economic globalization
Worldwide market integration
Economic globalization is the increasing integration of national economies through trade, investment, and the flow of capital across borders.
It involves the reduction of trade barriers, the expansion of multinational corporations, and the interconnection of financial markets worldwide.
Proponents argue it raises living standards; critics point to job displacement and widening inequality: Economic globalization has transformed manufacturing supply chains.
Foreign-bound sale
- importObtain from overseas
- supply chainProduct delivery infrastructure
- outsourcingThird-party task delegation
- manufacturingIndustrial product creation
shipping · logistics · freight · customs · quota · comparative advantage · exchange rate · trade route
Taxes on imports
- protectionismShielding local producers
- deregulationRemoving governmental business restrictions
- subsidiesFinancial aid from government
- regulationOfficial rules governing conduct
sanctions · embargo · trade agreements · trade barriers · WTO · IMF · World Bank · NAFTA
Third-party task delegation
- offshoringMoving work overseas
- migrationMovement to new territory
- remittancesPayments sent abroad
- sweatshopsExploitative manufacturing facilities
brain drain · guest workers · labor standards · exploitation · maquiladoras · labor mobility · working conditions · child labor
Reciprocal reliance between entities
- convergenceProcess of approaching sameness
- harmonizationCreating consistency across systems
- standardizationImplementing uniform technical specifications
- cross-borderSpanning national boundaries
interconnectedness · synchronization · homogenization · coordination · networking · consolidation · regional blocs · customs union
Deploying capital for returns
- capitalWealth used for investment
- currencyMedium of exchange
- forexCurrency trading market
- liquidityConvertibility to cash
credit · debt · securities · derivatives · capital flows · remittances · offshore banking · tax havens
Struggle for supremacy
- consumersThose who buy goods
- supplyFurnish or stock
- demandForceful request or requirement
- commoditiesTradeable raw materials
pricing · e-commerce · branding · distribution · multinationals · conglomerates · market share · consumer culture
Economic inequality measure
- povertySevere lack of resources
- exploitationSelfish use of others
- developmentProgress toward maturity
- North-South divideWealth gap between regions
dependency · neocolonialism · race to bottom · austerity · debt trap · brain drain · resource extraction · underdevelopment
export
Foreign-bound sale
- importObtain from overseas
- supply chainProduct delivery infrastructure
- outsourcingThird-party task delegation
manufacturing · shipping · logistics · freight · customs · quota · comparative advantage · exchange rate · trade route · commodity
tariffs
Taxes on imports
- protectionismShielding local producers
- deregulationRemoving governmental business restrictions
- subsidiesFinancial aid from government
regulation · sanctions · embargo · trade agreements · trade barriers · WTO · IMF · World Bank · NAFTA · GATT
outsourcing
Third-party task delegation
- offshoringMoving work overseas
- migrationMovement to new territory
- remittancesPayments sent abroad
sweatshops · brain drain · guest workers · labor standards · exploitation · maquiladoras · labor mobility · working conditions · child labor · fair trade
interdependence
Reciprocal reliance between entities
- convergenceProcess of approaching sameness
- harmonizationCreating consistency across systems
- standardizationImplementing uniform technical specifications
cross-border · interconnectedness · synchronization · homogenization · coordination · networking · consolidation · regional blocs · customs union · common market
investment
Deploying capital for returns
liquidity · credit · debt · securities · derivatives · capital flows · remittances · offshore banking · tax havens · speculation
competition
Struggle for supremacy
commodities · pricing · e-commerce · branding · distribution · multinationals · conglomerates · market share · consumer culture · retail chains
wealth gap
Economic inequality measure
- povertySevere lack of resources
- exploitationSelfish use of others
- developmentProgress toward maturity
North-South divide · dependency · neocolonialism · race to bottom · austerity · debt trap · brain drain · resource extraction · underdevelopment
economic globalizationprotectionism
Shielding local producers
isolationism · mercantilism · tariff barriers · trade barriers · import substitution
economic globalizationeconomic nationalism
Favoring domestic over foreign commerce
autarky · self-sufficiency · localism · local economy · deglobalization
economic globalizationeconomic independence
Financial self-sufficiency
anti-globalization · autarky · economic autonomy · state capitalism · command economy
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