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In today's interconnected world, the term "globalization" is often used to describe the integration of markets, economies, and cultures across borders. The phenomenon has brought about a new level of interdependence and interconnectivity among countries, expanding opportunities for trade, investment, and international cooperation. And this template, shining in light cream tones, beautifully captures the theme of globalization, as it contains photos of the world globe and our very own planet. It's fully editable, allowing serious conversations about globalization to take place in an engaging, thoughtful and dynamic manner after you've given your presentation.

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Top 5 Globalization PPT Templates with Samples and Examples

Mayuri Gangwal

“Diversification and Globalization are the keys to the future!” - Fujio Mitarai, chairman and CEO of Canon.

Are you aware that around 60% of the world's population, around 5.3 billion people, access the internet. This means globalization gives access to economic growth, cultural exchange, access to technology, and, most importantly, a broad customer base if you are into a small or large business.  Also, expanding globally allows you to attract an international audience and access foreign capital markets. However, language and cultural differences sometimes become significant hurdles for companies looking to expand in a new market.

For instance, when Mercedes-Benz entered the Chinese market, its name in Chinese meant "rush to die." Therefore, Mercedes Benz changed its name to "Bēn Chί," which means "Run Quickly."

In international business, understanding and addressing these linguistic nuances is crucial. Also, developing contingency plans and building a solid brand reputation becomes daunting. 

Do you find these relatable? If yes, don’t worry; our globalization templates are there to address the challenges of globalization for businesses. Our templates are designed to craft the needs of businesses and could help you achieve sustainable growth. Furthermore, our editable and customizable templates will let you create a robust strategy for your international expansion.

Understand that a strategy for target market assessment and global expansion is always within reach. Get SlideTeam’s expert-curated PPT Templates on global expansion here.  

Let's dive in and learn more about our Globalization PPT Templates, which are necessary for your business. These 100% editable and customizable PPT Templates are designed to help companies overcome global expansion issues. Remember, international expansion is not only about reaching new horizons. Instead, it is a journey of adapting business to new realities and worlds to mutual benefit and progress for all.

Let’s explore!

Template 1: Result Globalization and Google Slides ICP Template

This template is your ultimate companion for creating presentations that speak volumes globally. It best works for professional and academic presenters and helps them unlock the full potential of their ideas and research. The slide provides holistic overview of globalization, from its historical context to its benefits. The template also covers common challenges you can face while expanding globally. One of the standout features of this template is it also highlights the impact of globalization on society, the economy, and the environment. Thus, this template ensures you have the perfect tool regardless of your topic.

Download this template today and make your message resonate globally.

Template 2: Industry Globalization and International Pricing Strategy Template

This indispensable tool guides your businesses through the complex pricing landscape. It aids in optimizing your pricing strategy for maximum profitability. It ensures that a thorough understanding of global market dynamics backs your pricing decisions. It offers a roadmap to make your product competitive. The slide explains four essential steps of price setting in the global market. These include multi-local price settlers, global price leaders, local price followers, and Global price followers. Whether your business is in early stages of planning its international market foray or is looking to refine existing global pricing strategy, this template is necessary.

Download this template today to achieve competitive pricing.

Template 3: Impact of Globalization on Industrial Relations Template

This template is necessary for businesses trying to navigate the dynamics of industrial relations concerning globalization. This template provides an in-depth analysis of critical factors and their impact on the industries before and after globalization. This unique template allows for actionable insights, breaking down complex concepts into understandable sections. Thus, the template provides an understanding of global trends and their impact. It highlights key areas such as job security , diversity of the labor force, and others. This slide also offers guidance on developing policies that promote fair labor practices.

Download this template for a more resilient and equitable future.

Template 4: Toyota Globalization Strategy for Expansion Template

This comprehensive toolkit helps businesses emulate Toyota's successful global expansion strategies. Using this slide, dive deep into Toyota’s approach to conquering international markets. Additionally, it offers invaluable lessons on localization, understanding market dynamics, and catering to customer preferences. This structured template provides a step-by-step approach, from identifying domestic problem to finding the solution. It also highlights the outcome of that solution in an easy and captive manner. Thus, the preset also highlights the importance of adapting products and marketing strategies, a critical factor in Toyota's international success.

Download this template today and expand your business globally with confidence.

Template 5 Four Drivers of International Trade and Globalization Template

This template is a powerful tool that helps businesses understand and leverage the critical forces behind global trade. Use this slide to break down the subject on international trade and globalization into four main drivers: Integration, Production, Transportation, and Transactions. Thus, with a clear and straightforward layout, this template provides in-depth information on how they influence the economic landscape. So, whether you're planning your next venture or educating the next generation of global leaders, this template will be your invaluable asset. It will provide a robust roadmap for understanding and thriving in the global marketplace.

Download this template today for dynamics of global trade.

Template 6: Industry offshoring strategic globalization process

This is an innovative tool designed to streamline the process of offshoring and globalization. It simplifies the intricate process of taking your business operations global and focuses on the strategic aspects of offshoring in the industry sector. The slide offers a step-by-step framework to identify the best practices for offshoring. Thus, it enables businesses to make informed decisions that align with their goals. It breaks down the globalization process into eight manageable steps. These steps include acquiring information, analyzing a portfolio, developing a strategy, choosing a partner, and others, making it easier for businesses to understand each step's associated risks and benefits. Moreover, it empowers companies to position themselves strategically in the international arena. 

Download this template today to thrive in the global market.

Overcome Challenges of Global Expansion

Today, global expansion is not just an option but a necessity. It brings new opportunities and revenue streams to your business. Our templates will help you overcome the challenges associated with global expansion. These templates provide a holistic view of globalization's historical context and benefits. They offer a roadmap for competitive pricing decisions by guiding you through the intricate landscape.

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The State of Globalization in 2021

• Steven A. Altman
• Caroline R. Bastian

Trade, capital, and information flows have stabilized, recovered, and even grown in the past year.

As the coronavirus swept the world, closing borders and halting international trade and capital flows, there were questions about the pandemic’s lasting impact on globalization. But a close look at the recent data paints a much more optimistic picture. While international travel remains significantly down and is not expected to rebound until 2023, cross-border trade, capital, and information flows have largely stabilized, recovered, or even grown over the last year. The bottom line for business is that Covid-19 has not knocked globalization down to anywhere close to what would be required for strategists to narrow their focus to their home countries or regions.

Cross-border flows plummeted in 2020 as the Covid-19 pandemic swept the world, reinforcing doubts about the future of globalization. As we move into 2021, the latest data paint a clearer — and more hopeful — picture. Global business is not going away, but the landscape is shifting, with important implications for strategy and management.

