Lesson 2 - Different Aspects of Economic Globalization (2A)
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The document discusses three aspects of economic globalization: 1) Globalization of capital markets as more private enterprises and governments raise capital overseas and restrictions on capital flows are relaxed. 2) Globalization of labor markets as multinational corporations move production overseas to places with lower wages, increasing international competition. 3) Globalization of commodity markets as many enterprises now sell products globally rather than just locally, allowing consumers access to goods worldwide.
Lesson 2 - Different Aspects of Economic Globalization (2A)
- 1. Quiz 1
- 2. Correction Please write the whole sentence for 2 times at the back of the Quiz paper Hand in the file on Friday
- 3. Answer (1) worldwide (2) extent (3) access (4) contacts (5) constraints (6) borders/ boundaries (7) obvious (8) integration (9) economics (10) culture
- 4. Different aspects of economic globalization Lesson 2
- 5. Introduction Before the 20th century, most economic activities took place locally ( 本地 ) . In recent decades, as transportation and communications have become more developed, capital market, labour market as well as commodity market have become globalized.
- 6. 1. Globalization of capital market ( 資本市場全球化 ) More and more private enterprises ( 私人企業 ) as well as governments have started to raise capital overseas. Listed companies ( 上市公司 ) in the New York Stock Exchange 17% Non-American enterprises e.g. Asia, Europe, and other regions around the world
- 7. Restriction ( 限制 ) on capital flows ( 資金流動 ) have become more relaxed Large groups of investors ( 投資者 ) from international organizations are looking for opportunities around the world Brought invaluable capital to developing counties ( 發展中國家 )
- 8. 2. Globalization of labour market ( 勞動市場全球化 ) More and more multinational corporations ( 跨國企業 ), like Nike and Sony, have moved their production procedures ( 生產工序 ) to other production bases in overseas countries. E.g Mainland of China, Thailand, Indonesia
- 9. Such international division of labour has increased competition among workers around the world. Because of relatively low wages workers in less developed areas have better job opportunities.
- 10. 3. Globalization of commodity market ( 日用品市場全球化 ) A lot of enterprises are now selling their products to overseas markets instead of just focusing on the local market. Enable consumers to purchase products from places around the world
- 11. Vocabulary capital market ( 資本市場 ) labour market ( 勞動市場 ) commodity market ( 日用品市場 ) listed company ( 上市公司 ) developing countries ( 發展中國家 ) capital flow ( 資金流動 ) private enterprise ( 私人企業 ) multinational corporation ( 跨國企業 ) international division of labour ( 國際勞動力的分工 )
- 12. Next Lesson Please take a look at Task 2 “Allegation against Nike” p.33-34 Remember to hand in the file to me on Friday (18/3)
Editor's Notes
- #10: International division of labour means that companies search for the cheapest locations to manufacture their products, so they move their production processes to different parts of the developing world.