The Equitable and Sustainable Approach to Globalization

The term globalization is synonymous with international trade and integration of economies through multi-national agreements. According to the Merriam-Webster Dictionary (2013) globalization is defined as â€Å"the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets†. Although many disagree as to origin of the idea of globalization, it’s been prevalent in shaping the world economy since the 19th century. O’Rourke and Williamson (1999) note how this ideology has indeed driven international economic policy since the 1980s, as the influence and power of multi-national companies grew exponentially along with the spread of capitalism†¦show more content†¦For example, a big corporation may choose to develop manufacturing business in a poorer country that has a comparative advantage in labor. Investors will benefit by utilizing the labor abundant wo rkforce to meet the demands of competition, and the domestic country will experience dynamic growth from new technology, jobs, and human capital. Thus, global markets expand from FDI which is an effective source of economic development, especially in developing nations. Globalization demands continuous productivity, and it also increases the pressure that competition places on international and commodity markets. More competition drives corporations to develop more efficient modes of production through new technologies and outsourcing of jobs to nations with comparative advantage in labor. Although poorer countries typically benefit from this transnational integration, they can be susceptible to wage inequality and discrimination. Large corporations can yield enormous power, particularly in poorer nations where there is little to no regulation protect individual’s corrupt arrangements (Crossette, 2000). Measuring the impact proves to be difficult due to marginal differences in poverty lines; however, Mourdoukoutas (2011) reflects that managing institutions such as the International Monetary Fund (IMF) to the World Trade Organization (WTO)demonstrate the imbalance between wealthy and poor nations. While the overall rates of poverty have fallen, approximately one thirdShow MoreRelatedEssay about Canada: Globalization and Sustainable Development1486 Words   |  6 Pagesoccurrence of globalization, sustainable development, and the ecological footprint are all seemingly connected in today’s environmental capacities. To further understand these environmental processes, one must divulge into these individual environmental concepts to properly understand their facilitations. Furthermore, according to professor Vamvakas â€Å"a major theme of Sustainable development is the alternative to the destruction of the world environment by the economic imperative of globalization† (V amvakasRead MoreSustainable Education And Green Campus Design Creating A Marketing Value For The Universities1498 Words   |  6 PagesTOPIC: Sustainable Higher Education Development in Turkey through Participation-Empowerment of the Community and Green Campus Design Creating a Marketing Value for the Universities. Sub-topics: 1. Sustainable Architecture Definition 2. Sustainable Initiatives/Policies 3. Social Sustainability 4. Sustainable Architecture as Branding 6. Rethinking the Principles of Sustainable Higher Education 1. Sustainable Architecture Definition 1.1. Bruntland, Gro. Our common future: The world commission onRead MoreEthical Cross Cultural Perspectives at Starbuck’s Coffee Essay1207 Words   |  5 Pages December 5, 2012 Dr. Lena Watson / Ethics316 Ethical Cross Cultural Perspectives at Starbuck’s Coffee Multinational Corporations â€Å"MNC† such as Starbucks, are important factors in the processes of globalization. National and local governments often compete against one another to attract the type of company’s facilities, with the hopes of increased tax revenue, employment, social and economic stability. In order to compete, the country’s political powersRead MoreWhy Talking About Corporate Governance1435 Words   |  6 Pagesshould be the employer. At that point, there is no unanimity and the application of one or the other theory is subjective. It depends on how each organization is formed and what their guidelines are. Furthermore, each theory has a one-dimensional approach that highlights an aspect of the â€Å"board† work. According to Cornforth (2004) it, should go, towards a multidimensional theoretical perspective, taking the most important of these theories. The reality which â€Å"the directors of the organs of governmentRead MoreCorporate Governance : Good Business Management1658 Words   |  7 Pagesshould be the employer. At that point, there is no unanimity and the application of one or the other theory is subjective. It depends on how each organization is formed and what their guidelines are. Furthermore, each theory has a one-dimensional approach that highlights an aspect of the â€Å"board† work. According to Cornforth (2004) it, should go, towards a multidimensional theoretical perspective, taking the most important of these theories. The reality which â€Å"the directors of the organs of governmentRead MoreThe Human Development Index Is Vast Improvement on Measures of Development in Terms of Income1058 Words   |  5 Pagespolitical, social and cultural which all affect income. Comparing countries’ GNP (or GDP) per capita is the most common way of assessing their level of development. This model of economic growth was based on a very weak foundation that was not sustainable over the long-term politically, economically or ethically. Higher per capita income in a country does not always mean that its people are better off than those in a country with lower income, because there are many aspects of human well being thatRead MoreMargaret Ledwith s Communit y Development : A Critical Approach1506 Words   |  7 PagesBook review Ledwith, Margaret, Community Development: A Critical Approach, Bristol: The Policy Press. 2011, 226 p. The second edition of Margaret Ledwith’s Community Development: A Critical Approach offers a precarious and searching review of community activism and theory. It is positioned in the contemporary era of global, economic, social, and environmental crisis. Ledwith’s study is relevant in the time of accelerated world crises of social justice and environmental sustainability, and her intentRead MoreGender Equality And Empowerment Of Women1562 Words   |  7 PagesThe United Nations Millennium Declaration states that the main focus should be on gender equality and empowerment of women in order to fight poverty, hunger and with that, help development that is sustainable. (O’Brien Williams 2013,212) Taking gender into the account while observing global economy shows that men and women are impacted in various ways considering trade, production and financial flows. (O’Brien Williams 2013,212) The term â€Å"feminization of poverty† originates from about 1970sRead MoreShould International Businesses Do As the Romans Do When in Rome1541 Words   |  7 Pagesfair trade practices and the environment. Companies are aware of the competitive advantage, which can be gained through practising corporate social responsibility. Fair trade practices encourage companies to work with suppliers in ‘equitable, meaningful and sustainable ways† (Wild, Wild Han, 2010:132). An example of a multinational company practising corporate social responsibility in term of fair trade practices is Starbucks ‘fair trade coffee’. Starbucks achieves this through helping citizensRead MoreRussia QA Essay1604 Words   |  7 Pagesresources and geopolitical position. Russia is a global leader in technology with massive mineral and water resources. The country has managed to use technology to make sophisticated security systems as well as build a strong and sustainable energy system. In light of the globalization process, Russia has been able to access international markets via membership to trade groups and economic blocks. On the other hand, the country has numerous bilateral agreements with other countries. This in turn has played