• Steven A. Altman is a senior research scholar, adjunct assistant professor, and director of the DHL Initiative on Globalization at the NYU Stern Center for the Future of Management .
• CB Caroline R. Bastian is a research scholar at the DHL Initiative on Globalization.

Partner Center

How our interconnected world is changing

Globalization isn’t going away, but it is changing, according to recent research  from the McKinsey Global Institute (MGI). In this episode of The McKinsey Podcast , MGI director Olivia White speaks with global editorial director Lucia Rahilly about the flows of goods, knowledge, and labor that drive global integration—and about what reshaping these flows might mean for our interconnected future.

After, global brewer AB InBev has flourished in the throes of what its CFO Fernando Tennenbaum describes as the recent “twists and turns.” Find out how in this excerpt from “ How to thrive in a downturn: A CFO perspective ,” recorded in December 2022 as part of our McKinsey Live series. 1 Please note that market conditions may have changed since this interview was conducted in December 2022.

The McKinsey Podcast is cohosted by Roberta Fusaro and Lucia Rahilly.

This transcript has been edited for clarity and length.

Globalization is here to stay

Lucia Rahilly: Pundits and other public figures have wrongly predicted the demise of globalization for what seems like years. Now, given the war in Ukraine and other disruptions, many are once again sounding its death knell. What does this new MGI research  tell us about the fate of globalization? Is it really in retreat?

Olivia White: The flows of goods, the real tangible stuff, have leveled off after nearly 20-plus years of growing at twice the rate of GDP. But the flows of goods kept pace with GDP and even rose a little bit, surprisingly, in the past couple of years. Since GDP has been growing, that means actual ties have gotten stronger.

One of the most striking findings from this research was that flows representing knowledge and know-how, such as IP and data, and flows of services and international students have accelerated and are now growing faster than the flow of goods. Flows of data grew by more than 40 percent per annum over the past ten years.

Lucia Rahilly: Goods are a smaller share of total flows, a smaller share of economic output, than in the past. That doesn’t necessarily sound like a bad thing. Could it be a sign of progress?

Olivia White: The fact that certain goods are growing less quickly than other types of flows shows this shift in our economy and what’s most important to the way the economy functions. It comes on the back of a long history of different factors that influence growth and shifts in the way patterns work. What’s happening, in part, is that a variety of countries are producing more domestically—first and foremost China. That has been driving a lot of the flow down, if you take the longitudinal view, over the past ten years versus before.

The world remains interdependent

Lucia Rahilly: How interdependent would you say we are at this stage? Could you give us some examples of the ways we’re interconnected?

Olivia White: The top line is, every region in the world depends on another significant region for at least 25 percent of a flow it values most.

In general, regions that are manufacturing regions—Europe, Asia–Pacific, and China, if we look at it on its own because it’s such a large economy—depend very strongly on the rest of the world for resources: food to some degree, but really energy and minerals of different sorts. I’ll give you a few examples.

In general, regions that are manufacturing regions depend very strongly on the rest of the world for resources: food to some degree, but really energy and minerals. Olivia White

China imports over 25 percent of its minerals, from places as far-flung as Brazil, Chile, and South Africa. China imports energy, particularly in the form of oil from the Middle East and Russia. Europe is emblematic of these forms of dependency on energy. It was dependent on Russia for over 50 percent of its energy, but now that has drastically changed.

In some other regions in the world—places that are resource rich, like the Middle East, sub-Saharan Africa, and Latin America—those places are highly dependent on the rest of the world for their manufactured goods. Well over half the world’s population lives in those places. They import well over 50 percent of their electronics and similar amounts of their pharmaceuticals. They are highly dependent on other parts of the world for things that are really quite critical to development and for modern life.

North America is somewhat of a different story. We don’t have any single spot of quite as great a dependency, at least at the broad category level. We import close to 25 percent of what we use in net value terms across the spectrum, both of resources and of manufactured goods.

This doesn’t yet speak of data and IP, where, for example, the US and Europe are fairly significant producers/exporters. A country like China is a very large consumer of IP.

Lucia Rahilly: How interdependent are we in terms of the global workforce?

Olivia White: This is quite striking. We asked how many workers in regions outside North America serve North American demand. And we asked the same question for Europe. It turns out that 60 million people in regions outside North America serve North American demand, and in Europe the corresponding number is 50 million.

These numbers are very substantial versus the working populations in those countries. So when you consider how much of what North Americans or Europeans are consuming could be produced onshore, by onshore labor, the answer is not even remotely close to those sorts of numbers—at least given the means of production or the way services are delivered today and the role people play in that.

Lucia Rahilly: Let’s turn to some of the categories of flows that have increased in recent years. What’s driving growth in global flows now that the trade in goods has stabilized?

Olivia White: Flows linked to knowledge and know-how. Knowledge services that have historically grown more slowly than manufactured goods and resources, with increased global connection over time, have flipped over the past ten years.

Professional services, such as engineering services, are among those more traditional trade flows that have been growing fastest, at about 6 percent a year, versus resources, which have slowed to just around two percent. Anything that involves real know-how—engineering, but also providing, say, call center support—is in that category.

The flows of IP are growing even faster. Now, IP is tricky because accounting for it is a very tricky thing to do. But it roughly looks at flows of the fun stuff. In the report we talk about Squid Game , but IP also includes movies, streaming platforms, music, and any sort of cultural elements that we consume.

It’s also important to consider flows of patents and ideas and the way countries or companies will use ideas or know-how developed in one country to help what they do broadly across the world. Those flows have been growing at roughly 6 percent per year as well.

There are data flows—the flows of packets of data. For example, if we were in different countries while conducting this interview there would be the flows between us. There are also flows linked to our ever-expanding use of cloud and data localization. Data transfer is happening more and more quickly.

The flows of international students have also been rising. That was mightily interrupted by the pandemic, for reasons I don’t need to belabor, but these flows seem to be rebounding. It’s important to consider the degree to which those will jump back on their accelerated growth trajectory.

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How covid-19 has affected global flows.

Lucia Rahilly: You mentioned flows of international students dropping off during COVID, for the obvious reasons. Did other flows generally drop off during the pandemic? Or were there examples of flows that were particularly resilient throughout that period?

Olivia White: There’s some variation, but many flows were remarkably resilient—resilient in a way that’s a bit counter to the general narrative about what happened during the pandemic.

The flows of resources and manufactured goods jumped reasonably significantly in 2020 and 2021, both to levels of about 6 percent per year on an annualized basis. To some degree, what was happening is that cross-border flows stepped in to replace interrupted domestic production. Flows from Asia came in, for example, to the US or to Europe. We’ve seen some flows go in reverse directions. There was a bunch of interruption in domestic production, which was quite surprising.

