CONTEMPORARY WORLD REVIEWER

GLOBALIZATION

 may be defined as a continuing process of interaction and integration between people,

companies and government worldwide.
 Large – scale globalization began in the 1820’s. in the late 19 th century and early 20th
century, the connectivity of the world’s economies and culture grew very quickly.

7 seven major types of globalization

1) Financial globalization 5) Cultural

2) Economic 6) Ecological
3) Technological 7) Sociological
4) Political

Globalization has three aspects which are economic, political and socio-cultural

1) Economic Aspect focuses on the integration of global economies as well as flow of

trade and capital across nation borders.
2) Political globalization Aspect refers to the amount of political co-operation that exist
between different counties .
3) Socio- cultural Aspect emphasizes on the exchanging of social and cultures.

ADVANTAGE OF GLOBALIZATION

Advantages to globalization will possibly help decrease the rate of poverty and unemployment
in several countries access to a variety of products from several nations will be easier for people
to acquire. Different cultures means learning different customs, traditions, languages and
others.

DISAVANTAGES OF GL OBALIZATION

1) Unequal Economic Growth

2) Lack of local businesses
3) Increase potential global recession
4) Exploit cheaper labor
5) Cause job displacement

ADVANTAGES OF GLOBALIZATION

1) Access to new culture

2) Spread of technology and innovation
3) Lower costs for product
4) Higher standards of living across the globe
5) Access to new markets
6) Access to new talents international recruiting managing employee immigration

2
CONTEMPORARY means existing, occurring or living or living at the same time; belonging to
the same PRESENT time .

Top 10 c ontemporary issues facing youth today

1) Single-parent households 5) Materialism

2) Drugs- alcohol 6) Education disparity
3) Growing –up too fast 7) Shifting economy
4) Violence in school

contemporary issues in community? Examples of community problems

1) Adolescent pregnancy 7) Drug use 14) Inequality of jobs

2) Access to clean drinking 8) Environment 15) Lack of affordable
water 9) Contamination housing
3) Child abuse 10) Ethnic conflict 16) Poverty
4) Neglect 11) HIV/AIDS, HUNGER 17) Racism
5) Crime 12) Inadequate emergency
6) Domestic violence 13) Service

THE GLOBAL ECONOMY

The different problems in the world tried by the United States to address the goals were guided
by eight Millennium Development Goals created in 1990’s. Among the eight goals are the
following;

1. The eradication of extreme poverty and hunger

2. Achieving universal primary education
3. Promoting gender equality and woman empowerment
4. Reducing child mortality
5. Improving maternal health
6. Combating deceases like HIV/AIDS and Malaria
7. Ensuring environmental sustainability
8. Having a global partnership for development United Nations to achieve by the year
2020.

GLOBAL INCOME INEQUALITY

GLOBALIZATION AND INEQUALITY are closely related we can see how different
nations are divided between the North and the South, developed and less developed and the
core and the periphery. These mainly reflect one key aspect of inequality in the contemporary
world global economic inequality.
Two main types of economic inequality:

WEALTH INEQUALITY refers to the net worth of a country. It takes into account all the assets
of a nation – may they be natural, physical and human - less the liabilities. In other words,
Wealth is the abundance of resources in a specific country. This means that wealth inequality
speaks about distribution of assets, however there is no widely recognized monetary measure
that sumps up these assets.

INCOME INEQUALITY we mean that new earnings are being distributed; it values the flow of
goods and services, not a stock of assets.

Unequal Economic Growth have nations categories

1. Developed nations
2. Less developed
3. Developing nations
4. Under developing nations .

the economic growth are measured through Gross National Product (GNP) / Per Capital Income
(PCI).

ECONOMIC GLOBALIZATION AND GLOBAL TRADE

Cross border trade of commodities and According to United Nations“ Economic

globalization refers to the increasing interdependence of the world economies as a result of the
growing scale of Cross border trade of commodities and Services, flow of international capital,
and wide and rapid spread of technologies. it reflects the continuing expansion and mutual
integration of market frontiers, and is an irreversible trend for the economic development in the
whole world at the turn of the millennium “.

There are two types of economies associated with economic globalization

 Protectionism means“ a policy of systematic government in qtervention in foreign

trade with the objective of encouraging domestic production. This encouragement
involves giving preferential treatment of domestic producers and discriminating against
foreign competitor.
 Trade Liberalization refers to the shifting of the dominant economic policy from
protectionism to trade liberalism or free trade agreements on the advances of
technologies, transportation and communication mean goods and services move around
the world more easily than ever.