Watch the video provided below and answer the questions that follow by adding a new post. Video: https://www.youtube.com/watch?v=5SnR-e0S6Ic&t=2s 1. What is globalization? 2. What factors have influenced the process of globalization? 3. What does World Bank consider as poverty? 4. What are advantages of globalization? 5. What are the disadvantages of globalization? 6. What is globalized culture? 7. How has globalization changed humanity?
1. Globalization refers to the increasing interconnectedness and interdependence of countries and their economies through the exchange of goods, services, information, and ideas. It is a process that has been driven by advancements in technology, transportation, and communication.
2. Several factors have influenced the process of globalization. One of the key factors is advancements in technology, particularly in the fields of transportation and communication. The ability to transport goods and people more efficiently and the rapid exchange of information have made it easier for countries to engage in global trade and communication.
Another factor is the liberalization of trade and investment policies. Many countries have reduced barriers to trade, such as tariffs and quotas, and have allowed foreign investment in their economies. This has facilitated the flow of goods, services, and capital across borders.
The emergence of multinational corporations (MNCs) has also played a significant role in globalization. These companies have operations in multiple countries and have facilitated the transfer of technology, knowledge, and resources between nations.
3. According to the World Bank, poverty is defined as living on less than $1.90 per day. This is referred to as extreme poverty. However, the World Bank also considers those living on less than $3.20 per day as being in poverty. The World Bank’s poverty line is based on the estimated cost of purchasing a basket of goods and services that are deemed necessary for a basic standard of living.
4. Globalization has several advantages. One of the main benefits is increased economic growth and development. Globalization allows countries to access new markets and tap into a larger consumer base. It also fosters competition, which can lead to innovation and efficiency improvements.
Globalization has also led to greater cultural exchange and diversity. Through the exchange of ideas, people from different parts of the world can learn from one another and appreciate different cultures. This can promote tolerance and understanding.
Additionally, globalization has the potential to reduce poverty. By providing access to international markets and investment opportunities, it can create jobs and improve living standards in developing countries.
5. However, globalization also has its disadvantages. One of the main concerns is the unequal distribution of benefits. While globalization has led to economic growth, it has also contributed to income inequality within and between countries. The benefits of globalization often accrue to the wealthy and multinational corporations, while the poor may be left behind.
Another disadvantage is the potential loss of local industries and cultural homogenization. Globalization can lead to the decline of traditional industries and the domination of multinational corporations, which may undermine local businesses and cultural diversity.
Globalization can also lead to environmental degradation. The increased movement of goods and people has resulted in higher energy consumption, pollution, and resource depletion. This has raised concerns about the sustainability of economic growth and its impact on the planet.
6. Globalized culture refers to the spread of cultural ideas, values, and practices across borders. It is characterized by the influence of Western consumerism and popular culture, such as Hollywood movies, fast food chains, and fashion trends.
Globalized culture can be seen as a form of cultural imperialism, where dominant cultures impose their values and preferences on others. It can also lead to the loss of local traditions and the erosion of cultural diversity.
7. Globalization has had profound effects on humanity. It has connected people from different parts of the world and facilitated the exchange of ideas, knowledge, and technologies. This has led to advancements in various fields, including medicine, communication, and transportation.
Globalization has also brought people closer together socially and culturally. It has enabled individuals to connect with others around the world through social media, travel, and other forms of communication. This has created opportunities for cross-cultural understanding and collaboration.
However, globalization has also presented challenges. It has exacerbated income inequality, raised concerns about the exploitation of labor and resources, and contributed to environmental problems. These challenges need to be addressed in order to ensure that globalization benefits all of humanity and promotes sustainable development.