Flows of capital also jumped quite a lot as people needed to shift the way they were financing themselves. Multinationals needed to shift the way they were financing themselves. Some were moving liquidity to different parts of the world under times of financial stress. But those jumped to levels of growth in the tens of digits from what had actually been reversed growth for the past ten years. All those things jumped. IP jumped a little bit; data remained high. So these flows have been remarkably resilient.

The good and bad news about resource concentration

Lucia Rahilly: You invoked concentration a bit when you talked about Europe being dependent on Russia for 50 percent of its energy. Can you say a bit more about what concentration means in this context and how it affects the dynamics of the way we’re connected globally?

Olivia White: From the global perspective, there are some products that truly originate in only a few places in the world, and all of us across the globe are dependent on those few places for our supply. Iron ore is quite concentrated, and cobalt is concentrated in the DRC [Democratic Republic of the Congo].

The second type of concentration is viewed from the standpoint of an individual country. Lucia, you talked about Europe and gas dependency.

For example, Germany was getting gas from only a very concentrated set of sources. These are places where, for a variety of reasons, countries have built up dependencies on just a small number of other countries.

Why has this happened? Why are we in this position? Cost is one reason. People have made decisions based on economic factors. Another reason is regional preference. Not all goods are created equal, even if they fall in the same category.

The third reason is preferential trade agreements between different countries or other forms of tariffs or taxes that shape the way flows occur. We’re in a world in which suddenly people are realizing they have to contemplate the consequences associated with concentration—not of suppliers, but of the country of origin from which they’re buying things.

Lucia Rahilly: It sounds like concentration also increases efficiency in some cases where those disruptions don’t occur. Is concentration always a bad thing? If we rethink concentration, can we expect to see some loss of efficiency in the interim?

Olivia White: No, it’s not always a bad thing. But there are a lot of considerations to make that involve costs, involve geopolitical relationships, involve the role that various countries want to play themselves, how they’re thinking about development, how they’re thinking about their workforces. All those things have to be part of the mix.

Imagine three or four different countries, each with three trading partners, and they’re largely different trading partners. Swapping off who’s supplied by whom is a huge problem of coordination.

How global chains will evolve

Lucia Rahilly: Geopolitical risks  have obviously trained a policy spotlight on reimagining these global value chains, whether for security reasons or to strengthen resilience more generally. Accepting that the world remains interdependent, how do we see trade flows continuing to evolve in coming years?

Olivia White: Broadly speaking, there are four categories of potential evolution. Semiconductors are most prominent in public discussion. Electronics, more broadly, is one of the fastest-moving value chains since 1995, with 21 percentage points of share movement per decade. Pharmaceuticals and the mining of critical minerals are other examples. And they will be part of what shifts the way that flows crisscross the globe.

Second category: textiles and apparel. This category is not as sensitive in a geopolitical sense as some of the things I was talking about before. This category is one where you actually do have new hub creation right now. Consumer electronics, other forms of electric equipment that aren’t particularly sensitive, possibly fall in that category too.

Third category: IT services and financial intermediation or professional services. That will reconfigure the ways in which services flow.

Fourth and finally, there’s the stuff that’s just going to be steady—food and beverages, paper and printing. There’s no particular reason to expect that there are strong forcing mechanisms that will change the way those things are flowing across the world right now. They’re things that have remained relatively steady for the past ten or more years.

Global flows are necessary for a net-zero transition

Lucia Rahilly: Do we have a view on whether the evolving state of global flows is helping or hindering the net-zero transition ?

Olivia White: The way I’d put it is, there is no way we move quickly toward a net-zero transition without global flows. There are certainly things about global flows that are tricky from a net-zero perspective. It costs carbon to ship things and move things a long way. But in order for net zero to be attainable, we need to make sure that energy-generating technologies and fuels are able to flow across the world.

Energy-generating technologies include both the minerals that underpin construction of those technologies and the actual manufacturing. So, in the first category, think nickel and lithium. In the second category, think about the actual manufacturing of solar panels. The minerals themselves are processed in only a few countries around the world. So people are going to have to move them from one place to another. Maybe the world could have broader diversification of such things, but on average, the timeline from discovering a mineral to being able to produce it at scale is well in excess of 16 years. If we want to move fast, we have the luxury to move things across the world. Meeting cost curves for manufacturing at scale and in locations where you have at least some established presence is going to be important.

The final element that’s crucial with respect to net zero is cross-border capital flows. It’s really important that developing countries are able to finance shifts in the way that energy is produced and consumed in their countries, which means they may have to both spend more, at least as a ratio of GDP, and have less ability to spend, given other forms of development imperative.

Multinationals and global resilience

Lucia Rahilly: What’s the role of major multinational companies as we look ahead toward reimagining the future of our global connectedness?

Olivia White: The first thing that needs to be recognized is that major multinational corporations play an outsize role in global flows today. Multinationals are responsible for about 30 percent of trade. They’re responsible for 60 percent of exports and 82 percent of exports of knowledge-intensive goods. So they disproportionately drive flows, especially the ones associated with knowledge. And therefore, they’re going to be the center of managing for their own resilience, but also in a collective sense, for the resilience of the world.

The future of global flows

Lucia Rahilly: The media tends to focus on what some see as globalization’s imminent demise. Accepting that global ties continue to bind and connect us across the world, it’s also natural for folks to have pretty strong reactions to these intense and ongoing global disruptions that we’ve experienced in recent years. How would you sum up the way we think about the future of globalization at a high level?

Olivia White: The world we live in right now is highly dependent on flows. Will those flows reconfigure and shift? Yes, absolutely. They have in the past, and they will in the future.

Lucia Rahilly: Do we see anything in the research to indicate that the world is actually moving toward decoupling, which is also very much part of the media narrative?

Olivia White: If you look along regional lines, individual regions can’t be independent. If you just start to play with what sorts of decoupling of regions would be possible, you see very quickly that it’s not something you can do.

Now, is it possible that you would get groups of countries that become more strongly interconnected among themselves and less strongly connected with others? Absolutely. It’s possible to move in that direction. The question becomes, is there an actual decoupling, or do you just have a shift in degree? As with most things in the world, the answer tends toward the shift in degree rather than an abrupt or sharp true change or decoupling.

Lucia Rahilly: Does greater regionalization improve resilience?

Olivia White: To some degree you can say, “Look, if I’m self-sufficient, I’m more resilient.” On the other hand, all of a sudden you depend on yourself for everything, and that’s a point of vulnerability in the same way that getting it only from one other person would be a problem.

