Globalization. What is Globalization?. The shift toward a more integrated and interdependent world economy Two components: The globalization of markets The globalization of production. Globalization of Production. Vizio flat panel TV is designed in a small office in California
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Notable global institutions include
In the 1960s:
Today, much of this has changed.
Lower prices for goods and services
Increase in consumer income
Creates jobs (for many)
Countries specialize in production of goods and services that are produced most efficiently
Destroys manufacturing jobs in wealthy nations
Wage rates of unskilled in advanced countries decline
Companies move to countries with fewer labor and environment regulations
Loss of sovereignty
Homogenized culturesThe Globalization Debate