There are some significant downsides to

Economic globalization refers to the

globalize trade and perhaps the strongest
increasing interdependence of world
 Economicthrough
globalization creates winners and argument against economic globalization is
economies trade, capital
losers: corporations and consumers benefit its lack of sustainability.
flows, and technology spread.
from cheaper products, while high-wage
workers may lose jobs. Sustainable development aims to balance
World War II shifted economic policy
economic growth with the preservation of
from protectionism to trade
 Low-wage foreign workers often earn more the earth's resources for future generations.
liberalization.
than they would in other local jobs but face
hazardous working conditions. Globalization and sustainability are
There are two types of economies in
 Critics argue globalization can lead to multidimensional, involving economic,
economic globalization:
exploitation by prioritizing profits over political, and technological aspects.
people and neglecting labor and
Protectionism:
environmental standards.Government Continuous production and consumption of
intervention
 Proponentsin argue trade itto creates
encouragemore job natural resources have led to positive effects
domestic production,
opportunities, leadingfavoring
to labor local
competition
and higher
such as energy utilization and technological
producers overwages.
foreign competitors.
 Globalization has lifted millions out of advancements but have also accelerated
Trade Liberalization:
extreme poverty, but the Freechallenge
trade is to climate change and perpetuated global
address
agreements poverty
and while
technological ensuring inequality.
environmental sustainability.
advances facilitate easier global
 Microcredit can enable people to participate
movement
in the of goods and
economy, services.
improving their lives and
supporting entrepreneurship.
Economic globalization has both
 However, many participants in the global
positive and negative
economy still endureimpacts.poorFairworking
tradeconditions
aims toandaddress inequalities,
low wages compared to those
focusing on the well-being of
marginalized small producers.

 The demand for food is projected

to increase by 60% by 2050,
requiring global food security for
a population of 9 billion people.
 Food security is a priority for all
countries, regardless of their
Environmental degradation in the
contemporary world refers to the development level.
deterioration of the environment through  The United Nations and
the depletion of resources, the destruction organizations like the World
of ecosystems, and the extinction of Economic Forum have set goals
wildlife. This process is driven by several and initiatives to address global
key factors: food security through
sustainability and public-private
1. Pollution partnerships.
2. Deforestation
3. Climate Change  The United Nations and
4. Overexploitation organizations like the World
5. Urbanization Economic Forum have set goals
6. Waste Generation and initiatives to address global
food security through
These factors collectively result in sustainability and public-private
significant negative impacts on ecosystems
and human health, necessitating urgent and
coordinated efforts to mitigate
environmental degradation and promote

 Global economic inequality is linked

to globalization, dividing developed
and less developed nations.
 There are two main types of
economic inequality: wealth and
income inequality.
 Wealth inequality concerns asset
distribution, while income inequality

 "First World," "Second World," and
"Third World" terms originated during
the Cold War for political and economic
classification.
 Post-Cold War, "Second World" became
obsolete, but "First World" and "Third
World" remained.
 These terms are outdated and inaccurately
reflect the economic status of "Third
World" countries.
 A better classification is "Global North"
(developed) and "Global South"
(developing).
 "Global North" and "Global South"
highlight the South's economic and
political issues and aim for global
equality.
 These distinctions are influenced by
racial inequality, with whites in the
Global North and blacks mostly in the
Global South.
 Economic disparities between the
wealthy Global North and the poor
Global South have historical racial roots.
 Global stratification refers to
inequalities in wealth and power
between societies.
 Theories of global stratification
include modernization theory,
dependency theory, world systems
theory, and neoliberalism.
 Globalization has had a
significant impact on the rural-
urban differentiation and
agricultural production.
 The rise of global agribusiness
and factory farms has led to the
South producing non-traditional
products for export and becoming
dependent on industrialized food
imports from the North.
 This shift in agricultural
production has resulted in the
displacement of local farmers and
a change in the staple diet of rural
economies.
 The concept of global cities, such
as New York, London, and
Tokyo, describes urban centers
that exert control over the world's
political economy.
 Global cities are characterized by
inequalities both between cities
and within each city.
 While cities are major
beneficiaries of globalization,
they also face unique political
problems in dealing with global
issues at the local level.
 Modernization theory attributes global
stratification to technological and cultural
differences between nations.
 The theory cites the Columbian Exchange
and the Industrial Revolution as key events
in Western Europe's rapid development.
 The Columbian Exchange boosted
 Walt Rostow's modernization theory has four stages:
traditional, take-off, technological maturity, and high
mass consumption.
 The traditional stage features small communities, limited  European colonialism in the Americas, Africa,
resources, and labor-intensive food production.
and Asia exploited natural and human
 The take-off stage starts when people use their skills to
create more than just basics, sparking new markets and resources, including the transatlantic slave
individual freedom. trade.
 Technological maturity is characterized by tech  Dependency theory critiques traditional views
advancement, population increase, poverty reduction, on underdevelopment, highlighting
and social change.
colonialism and unequal trade relations.
 In the high mass consumption stage, production shifts to
meeting wants over needs, often with social safety nets  Dependency theory contends that liberal trade
for essentials. harms less developed countries, advocating
 Modernization theory advocates for technological for self-sustaining development through
investment to boost production and well-being. Wealthy import substitution.
nations support others through tech exports and aid.  Core nations exploit peripheral ones through
 Critics argue that modernization theory favors
unequal wealth distribution.
capitalism, neglects history, has Eurocentric biases, and
ignores negative aspects of economic progress.
 Critics say modernization theory faults poor nations for
underdevelopment without considering external factors.

 The theory emphasizes peripheral economies'

reliance on manual labor and raw material
exports, while core nations profit by
processing and selling these materials at
higher prices.
 Dependency theorists argue that the
international system hinders the development
of certain countries.
 North American Neo-Marxist and Latin
American structuralist approaches are sub-