There are a whole host of reasons some degree of regionalization might help. You’ve got things closer to you. But dependency just on a few sets of people, whether or not they’re in your region, means you’ve got dependency on just a few points of potential weaknesses rather than a broad web, which in general is a more resilient and robust structure.

Lucia Rahilly: Thanks so much, Olivia. That was such an interesting discussion.

Olivia White: A real pleasure, Lucia. Thank you.

Roberta Fusaro: One example of resilience is AB InBev. Here to talk about how it’s prospering in the face of worldwide disruption is its CFO, Fernando Tennenbaum. This excerpt, “ How to thrive in a downturn: A CFO perspective ,” from our McKinsey Live series, was recorded in December 2022.

Lucia Rahilly: Fernando, we’re confronting an unusual constellation of disruptions: inflation, high interest rates driving up the cost of capital, geopolitical turbulence unexpectedly upending supply chains and sending energy prices spiking—it’s genuinely a volatile moment. Tell us, how is AB InBev faring in the current context?

Fernando Tennenbaum: We’re fortunate to be in a resilient category. Despite these twists and turns in different parts of the world, beer sales have been quite strong. That said, inflation has turned out to be much higher than expected. 2 Market conditions may have changed since this interview was conducted. We need to ensure our operations are in sync with the market, to meet this unique moment. We need to understand the state of the consumer and adjust our operations accordingly.

In emerging markets like Latin America and Africa, inflation is not new news. There are different levels of inflation, but inflation has been a part of these economies for a very long time. Consumers are more used to it, companies are more used to it—and it’s probably a more straightforward discussion.

Lucia Rahilly: You’ve spent much of your career in Latin America where, as you said, inflation has historically been much higher and more volatile than in the US or in Western Europe. Walk us through some of the lessons that we in the US, for example, could learn from.

Fernando Tennenbaum: Make sure that you’re always looking at your customers, and that you’re always keeping up with inflation. You should avoid lagging too much, and you should avoid overpricing compared with inflation. If you do too little or too much, you start disturbing the health of the consumer. If you get it right, it’s probably a good thing for the business. You have to make sure you navigate the rising cost environment while ensuring that the consumer is in a good place, your product is in a good place, and the category is a healthy one. It’s a balancing act.

You should avoid lagging too much, and you should avoid overpricing compared with inflation. If you do too little or too much, you start disturbing the health of the consumer. Fernando Tennenbaum

Lucia Rahilly: AB InBev has a diverse portfolio of brands. Volumes are good. Are customers trading up or down, during this period, between your premium and mass-market brands?

Fernando Tennenbaum: Premiumization continues to be a trend, and consumers continue to trade up to premium brands. Over the course of this year, people often asked whether consumers were trading down—and we see no evidence of trading down. That is true for the US, that is true for Africa, and that is true for Latin America—which is quite unique.

I don’t know if the future will be different; the world is changing so fast. But if you were to ask me ten years from now, I’d expect premium to be even bigger than it is today.

Lucia Rahilly: Let’s talk about uncertainty. The economy could play out in many different ways. How do you manage for that?

Fernando Tennenbaum: Let’s take our debt portfolio. Now is the moment that interest rates are going up. Inflation and borrowing are going up. Overall, this tends to be bad news—but for us, it’s quite the opposite because we don’t have any debt maturing in the next three years. We prepared for this when we saw the world going to a very different place at the beginning of 2020.

We ended up raising some long-term debt and repaying all our short-term debt. Now we’re left with a debt portfolio that has an average maturity of 16 years and no meaningful amount of debt maturing in the next three years—all at a fixed rate. Since we don’t need to refinance, we’re actually buying back our debt. Rising interest rates can be good when you can buy back debt cheaper than it cost to issue.

Lucia Rahilly: You became CFO at AB InBev in 2020, when pandemic uncertainty was at its peak. Talk to us about how you navigated that period.

Fernando Tennenbaum: The first thing we did in 2020 was pump up our cash position. Not that we needed it, but I felt it would give operations peace of mind. To be prepared, we started borrowing a lot of money. And we started taking care of our people. We needed to make sure our people were safe—that was priority number one.

Once we made sure our employees were safe, our operations were safe, then we looked at opportunities and started to fast-forward. I remember we looked at May, for example, and started to see a lot of markets doing well in terms of volume. We had a lot of cash. We started buying back some debt, especially near-term debt, to create even more optionality for the future.

We also accelerated our digital transformation. The moment was uniquely suited for it. Digital was a much better way to reach customers at a time when everybody was afraid to meet in person. In hindsight, the company ended up in a much better place today than it was three years ago—in terms of our portfolio, our digital transformation, and even financially—because we acted very quickly and created a lot of optionality during the first few months of the pandemic.

Lucia Rahilly: Any mistakes to avoid?

Fernando Tennenbaum: Looking back, I wouldn’t have done anything massively different. If I had known the outcome, I might have done things differently. But without knowing the outcome, I felt that the way we managed and the optionality we created set us up well.

Lucia Rahilly: Brewing is such an agriculturally dependent business, and agriculture has been significantly disrupted, both because of the war in Ukraine and because of climate-related risk. As CFO, how do you think about sustainability in terms of longer-term value creation?

Fernando Tennenbaum: Sustainability cuts across the whole of our business. We have a lot of local suppliers—20,000 local farmers. Our brewing processes are natural. The more efficient we are there, the more sustainable we are and, actually, the more profitable we are. We have local operations, and we sell to the local community. And most of our customers are very small entrepreneurs. The more we help them, the better they can run their business. And we say beer is inclusive because we have two billion consumers.

Lucia Rahilly: Is packaging also part of the sustainability approach?

Fernando Tennenbaum: Definitely. For example, we have returnable glass bottles. That’s very efficient, very sustainable, and from an economic standpoint, that’s probably the most profitable packaging we have. It’s also the most affordable for consumers. So it’s good for us, good for the environment, and good for the consumers.

Lucia Rahilly: You said beer is inclusive in part because so many of us drink it. How else do you approach inclusion at AB InBev?

Fernando Tennenbaum: Our two billion consumers are very different from one another. We need to make sure that, as a company, we reflect our consumers. Whenever we look at our colleagues, we need to make sure they reflect the societies where we operate—and we operate in very different societies.

A diverse and inclusive team is going to be a better team. That also applies to our suppliers. For example, if you think about suppliers in Africa, some are very poor. They manage to get access to technology, which means we can track whether they’re receiving the funds we pay them. We can track where agricultural commodities are being sourced. So how we financially empower them is also a very important part of our sustainability strategy.

