<aside> 📖 From this lesson, you must know…

  1. Define globalization and understand its historical background
  2. Identify the key characteristics of globalization
  3. Explain the basic concepts of free trade and its relationship to globalization </aside>

Sidenote**: Poverty and Globalization**

Key Terms and Vocabulary

Poverty Defined by the UN as a condition characterized by severe deprivation of basic human needs, including food safe drinking water, sanitation facilities, health, shelter, education and information.
Globalization Globalization the expansion of economic, political, and cultural processes to the point that they become global in scale and impact

Worldwide poverty has been decreasing. More people than ever have access to food, safe drinking water, sanitation, health, shelter, education and information. The reason for this is globalization bringing jobs, money, and industry to less developed countries.

There are several examples of globalization. For example, your phone was probably made in Shenzhen, China. You have probably seen sports or culture from other countries, such as the World Cup or anime.

There are several advantages to globalization, including:

  1. Increased Productivity - New industries and jobs bring about wage growth and better living conditions
  2. Cheap Manufacturing - Lower wages in less developed countries means that developed countries pay less for products.

But there are also several challenges brought about by globalization, including:

  1. Labor Exploitation - Workers in less developed countries are paid little to work in dangerous conditions.
  2. Pollution - Industry in less developed countries is unregulated, meaning they pollute more.
  3. Outsourcing - Jobs in more developed countries are lost because they move to less developed ones.

Main Idea: What is Globalization?

The Four Main Characteristics

  1. Increased interconnectedness: The world is becoming more interconnected as the flow of goods, services, information, and people increases across borders.
  2. Expansion of international trade: The volume and value of international trade has increased dramatically, facilitated by advances in transportation and communication technology.
  3. Greater cultural exchange: Globalization has led to increased exposure to different cultures and the spread of popular culture across the world.
  4. Greater mobility of labor: Globalization has led to the movement of workers across borders in search of better economic opportunities.

Other Characteristics