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Chapter 25, Policy Issues of Chinas Financial Globalization
Published online: 15 Feb Published online: 18 Nov Published online: 11 Dec Published online: 26 Sep Published online: 7 Nov What Does the Empirical Evidence Say? Conclusion Acknowledgments References Chapter Empirical Literature on Financial Crises: Fundamentals vs. How can we Test for Panic? Glossary References Further Reading Chapter Conclusions References Chapter Each year, millions of people move from one country to another in search of work.
Sometimes, these migrant workers travel a short distance, such as between the Mexican state of Sonora and the U.
Sometimes, migrant workers travel many thousands of miles. Migrant workers from the Philippines, for instance, may travel to Europe, Australia, or North America to find better-paying jobs. People do not travel just for work, of course. Millions of people take vacations to foreign countries. Most of these international tourist s are from developed countries. Many are most comfortable with goods and services that resemble what they have at home. In this way, globalization encourages countries around the world to provide typical Western services.
The facilities of a Holiday Inn hotel, for instance, are very similar, whether the location is Bangor, Maine, or Bangkok, Thailand.
China’s contingencies and globalisation: Third World Quarterly: Vol 36, No 11
Travel and tourism have made people more familiar with other cultures. Travelers are exposed to new ideas about food, which may change what they buy at the store at home. They are exposed to ideas about goods and services, which may increase demand for a specific product that may not be available at home.
They are exposed to new ideas, which may influence how they vote. In this way, globalization influences trade, taste, and culture. Popular Culture Popular culture has also become more globalized. American soap operas are popular in Israel. Clothing styles have also become more uniform as a result of globalization.
National and regional costume s have become rarer as globalization has increased. In most parts of the world, professionals such as bankers wear suits, and jeans and T-shirts are common for young people. There has also been an increasing exchange of foods across the globe.
People in England eat Indian curry , while people in Peru enjoy Japanese sushi. Meanwhile, American fast food chains have become common throughout the world. McDonald's has more than 31, restaurants in countries. And people all across the world are eating more meat and sugary foods, like those sold in fast food restaurants.
Some menu items, such as the Big Mac, are the same all over the world. Other menu items are specific to that region. McDonalds in Japan features a green-tea flavored milkshake.
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Economy The international economy has also become more globalized in recent decade s. International trade is vital to the economies of most countries around the world. American software companies, such as Microsoft, rely on international trade to make large profit s. The economy of the country of Saudi Arabia is almost entirely dependent on oil export s. To increase trade, many countries have created free trade agreements with other countries. Under free trade agreements, countries agree to remove trade barriers.
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For example, they may stop charging tariff s, or taxes, on imports. This allowed globalization of goods and services, as well as people and ideas, between these three countries. Most large corporation s operate in many countries around the world. Economic globalization has allowed many corporations based in the West to move factories and jobs to less economically developed countries, a process called outsourcing.
The corporation can pay lower wages, because the standard of living in less developed countries is much lower. Often, this results in lower costs for consumers, too. Economic market s are global. People and organizations invest in companies all over the globe. Because of this, economic downturn s in one country are repeated in other countries.
The financial crisis that began in the United States in quickly spread around the world.
The way globalization allowed this situation to spread led to the nation of Iceland nearly going bankrupt , for example. Politics Cultural and economic globalization have caused countries to become more connected politically. Countries frequently cooperate to enact trade agreements.
They work together to open their borders to allow the movement of money and people needed to keep economic globalization working. Because people, money, and computerized information move so easily around the globe, countries are increasingly working together to fight crime. The idea of maintaining international law has also grown.
The Evidence and Impact of Financial Globalization
In , the International Criminal Court was established. This court, which handles cases such as war crimes, has a global reach, although not all countries have accepted it. Many problems facing the world today cross national borders, so countries must work together to solve them. Efforts to confront problems such as global climate change must involve many different countries. In , representatives from countries gathered at a conference in Copenhagen, Denmark, to discuss climate change. Other international issues include terrorism , drug trafficking , and immigration.
The process of globalization is very controversial. Many people say globalization will help people communicate. Aid agencies can respond more quickly to a natural disaster. Advanced medicines are more easily and widely available to people who may not have been able to afford them. Jobs available through globalization have lifted many people out of poverty.