Lucia Rahilly: Looking ahead, how are you thinking about innovation and investment in technology, in order to enable growth?

Fernando Tennenbaum: Innovation is a key component of beer, and there are two sides to that. One is innovation in products. The other is packaging. In Mexico, for example, we have different pack sizes for different consumption occasions and consumer needs.

Beyond that, there’s also technological innovation. Take our B2B platform, which we started piloting in 2019. Now, three or four years later, we have around $30 billion of GMV [gross merchandise value] in our e-commerce platform, which is accessible in more than 19 countries. That’s the optimal portfolio to improve customer engagement at their point of sale. Before we launched our B2B platform, we used to spend seven minutes per week interacting with our customers. Today, with our B2B platform, we interact with them 30 minutes per week. We increased the number of points of sales. For example, in Brazil, we used to have 700,000 customers, and now we have more than a million customers. Previously, they were buying our products from a distributor. Now we can reach them directly with the B2B system in place.

This connection with our customers means we can do a lot of other things, like our online marketplace, where third-party products generated an annualized GMV of $850 million, up from zero four years ago. That marketplace now continues to grow and to deliver a lot of value for our customers and for ourselves.

Lucia Rahilly: One more question: If you could give one piece of advice to a brand-new CFO of a large, multinational corporation, what would it be in this market?

Fernando Tennenbaum: Make sure you plan for different scenarios. The world is moving very fast, and you can’t expect it to unfold in a certain way. But if you have options, are agile in making decisions, and have a very engaged team, then regardless of the twists and turns, you are able to meet the moment. And you are definitely able to deliver on your objectives.

Lucia Rahilly: I lied. I’m going to ask you one more. How do you see, for these new CFOs, the relationship between sustainability and inclusivity and growth? Do you see those in tension?

Fernando Tennenbaum: There is this myth that you are either sustainable or profitable. At least at AB InBev, we’re sure they go hand in hand. The more sustainable you are, the more profitable you are, and the more value you create for your different stakeholders.

Fernando Tennenbaum is the CFO of Anheuser-Busch InBev. Olivia White is a director of the McKinsey Global Institute and a senior partner in McKinsey’s Bay Area office. Roberta Fusaro is an editorial director in the Waltham, Massachusetts, office, and Lucia Rahilly is global editorial director and deputy publisher of McKinsey Global Publishing and is based in the New York office.

Comments and opinions expressed by interviewees are their own and do not represent or reflect the opinions, policies, or positions of McKinsey & Company or have its endorsement.

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Introduction to Globalization: Strategies and Effects

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Globalization implies the continuing expansion and intensification of economic, political, social, cultural and judicial relations across borders. It is furthered by reductions in transportation and communication costs, the rise of new information technologies, such as the internet, and liberalizations in the markets for goods, services, labor, capital, and technology. Although it also occurs within existing legal structures, globalization in many cases involves political decisions about deregulation, free trade, and the integration of markets. It changes the life styles and living conditions for people around the world, presenting new opportunities to some, but risks and threats to others. Individuals, firms, governments, and transnational organizations that are lifted out of the framework of the nation state, like the World Bank, United Nations, the European Union, and multinational firms all face challenges of how to respond to globalization. The present volume provides important information to private and public decision makers who are choosing strategies for production, investment, and public policy in the increasingly globalized society.

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About globalization.

Globalization is a relatively new term used to describe a very old process that began with our human ancestors moving out of Africa to spread all over the globe.  In the millennia that followed, others forged new routes for migration or followed, propelled by the desire to improve life for one’s self or community. Distance has been largely overcome with barriers reduced to facilitate the exchange of goods and ideas. Helped along by technology, our interconnectedness and interdependence have grown. This increasing integration of the world, or globalization, has enriched life in countless ways, but also created new problems.

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A brief history of globalization

Past and present: A Silk Road-inspired installation outside the National Convention Centre in Beijing Image:  REUTERS/Stringer

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When Chinese e-commerce giant Alibaba in 2018 announced it had chosen the ancient city of Xi’an as the site for its new regional headquarters, the symbolic value wasn’t lost on the company: it had brought globalization to its ancient birthplace, the start of the old Silk Road. It named its new offices aptly: “ Silk Road Headquarters ”. The city where globalization had started more than 2,000 years ago would also have a stake in globalization’s future.

Alibaba shouldn’t be alone in looking back. As we are entering a new, digital-driven era of globalization – we call it “Globalization 4.0” – it is worthwhile that we do the same. When did globalization start? What were its major phases? And where is it headed tomorrow?

This piece also caps our series on globalization. The series was written ahead of the 2019 Annual Meeting of the World Economic Forum in Davos, which focuses on “Globalization 4.0”. In previous pieces, we looked at some winners and losers of economic globalization, the environmental aspect of globalization, cultural globalization and digital globalization . Now we look back at its history. So, when did international trade start and how did it lead to globalization?

Silk roads (1st century BC-5th century AD, and 13th-14th centuries AD)

People have been trading goods for almost as long as they’ve been around. But as of the 1st century BC , a remarkable phenomenon occurred. For the first time in history, luxury products from China started to appear on the other edge of the Eurasian continent – in Rome. They got there after being hauled for thousands of miles along the Silk Road. Trade had stopped being a local or regional affair and started to become global.

That is not to say globalization had started in earnest. Silk was mostly a luxury good, and so were the spices that were added to the intercontinental trade between Asia and Europe. As a percentage of the total economy, the value of these exports was tiny, and many middlemen were involved to get the goods to their destination. But global trade links were established, and for those involved, it was a goldmine. From purchase price to final sales price, the multiple went in the dozens.The Silk Road could prosper in part because two great empires dominated much of the route. If trade was interrupted, it was most often because of blockades by local enemies of Rome or China. If the Silk Road eventually closed, as it did after several centuries, the fall of the empires had everything to do with it. And when it reopened in Marco Polo’s late medieval time, it was because the rise of a new hegemonic empire: the Mongols. It is a pattern we’ll see throughout the history of trade: it thrives when nations protect it, it falls when they don’t.

Spice routes (7th-15th centuries)

The next chapter in trade happened thanks to Islamic merchants. As the new religion spread in all directions from its Arabian heartland in the 7th century, so did trade. The founder of Islam, the prophet Mohammed, was famously a merchant, as was his wife Khadija. Trade was thus in the DNA of the new religion and its followers, and that showed. By the early 9th century, Muslim traders already dominated Mediterranean and Indian Ocean trade; afterwards, they could be found as far east as Indonesia, which over time became a Muslim-majority country, and as far west as Moorish Spain.

