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Structure of Globalization

Economic globalization involves the expansion of trade, transportation, and communication systems globally to promote international commerce. Key concepts include protectionism, trade liberalization, and the roles of institutions like the World Bank, WTO, and IMF in facilitating trade and economic growth. While globalization can lower costs and promote development, it often overlooks labor rights and environmental concerns, favoring wealthier nations and corporations.

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8 views1 page

Structure of Globalization

Economic globalization involves the expansion of trade, transportation, and communication systems globally to promote international commerce. Key concepts include protectionism, trade liberalization, and the roles of institutions like the World Bank, WTO, and IMF in facilitating trade and economic growth. While globalization can lower costs and promote development, it often overlooks labor rights and environmental concerns, favoring wealthier nations and corporations.

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Moon Light
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We take content rights seriously. If you suspect this is your content, claim it here.
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Economic Globalization- is the spread of trade, transportation, and communication system on a

global scale. It has the interest of promoting international commerce.


Forms of Economy
Protectionism – is protecting one’s economy from foreign competition by creating trade barriers.
Tariffs-tax levied by a government on import and export, the money collected from a tariff is
called a customs duty.
Import Quota- limits on the number of products that can be imported into a country.
Bans- forbid products on impost goods.
Trade Liberalization- is the act of reducing trade barriers to make international trade easier
between countries. Also called free trade.
Free Trade- trading of goods and services between two or more countries without tariffs or
taxes.
Trade Bloc- agreements between governments to reduce or eliminate trade barriers.
Outsourcing-sub contract work Institutions of Globalization
World Bank
Also called International Bank for Reconstruction and Development (IBRD)
Increases in economic growth and decreases poverty in developing countries.
e.g. increases in education since 1962 like Bangladesh, Chad, and Afghanistan
World Trade Organization (WTO)
Formerly known as General Agreement on Tariffs and Trades (GATT)
Deals with the rules of trades between nations; settles trades disputes; and conduct straight
negotiations.
International Monetary Fund (IMF)

Provides short term loans to countries when emergency occurs. BENEFITS VS. DRAWBACKS
World Trade Organizations
Solves trades disputes between countries in a peaceful way
×​ But only focuses on developed nations
Lowers the cost of goods and services for those who lives in develop countries.
×​ In order to achieve this low costs, labor rights and environmental concerns are usually
ignored.
Promotes economic growth in developing nations.
×​ Favor the rich nations and powerful transnational corporations.
SUSTAINABILITY- the degree to which the earth can provide resource for human needs.

Sustainable Development
Specifically, developing the world in a way where the needs of the present day generation are
met while preserving resources for future generations.

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