Globalization The trend toward greater interconnectedness of the world’s financial, economic, technological, political, cultural, sociological, and ecological.

GlobalizationThe 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 GlobalizationInterconnection of the world’s financial

systems.Stock Market.

Economic GlobalizationThe interconnection of companies and

corporations around the world. Multinational or Transnational Corporations

such as Coca Cola, Microsoft etc.

Technological GlobalizationThe growth of the technological revolution

has created a global village.The internet, cell phones etc.

Political GlobalizationThe growing inter-connection between

countries and international organizations.Free trade, UN, NATO etc.

Cultural GlobalizationThe 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 GlobalizationThe idea that the citizens of the world are

part of a global society rather than individual nations and cultures. Common morals, ideas, ethics.

DubaiAn excellent example of globalization

Dubai

Background:1000 years old A part of the United Arab Emirates (UAE)1 family rules itSmall size (1/2 size of Toronto) and population81% foreign born, mostly expatsLittle oil (unlike other Middle eastern countries)Subtropical desert climate

DubaiWhat has Dubai done?

1. TourismMany attractions (world’s largest and only ‘7 star’

hotel)Many events (major golf, tennis and horse racing)Much shopping (largest shopping mall)Tropical climateUnique experiences (indoor skiing and

skateboarding)

Dubai

2. Air TravelMain hub for flights between Africa, Asia and

Europe30 million passengers in 2006Building world’s largest airport

Dubai

3. Finance and BusinessBusiness centre for Arab world“Knowledge Village” has many major colleges

and universitiesFree trade zones

DubaiHow is Dubai so successful?

1. Creating a Globalization Friendly EnvironmentPolitically stable (unlike much of Middle East)English speakingTolerant of non-Muslims (i.e. alcohol and other

religious buildings allowed)

Example: Wild Wadi Water Park

DubaiHow so successful?

2. Selling the BrandBiggest mall, airport, hotel etc.Exciting, unique and attractive

DubaiHow so successful?

3. InvestmentFrom EU, USA, Japan etc.Political and economic securityGood profits

ControversyThe Good….

Global village: sharing infoHigh technology for many peopleFree trade (no taxes)More opportunities for poorer countries

ControversyThe Bad

Destruction of local culturesStunts (prevents) success for small/local businessRich get richer, the poor get poorerAllows 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’