The main focus of Islamic trade in those Middle Ages were spices. Unlike silk, spices were traded mainly by sea since ancient times. But by the medieval era they had become the true focus of international trade. Chief among them were the cloves, nutmeg and mace from the fabled Spice islands – the Maluku islands in Indonesia. They were extremely expensive and in high demand, also in Europe. But as with silk, they remained a luxury product, and trade remained relatively low volume. Globalization still didn’t take off, but the original Belt (sea route) and Road (Silk Road) of trade between East and West did now exist.

Age of Discovery (15th-18th centuries)

Truly global trade kicked off in the Age of Discovery . It was in this era, from the end of the 15th century onwards, that European explorers connected East and West – and accidentally discovered the Americas. Aided by the discoveries of the so-called “ Scientific Revolution ” in the fields of astronomy, mechanics, physics and shipping, the Portuguese, Spanish and later the Dutch and the English first “discovered”, then subjugated, and finally integrated new lands in their economies.

The Age of Discovery rocked the world. The most (in)famous “discovery” is that of America by Columbus, which all but ended pre-Colombian civilizations. But the most consequential exploration was the circumnavigation by Magellan: it opened the door to the Spice islands, cutting out Arab and Italian middlemen. While trade once again remained small compared to total GDP, it certainly altered people’s lives. Potatoes, tomatoes, coffee and chocolate were introduced in Europe, and the price of spices fell steeply.

Yet economists today still don’t truly regard this era as one of true globalization. Trade certainly started to become global, and it had even been the main reason for starting the Age of Discovery. But the resulting global economy was still very much siloed and lopsided. The European empires set up global supply chains, but mostly with those colonies they owned. Moreover, their colonial model was chiefly one of exploitation, including the shameful legacy of the slave trade. The empires thus created both a mercantilist and a colonial economy, but not a truly globalized one.

First wave of globalization (19th century-1914)

This started to change with the first wave of globalization, which roughly occurred over the century ending in 1914. By the end of the 18th century, Great Britain had started to dominate the world both geographically, through the establishment of the British Empire, and technologically, with innovations like the steam engine, the industrial weaving machine and more. It was the era of the First Industrial Revolution .

The “British” Industrial Revolution made for a fantastic twin engine of global trade. On the one hand, steamships and trains could transport goods over thousands of miles, both within countries and across countries. On the other hand, its industrialization allowed Britain to make products that were in demand all over the world, like iron, textiles and manufactured goods . “With its advanced industrial technologies,” the BBC recently wrote , looking back to the era, “Britain was able to attack a huge and rapidly expanding international market.”

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The resulting globalization was obvious in the numbers. For about a century, trade grew on average 3% per year. That growth rate propelled exports from a share of 6% of global GDP in the early 19th century, to 14% on the eve of World War I. As John Maynard Keynes, the economist, observed : “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole Earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep.”

And, Keynes also noted, a similar situation was also true in the world of investing. Those with the means in New York, Paris, London or Berlin could also invest in internationally active joint stock companies. One of those, the French Compagnie de Suez, constructed the Suez Canal, connecting the Mediterranean with the Indian Ocean and opened yet another artery of world trade. Others built railways in India, or managed mines in African colonies. Foreign direct investment, too, was globalizing.

While Britain was the country that benefited most from this globalization, as it had the most capital and technology, others did too, by exporting other goods. The invention of the refrigerated cargo ship or “reefer ship” in the 1870s, for example, allowed for countries like Argentina and Uruguay, to enter their golden age. They started to mass export meat, from cattle grown on their vast lands. Other countries, too, started to specialize their production in those fields in which they were most competitive.

But the first wave of globalization and industrialization also coincided with darker events, too. By the end of the 19th century, the Khan Academy notes, “most [globalizing and industrialized] European nations grabbed for a piece of Africa, and by 1900 the only independent country left on the continent was Ethiopia”. In a similarly negative vein, large countries like India, China, Mexico or Japan, which were previously powers to reckon with, were not either not able or not allowed to adapt to the industrial and global trends. Either the Western powers put restraints on their independent development, or they were otherwise outcompeted because of their lack of access to capital or technology. Finally, many workers in the industrialized nations also did not benefit from globalization, their work commoditized by industrial machinery, or their output undercut by foreign imports.

The world wars

It was a situation that was bound to end in a major crisis, and it did. In 1914, the outbreak of World War I brought an end to just about everything the burgeoning high society of the West had gotten so used to, including globalization. The ravage was complete. Millions of soldiers died in battle, millions of civilians died as collateral damage, war replaced trade, destruction replaced construction, and countries closed their borders yet again.

In the years between the world wars, the financial markets, which were still connected in a global web, caused a further breakdown of the global economy and its links. The Great Depression in the US led to the end of the boom in South America, and a run on the banks in many other parts of the world. Another world war followed in 1939-1945. By the end of World War II, trade as a percentage of world GDP had fallen to 5% – a level not seen in more than a hundred years.

Second and third wave of globalization

The story of globalization, however, was not over. The end of the World War II marked a new beginning for the global economy. Under the leadership of a new hegemon, the United States of America, and aided by the technologies of the Second Industrial Revolution, like the car and the plane, global trade started to rise once again. At first, this happened in two separate tracks, as the Iron Curtain divided the world into two spheres of influence. But as of 1989, when the Iron Curtain fell, globalization became a truly global phenomenon.

In the early decades after World War II, institutions like the European Union, and other free trade vehicles championed by the US were responsible for much of the increase in international trade. In the Soviet Union, there was a similar increase in trade, albeit through centralized planning rather than the free market. The effect was profound. Worldwide, trade once again rose to 1914 levels: in 1989, export once again counted for 14% of global GDP. It was paired with a steep rise in middle-class incomes in the West.

Then, when the wall dividing East and West fell in Germany, and the Soviet Union collapsed, globalization became an all-conquering force. The newly created World Trade Organization (WTO) encouraged nations all over the world to enter into free-trade agreements, and most of them did , including many newly independent ones. In 2001, even China, which for the better part of the 20th century had been a secluded, agrarian economy, became a member of the WTO, and started to manufacture for the world. In this “new” world, the US set the tone and led the way, but many others benefited in their slipstream.

At the same time, a new technology from the Third Industrial Revolution, the internet, connected people all over the world in an even more direct way. The orders Keynes could place by phone in 1914 could now be placed over the internet. Instead of having them delivered in a few weeks, they would arrive at one’s doorstep in a few days. What was more, the internet also allowed for a further global integration of value chains. You could do R&D in one country, sourcing in others, production in yet another, and distribution all over the world.

