Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures, and ideas became known as the Columbian Exchange. The garment industry in Bangladesh makes clothes that are then shipped out across the world. Sociological Views on Our Current Globalization. Sassen so aptly looks at the tension between new nationalising economic space, and renationalising political discourse in most developed countries (Sassen, 1996: xiv)., International Trade is a game that consists of winners and losers when it comes to the global economy. . Critics also suggest that employment opportunities for children in poor countries may increase negative impacts of child labor and lure children of poor families away from school. Have the overall effects of globalization been more positive or negative? Olivier Blanchard; David Romer (Editor); Michael Spence (Editor); Joseph E. Stiglitz (Editor); Guillermo Ortiz, Pankaj Ghemawat; N. Chandrasekaran (Foreword by), Revolutionizing World Trade: How Disruptive Technologies Open Opportunities for All, History of International Economics & Trade, History of International Finance & Global Markets, Fulfilling the Promise of Globalization: Advancing Sustainable Development in an Interconnected World, Globalization (McKinsey Global Institute), Globalization in Transition: The Future of Trade and Value Chains (McKinsey Global Institute), KOF Globalisation Index (KOF Swiss Economic Institute), The Pandemic Adds Momentum to the Deglobalization Trend, The State of Globalization in 2019, and What It Means for Strategists. Therefore globalization has done more harm than good. And redundant trade where countries import and export nearly identical quantities of identical products is now commonplace. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Examples include the transnational flows of terrorism, drug and human trafficking, organized crime, money laundering, and global pandemics. Choose one of the topics below to find out. Watch this 3-minute tongue-in-cheek video Insane Trade . For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Why do some people believe that their working conditions are worsened due to globalization? This means that companies can offer goods at a lower price to consumers. The COVID-19 economic crisis has put further strain on globalization.

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