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Globalization
• Cross-national interaction between individuals, corporations, and governments (actors of globalization)
• integration of global markets for:– commodities– labor– services– capital, etc.
Globalization in history
• Trade along the Silk Road between Europe and East Asia for nearly two thousand years
World Merchandise Trade % GDP
Trade Dependence (2009-2012)
Foreign Direct Investment
Globalization and the US: trade
Globalization and the US: trade
Globalization and the US: FDI
• US-owned assets abroad– 0.5 trillion dollars in 1976– 6.2 trillion dollars in 2000– 21.6 trillion dollars in 2012
• Foreign-owned assets in the US– 0.3 trillion dollars in 1976– 7.6 trillion dollars in 2000– 25.5 trillion dollars in 2012
Debates on globalization
• Normative theory– What ought to be– e.g.: “Globalization is ultimately good for poor
developing countries.”
• Positive theory– What is– e.g.: “Globalization increases economic
inequality between rich and poor countries.”
Debates on globalization
• The impact of globalization on– income inequality– unemployment– education– health care– women and children– the environment– homeland security, etc.