The result has been a globalization on steroids. In the 2000s, global exports reached a milestone, as they rose to about a quarter of global GDP . Trade, the sum of imports and exports, consequentially grew to about half of world GDP. In some countries, like Singapore, Belgium, or others, trade is worth much more than 100% of GDP. A majority of global population has benefited from this: more people than ever before belong to the global middle class, and hundred of millions achieved that status by participating in the global economy.

Globalization 4.0

That brings us to today, when a new wave of globalization is once again upon us. In a world increasingly dominated by two global powers, the US and China, the new frontier of globalization is the cyber world. The digital economy, in its infancy during the third wave of globalization, is now becoming a force to reckon with through e-commerce, digital services, 3D printing. It is further enabled by artificial intelligence, but threatened by cross-border hacking and cyberattacks.

At the same time, a negative globalization is expanding too, through the global effect of climate change. Pollution in one part of the world leads to extreme weather events in another. And the cutting of forests in the few “green lungs” the world has left, like the Amazon rainforest, has a further devastating effect on not just the world’s biodiversity, but its capacity to cope with hazardous greenhouse gas emissions.

Globalization 4.0 – what it means and how it could benefit us all

What a football shirt tells us about globalization 4.0, here’s what a korean boy band can teach us about globalization 4.0, we can make sure globalization 4.0 leaves no one behind. this is how.

But as this new wave of globalization is reaching our shores, many of the world’s people are turning their backs on it. In the West particularly, many middle-class workers are fed up with a political and economic system that resulted in economic inequality, social instability, and – in some countries – mass immigration, even if it also led to economic growth and cheaper products. Protectionism, trade wars and immigration stops are once again the order of the day in many countries.

As a percentage of GDP, global exports have stalled and even started to go in reverse slightly. As a political ideology, “globalism”, or the idea that one should take a global perspective, is on the wane. And internationally, the power that propelled the world to its highest level of globalization ever, the United States, is backing away from its role as policeman and trade champion of the world.

It was in this world that Chinese president Xi Jinping addressed the topic globalization in a speech in Davos in January 2017. “Some blame economic globalization for the chaos in the world,” he said . “It has now become the Pandora’s box in the eyes of many.” But, he continued, “we came to the conclusion that integration into the global economy is a historical trend. [It] is the big ocean that you cannot escape from.” He went on the propose a more inclusive globalization, and to rally nations to join in China’s new project for international trade, “Belt and Road”.

It was in this world, too, that Alibaba a few months later opened its Silk Road headquarters in Xi’an. It was meant as the logistical backbone for the e-commerce giant along the new “Belt and Road”, the Paper reported . But if the old Silk Road thrived on the exports of luxurious silk by camel and donkey, the new Alibaba Xi’an facility would be enabling a globalization of an entirely different kind. It would double up as a big data college for its Alibaba Cloud services.

Technological progress, like globalization, is something you can’t run away from, it seems. But it is ever changing. So how will Globalization 4.0 evolve? We will have to answer that question in the coming years.

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Effects of Economic Globalization

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

Social Studies, Economics, World History

Bangladesh Garment Workers

The garment industry in Bangladesh makes clothes that are then shipped out across the world. It employs as many as four million people, but the average worker earns less in a month than a U.S. worker earns in a day.

Photograph by Mushfiqul Alam

Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. A Historical View Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures, and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people. The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America. Benefits of Globalization Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies. With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry , for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts. Globalization affects services, too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school. Consumers benefit also. In general, globalization decreases the cost of manufacturing . This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes. Downsides Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less expensive labor market. The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections. Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization. Into the Future Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

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Globalization

Mar 12, 2019

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Globalization. Globalization. Globalization is the process of increasing interdependence among countries and their citizens. Economic globalization is the process of increasing economic interdependence among countries and their citizens. Economic Globalization: International Flows.

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• public goods
• foreign countries
• free trade policy
• foreign producers hire workers

Presentation Transcript

Globalization • Globalization is the process of increasing interdependence among countries and their citizens. • Economic globalization is the process of increasing economic interdependence among countries and their citizens.

Economic Globalization:International Flows

The Global Circular Flow • Opening the economy adds ten new flows: • U.S. citizens buy foreign produced goods and services (imports). • U.S. producers sell their goods and services abroad (exports). • U.S. producers hire foreign workers. • U.S. producers finance investment with foreign savings.

The Global Circular Flow • Opening the economy adds ten new flows: • U.S. citizens send saving abroad—buy foreign stocks and bonds, put money in foreign banks • U.S. citizens supply labor to foreign companies or in foreign countries • Foreign countries supply labor in the U.S. labor market

The Global Circular Flow • Opening the economy adds ten new flows: • Foreign citizens place savings in the U.S.—buy U.S. stocks and bonds, put money in U.S. banks • Foreign producers hire workers in the U.S. • Foreign producers finance investment with U.S. saving

The Global Circular Flow • Efficiency in any economy, even the world economy, is achieved if capital and labor can move freely to where their productivity is the highest—where factors of production are put to wok in their “highest and best uses.”

A Brief History ofEconomic Globalization • Economic historian Jeffrey Williamson classifies the period of 1820-1914 as the first great period of globalization and the period since World War II as the second.

A Brief History ofEconomic Globalization • Many dimensions of globalization are new today: • Sharp reductions in trade barriers • Increases in the flows of information and commerce over the Internet • Increased speed and lower cost of travel • Different nature of international relations.

The Free-Trade Debate Revisited • The argument for free trade rests on two pieces of intuition: • Voluntary exchange is efficient, and • Comparative advantage. A country enjoys a comparative advantage in the production of a good if the production of that good has a lower opportunity cost than it would have if produced in another country.

The Free-Trade Debate Revisited • Those who oppose trade make a number of arguments: • Buying imports simply ships jobs abroad • How can we compete with countries who pay low wages? • Free trade will hurt the environment. • The power of organizations like the WTO can undermine national sovereignty.

The Free-Trade Debate Revisited • Proponents of free trade have a number of counter arguments: • We can’t buy from countries unless they simultaneously buy from us. Exports to Mexico grew from $46 billion in 1995, just after NAFTA went into effect to $111 billion by 2000.

The Free-Trade Debate Revisited • Proponents of free trade have a number of counter arguments: • Protecting an industry from foreign competition to save jobs will cost jobs in those sectors which would expand with free trade. • Protecting an industry can lead to inefficiency and a lack of ability to compete in world markets later on.

