What is Globalization?
Learning Objective
I can define globalization and describe its major characteristics.
Key Concepts
Globalization is driven by international trade and investment, affecting the environment, culture, political systems, economic development, and human well-being.
The third phase of globalization, starting in 1945, was enabled by economic expansion after World War II and led to new financial institutions like the International Monetary Fund and the World Bank.
Challenges of globalization include job mobility from developed to developing countries, potential loss of cultural identity, and the dominance of Western values in international orders.
Practice Questions
This lesson includes 4 practice questions to reinforce learning.
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1. Define globalization in your own words, based on the video's explanation.
2. According to the video, which of the following is NOT a characteristic of the second phase of globalization?
3. Describe one benefit and one challenge of globalization, as presented in the video.
...and 1 more questions
Educational Video
GLOBALIZATION l Benefits & Challenges
TCW Globalization