Globalization

Globalization

1. Multinational corporations have global reach and increasing power.

2. Travel and shipping are cheap and safe.

   • It took 2 months to cross the Atlantic in 1800.
   • Today takes 5 hours in airplane to cross the Atlantic.

3. Governments have decreased tariffs and regulations on international trade, leading to what is called "free trade".

   • Some nations in Latin America, the Caribbean, and Africa haven't been particularly keen to pursue free trade but they've been bullied into it by larger economies with whom they desperately need to trade.

4. Emerging markets have been lowering their tariffs, getting rid of regulation, and privatizing formerly state run businesses.

5. Global capitalism

   • increases worldwide economic output

6. Migration

   • It's easy and inexpensive to stay in touch with relatives living far away.
     • Cultural blending.