Economic globalization | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-05-15

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Economic_globalization


00:02:06 1 Evolution of globalization
00:02:17 1.1 History
00:03:14 1.2 Technology
00:04:26 1.3 Policy and government
00:05:36 2 Global actors
00:05:46 2.1 International governmental organizations
00:06:26 2.2 International non-governmental organizations (NGOs)
00:07:01 2.3 Businesses
00:08:00 2.4 Migrants
00:08:46 3 Irreversibility debate
00:09:48 4 Impact
00:09:57 4.1 Economic growth and poverty reduction
00:12:28 4.2 Global supply chain
00:13:29 4.3 Labor conditions and environment
00:13:39 4.3.1 "Race to the bottom"
00:14:44 4.3.2 Health risks
00:16:28 4.3.3 Mistreatment
00:17:46 4.3.4 Global labor and fair trade movements
00:19:14 4.4 Capital flight
00:21:19 4.5 Inequality
00:25:56 4.6 Competitive advantages
00:27:09 4.7 Tax havens
00:29:54 4.8 Cultural effects
00:32:05 4.9 Migration
00:32:44 5 See also



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SUMMARY
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Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization.
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and labour.While economic globalization has been expanding since the emergence of trans-national trade, it has grown at an increased rate due improvements in the efficiency of long distance transportation, advances in telecommunication, the importance of information rather than physical capital in the modern economy, and by developments in science and technology. The rate of globalization has also increased under the framework of the General Agreement on Tariffs and Trade and the World Trade Organization, in which countries gradually cut down trade barriers and opened up their current accounts and capital accounts. This recent boom has been largely supported by developed economies integrating with developing countries through foreign direct investment, lowering costs of doing business, the reduction of trade barriers, and in many cases cross-border migration.
While globalization has radically increased incomes and economic growth in developing countries and lowered consumer prices in developed countries, it also changes the power balance between developing and developed countries and affects the culture of each affected country. And the shifting location of goods production has caused many jobs to cross borders, causing some workers to change careers.