Globalization Globalization The trend toward greater interconnectedness of

Globalization

Globalization �The trend toward greater interconnectedness of the world’s financial, economic, technological, political, cultural, sociological, and ecological systems. �Some argue it improves living standards, while others say that it is more harmful than beneficial.

Financial Globalization �Interconnection of the world’s financial systems. �Stock Market.

Economic Globalization �The interconnection of companies and corporations around the world. �Multinational or Transnational Corporations such as Coca Cola, Microsoft etc.

Technological Globalization �The growth of the technological revolution has created a global village. �The internet, cell phones etc.

Political Globalization �The growing inter-connection between countries and international organizations. �Free trade, UN, NATO etc.

Cultural Globalization �The gradual harmonization of the world’s cultures at the expense of distinctly different local cultures. �Pop culture, movies, music, language, sports.

Ecological Globalization �The idea that we must treat the planet as a single ecosystem. �Ozone depletion and Kyoto Protocol

Sociological Globalization �The idea that the citizens of the world are part of a global society rather than individual nations and cultures. �Common morals, ideas, ethics.

Dubai �An excellent example of globalization

Dubai �Background: � 1000 years old �A part of the United Arab Emirates (UAE) � 1 family rules it �Small size (1/2 size of Toronto) and population � 81% foreign born, mostly expats �Little oil (unlike other Middle eastern countries) �Subtropical desert climate

Dubai What has Dubai done? 1. Tourism �Many attractions (world’s largest and only ‘ 7 star’ hotel) �Many events (major golf, tennis and horse racing) �Much shopping (largest shopping mall) �Tropical climate �Unique experiences (indoor skiing and skateboarding)

Dubai � 2. Air Travel �Main hub for flights between Africa, Asia and Europe � 30 million passengers in 2006 �Building world’s largest airport

Dubai 3. Finance and Business �Business centre for Arab world �“Knowledge Village” has many major colleges and universities �Free trade zones

Dubai How is Dubai so successful? 1. Creating a Globalization Friendly Environment �Politically stable (unlike much of Middle East) �English speaking �Tolerant of non-Muslims (i. e. alcohol and other religious buildings allowed)

Example: Wild Wadi Water Park

Dubai How so successful? 2. Selling the Brand �Biggest mall, airport, hotel etc. �Exciting, unique and attractive

Dubai How so successful? 3. Investment �From EU, USA, Japan etc. �Political and economic security �Good profits

Controversy �The Good…. �Global village: sharing info �High technology for many people �Free trade (no taxes) �More opportunities for poorer countries

Controversy �The Bad �Destruction of local cultures �Stunts (prevents) success for small/local business �Rich get richer, the poor get poorer �Allows you to do things that are illegal in your country in other countries (i. e. sweat shops, bad environmental practices) �Values short term gains over long term consequences (i. e. the envrionment) �‘Moral laxity’