulation.GlobalizationinHistoricalPerspectiveFirstgreateraofglobalcommerce:beforethe1914WWIMomentsofChoice:TheaftermathofWWIIRollingbackagainstKeynesianismtheMexicodebtcrisisof1982GlobalizationinHistoricalPerspectiveFactorsinfluencingtheprocessofeconomicglobalization:1.improvementsinthetechnologyoftransportationandcommunicationhavereducedthecostsoftransportinggoods,services,andfactorsofproductionandofcommunicatingeconomicallyusefulknowledgeandtechnology.GlobalizationinHistoricalPerspective2.tastesofindividualsandsocietieshavegenerallyfavoredtakingadvantageoftheopportunitiesprovidedbydecliningcostsoftransportationandcommunicationthroughincreasingeconomicintegration.3.publicpolicieshavesignificantlyinfluencedthecharacterandpaceofeconomicintegration,althoughnotalwaysinthedirectionofincreasingeconomicintegration.GlobalizationandEconomicGrowthFastereconomicgrowthisafundamentalblessingofglobalizationonnationsthatembraceit.Thegreatestbeneficiariesofglobalizationarethelong-sufferingconsumersinthosenationsthathadbeen“protected〞fromglobalcompetition.GlobalizationandEconomicGrowthBenefitsthatLDCsgetfromengagingintheglobaleconomy:1.theygainaccesstomuchlargermarkets,bothforimportsandexports.2.Second,LDCsthatopenthemselvesuptointernationaltradeandinvestmentgainaccesstoamuchhigherleveloftechnology.GlobalizationandEconomicGrowth3.Engagementintheglobaleconomyprovidescapitaltofuelfuturegrowth.4.Opennesstotheglobaleconomycanprovidetheinfrastructureadevelopingeconomyneedsforgrowth.5.engagementintheglobaleconomyencouragesgovernmentstofollowmoresensibleeconomicpolicies.ProsandConsofEconomicGlobalizationProponents:oneofthebestthingstohappentotheworld

Opponents:labeleditasneo-imperialismProsandConsofEconomicGlobalizationPositivechangesglobalizationhasbroughttotheworld:IncreasedCompetitionEmploymentInvestmentandCapitalFlowsForeignTradeProsandConsofEconomicGlobalizationDisadvantagesofglobalization:1.Inordertocutdowncosts,manyfirmsindevelopednationshaveoutsourcedtheirmanufacturingandwhite-collarjobstoThird-Worldcountries.Thelossofjobs.ProsandConsofEconomicGlobalization2.ManyAmericansarenotsatisfiedwiththelevelofcustomerservicethattheyaresubjectedto.3.Peopleindevelopingnationshavetheirownsetofreasonsagainstglobalization,e.g.environmentalissuesandfastfoodissues.ProsandConsofEconomicGlobalization4.Whilethericharegettingricher,thepoorarestrugglingforasquaremeal.Moneyisnotdistributedequally.5.EnvironmentaldegradationProsandConsofEconomicGlobalizationSpreadofTechnicalKnow-HowSpreadofCultureSpreadofEducation