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How has the global economy shaped our world?
Duration: 50 minutes.
Let’s start here.
After centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped us.
Task 1: Quick questions about globalization.
- What products do you use that were not made in your country?
- What movies, songs or books do you enjoy that were not produced in your country?
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life.
Task 2: Watch this short video about globalization.
Task 3: Reading text. What is globalization ?
Toyota cars are made by a Japanese corporation, but the chassis of the car are made in England the engines in Wales the tires in Japan the wiring in China the seat belts in the Czech Republic and the headlights in France.
Like many goods that we’re familiar with these cars are manufactured in a number of different places in the world this is an expression of globalization.
In 1986 global trade reached a scope of approximately 2000 billion US dollars and 10 years later it reached five thousand two hundred billion US dollars as a result of this 260 percent increase of foreign made products that were rarely seen in countries around the world.
Prior to globalization became a common sight globalization is much more than international trade global chains and cheap goods, globalization is a process where countries around the world are becoming closer in a number of areas it influences people immigration employment ideas and knowledge.
21% of Canadians were not born in Canada 69% of Canadians are foreigners and factories of international companies are built in various places around the world employing numerous workers.
Many goods are manufactured and sold identically around the world, globalization changes the face of society is the source of demonstrations and revolutions presents us with faraway cultures and even allows us to pursue justice around the world.
The main economic expression of globalization is international trade, and it brings knowledge within reach and riches our knowledge and expands it world trade has grown at twice the rate of the global economy since 1960 partly as a result of globalization.
In the financial markets payments injections of capital and cross-border investments global trade has caused the rise of many world powers. In history Marco Polo in 1492 Bretton Woods in 1945 and the fall of the Berlin Wall in 1989 in the long term it is apparent that financial empires overcame military powers.
In the late 20th century, global trade made China into the power that it is with cheap manpower. China created an enormous export machine that many claimed have harmed numerous industries around the world such as the textile into three the factors that drive globalization cannot be stopped. That’s globalization.
Vocabulary used to talk about globalization.
| Word | Meaning |
|---|---|
| Trade | The exchange of products or services with or without money or commerce generally. |
| Capital | Wealth, in money or property, used to finance business operations (for a company, or a country) |
| Labour | The employees who perform work; organized workers (as in a union) |
| Empire | A group of nations or peoples ruled over by another nation or a powerful ruler. |
| Automation | The system of operating an activity or producing goods through mechanized methods that reduce human involvement. |
| Market | A place, real or imaginary, where buyers and sellers interact or the potential customers. |
| Standard of Living | A grade or level of subsistence and comfort in everyday life enjoyed by a community, class or individual. |
| Free Trade | Trade between countries, free from governmental restrictions or duties. |
| Fair Trade | In the context of the Fair Trade Movement, this is international trade in which producers are paid a fair price. |
| Globalization | The act of extending to other or all parts of the world worldwide integration and development. |
Discussion questions about globalization.
I have written some examples of answers in simple and advanced English.
Can you think of other ways that globalization has affected your life?
Simple English: Yes, globalization has affected my life in many ways.
Advanced English: Globalization has had a profound impact on the world in the past few decades, and my life is no exception. The increased interconnectedness of economies, cultures, and societies around the globe has made it possible for me to access a wider range of products, services, and ideas than ever before. For instance, I can now easily purchase goods online from anywhere in the world, communicate with people in other countries through social media. At the same time, globalization has also brought with it certain challenges, such as increased competition in the job market and the erosion of local cultures and traditions.
How important is the Internet in influencing globalization?
Simple English: The Internet is very important in influencing globalization.
Advanced English: The Internet has revolutionized the way we communicate, work, and access information, and has played a significant role in accelerating the process of globalization. With the rise of social media, e-commerce, and online communication tools, the Internet has made it easier for people to connect and collaborate across borders, breaking down traditional barriers and facilitating the spread of ideas and cultural exchange. At the same time, the Internet has also contributed to the homogenization of global culture, with the dominance of Western companies and media shaping the tastes and preferences of people around the world. Additionally, concerns over privacy and security have emerged as significant challenges in the context of an increasingly interconnected global network. Nonetheless, it is clear that the Internet has had a profound impact on globalization, shaping our understanding of the world and our place in it.
- Can you think of other ways that globalization has affected your life?
- Generally speaking, do you think globalization has improved people’s lives?
- What has your country contributed to globalization?
- What are the advantages and disadvantages of globalization?
- What do you think globalization will look like fifty years from now?
- Do you think globalization will make us all the same in the future?
- Why or why not?
- Which countries might like or hate globalization the most?
- How important is the Internet in influencing globalization?
Photo by Anne Nygård on Unsplash