The Free-Trade Debate Revisited • Proponents of free trade have a number of counter arguments: • Keeping the unemployment rate low is a macroeconomic issue. The correct tools for fighting unemployment are fiscal and monetary policies, not anti-trade policies. • If the objective is to reduce poverty, how can preventing trade help?

The Free-Trade Debate Revisited • Proponents of free trade have a number of counter arguments: • The real hope for an improved environment is growth and responsible government. Feeding the citizenry comes first, and improving the environment comes later.

The Free-Trade Debate Revisited • One final issue is the debate over genetically modified (GM) foods which are strains of food that have been genetically modified. Examples include insect and herbicide-resistant soybeans, corn, and cotton and rice with increased iron and vitamins.

Trade, Growth, and Poverty • Controlling for other determinants of poverty and growth, is trade a plus or a minus? • Studies show that countries that were more integrated into the world economy grew faster than those that were less integrated. • When countries grow, the income of the lowest fifth of the income distribution rises at about the same rate as aggregate income.

The Globalization of Labor Markets:The Economics of Immigration • The first “Great Migration” in the United States occurred between 1880 and 1924, when 25.8 million immigrants entered the country, a figure that represented 40% of the period’s total population increase.

The Globalization of Labor Markets:The Economics of Immigration • The Immigration Reform and Control Act (1986) granted amnesty to about 3 million illegal aliens and imposed a strong set of employer sanctions designed to slow the flow of immigrants into the United States. • The Immigration Act of 1990 increased the number of legal immigrants allowed into the United States each year by 150,000.

The Globalization of Labor Markets:The Economics of Immigration

Economic Argumentsfor Free Immigration • Free immigration increases world output. • If the productivity of low-wage workers is higher in the United States than in Mexico, the same labor force produces more total output after immigration, and world output rises.

Economic Argumentsfor Free Immigration • Free immigration increases world output. • Immigrants do not necessarily displace U.S. workers but rather take jobs that Americans simply do not want. • Almost all U.S. citizens except Native Americans have recent ancestors who came to this country as immigrants.

The ArgumentAgainst Free Immigration • The distribution of income is likely to change in response to immigration, affecting the returns to both labor and capital. • Immigrants take jobs away from low-income Americans and drive up unemployment rates. • Immigrants end up on welfare rolls and become a burden to taxpayers.

The Evidence:The Net Costs of Immigration • David Card of Berkeley looked at the impact of the large inflow of Cuban immigrants in 1980 on wages and unemployment in the Miami area. • He found virtually no effect. • Other studies suggest that low-skilled immigrants caused one third of the drop in the wages of high-school dropouts.

The Evidence:The Net Costs of Immigration • First-generation immigrants as a whole might be paying more in taxes than they collect in means-tested benefits such as welfare. • But there has been a dramatic drop in the level of education, experience, and skills among immigrants. They contribute less in tax revenues than the amount they collect in benefits.

Capital Mobility • The argument for free and open financial market mobility is that capital should flow to its highest and best use.

Capital Mobility • To reduce the volatility of capital flows to emerging-market countries, countries can shut themselves from international capital flows. • But the revealed preference of these countries is to stay involved with the international financial system.

Public Policy and Globalization • Other policy debates beyond the issues of free trade and free mobility of resources include: • Global public goods, or externalities • The impact of non-governmental organizations (NGO’s) on world growth, and their powerful roles in enforcing international monetary agreements and trade rules.

Global Externalities and Public Goods • Public goods, sometimes called social goods, are goods or services that bestow collective benefits on members of society. • Taking action to slow global warming presumably would produce a worldwide public good. Since no nation can be excluded, and the impact on a single nation is small, there is no incentive to contribute.

Global Externalities and Public Goods • An externality is a cost or a benefit resulting from some activity or transaction that is imposed or bestowed on some party outside the activity or transaction. • One of the functions of government is to “internalize” externalities with something like a pollution tax.

Global Externalities and Public Goods • If the number of countries is small, bargaining and negotiation may resolve the issue. But where large numbers of jurisdictions are involved, the public goods’ problems arise.

Nongovernmental Organizations and International Economics: The Washington Consensus • While there is considerable disagreement about who formed it or how strongly it was designed to be enforced, a set of objectives or goals were laid down for countries that the IMF was financing. • What came to be referred to as the “Washington Consensus” had ten elements.

Nongovernmental Organizations and International Economics: The Washington Consensus • Fiscal discipline—modest budget deficits or balanced budget, • public expenditure priorities in health and education, • tax reform—the tax base should be broad and marginal tax rates should be low, • positive but moderate market-determined interest rates,

Nongovernmental Organizations and International Economics: The Washington Consensus • a competitive—ideally floating—exchange rate as the “first essential element of an outward-oriented economic policy, • import liberalization—essentially a free trade policy for reduced tariffs, • openness to foreign investment,

Nongovernmental Organizations and International Economics: The Washington Consensus • privatization—“based on the idea that private industry is managed more efficiently than public enterprises.” • deregulation, and • protection of property rights. • Clearly, considerable disagreement existed about the degree to which these elements should or could be enforced. A new consensus has emerged for gradualism.

Globalization,Capitalism, and Democracy • Advocates of globalization often are staunch supporters of laissez faire capitalism. • But the issue of openness and the desirability of interdependence between national economies probably does not depend on the kind of economic or political system that a country chooses to establish.

Globalization,Capitalism, and Democracy • The terms democracy and dictatorship refer to the institutions of government and to the process of public choice. • The terms socialism and capitalism refer, on the other hand, to the economic institutions that determine the allocation of resources.

Globalization,Capitalism, and Democracy • A pure socialist economy is one in which the government owns the land and capital and in which resources are allocated essentially by a central government plan. • A laissez faire capitalist economy is one in which the government plays virtually no role in directing the economy.

Globalization,Capitalism, and Democracy • The debate is really not about government vs. no government. It is instead about the role of government in the economy in addition to: • Providing public goods • Regulating monopoly power • Internalizing external costs and benefits • Ensuring that all economic agents are well informed

Globalization,Capitalism, and Democracy • More debatable issues about the role of government in the economy include: • Government involvement in income redistribution, and • The potential role of government in stabilizing the economy. • Economists as a whole tend to favor globalization, but there is a wide range of opinion on the proper role of government in the economy.

A Final Word • A powerful logic exists in support of economic openness: • The free flow of resources and goods and services across national borders, driven by efficient economic incentives, including the desire to maximize profit, is likely to make citizens better off than if borders were closed and economies turned inward.

Review Terms and Concepts comparative advantage economic globalization externality genetically modified (GM) foods globalization The Immigration Act of 1990 The Immigration Reform and Control Act (1986) public goods, or social goods Washington Consensus

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