Reading Assignment 4:Economic globalization - Dicken(ZHANG BINGYI)

 1) Summarize the materials:

Economic globalization refers to the transnational flow of goods, capital, services, technology and information, as well as the increasing integration and interdependence of national, regional and local economies through cross-border trade, investment and cooperation. The core of this process includes the globalization of production, finance, markets, technology, institutions and personnel. Economic globalization originated from the formation of early commodity, labor and capital markets, and developed rapidly in the mid-20th century due to the advancement of container transportation technology and the adjustment of market policies. The acceleration of modern economic globalization relies on the advancement of long-distance transportation and communication technology, the rise of the knowledge economy, and breakthroughs in science and technology.

Transnational corporations (TNCs) are the main driving force of economic globalization. Despite being called "borderless giants," most multinational companies still maintain significant centers of operations in their home countries. These enterprises connect resources and markets through complex cross-border production networks and achieve global division of production. They enter international markets through greenfield investments, mergers and acquisitions, and strategic alliances, and are influenced by the cultural and organizational characteristics of their home countries, such as Japanese conglomerates (Keiretsu) or South Korean chaebols (Chaebol).

Global supply chains are an important part of economic globalization, converting natural resources, raw materials and components into final products. Multinational companies often choose low-cost regions for production, but this can lead to "race to the bottom", leading to problems such as worsening working conditions, low wages and environmental pollution. Still, in areas where demand is too high, such as China, wages are likely to rise and the public will demand more government protection. In addition, economic development brought about by globalization has improved living standards in many developing countries, such as increasing life expectancy, reducing infant mortality, and increasing adult literacy rates.

Economic globalization has accelerated global economic growth. In particular, the per capita GDP growth rate of globalized countries is significantly higher than that of non-globalized countries. At the same time, overall global inequality is shrinking, although inequality within some countries has increased. For example, China and India doubled their per capita income in the past 20 years, while it took the United States 150 years to achieve the same growth.

WTO accession progress:[11]
  Draft Working Party Report or Factual Summary adopted
  Goods and/or Services offers submitted
  Working party meetings
  Memorandum on Foreign Trade Regime submitted
  Working party established

2) Interesting things learned:

The "rootedness" of multinational corporations: Although multinational corporations expand globally, they still retain significant cultural and organizational characteristics of their home countries. This contradictory phenomenon demonstrates the interactive relationship between globalization and localization.

The gender dimension of global supply chains: Female workers face more health risks and employment discrimination in supply chains, especially in low-regulated industries, which reveals the cost of ignoring a gender perspective in the process of globalization.

Declining international inequality: Although domestic inequality has increased, income gaps between countries are shrinking rapidly, a phenomenon that challenges traditional economics’ pessimistic expectations about globalization.

3) Questions and discussion angles:

Question: Does globalization lead to “equitable prosperity”?

Despite significant global economic growth, has increasing internal inequality undermined the positive effects of globalization? How should this phenomenon be regulated through policy to achieve more equitable prosperity?

Focus: What are the responsibilities and obligations of multinational companies?

Should multinational companies take more responsibility for labor protection, environmental sustainability and fair trade? How to formulate effective international rules to avoid "bottom-line competition"?

Discussion perspective: How to balance efficiency and fairness in globalization?

Should efficient global supply chains and economic integration come at the expense of environmental and social justice? Can the global governance framework better ensure equity while promoting efficiency?

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