What is Globalization?

Countries under Study

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Inequality

Economic inequality (or "wealth and income differences") comprises all disparities in the distribution of economic assets and income.

Adam Smith

-Adam Smith, one of the first economists and a classical economist, was a proponent of globalization. -Smith rejected mercantilism, arguing that government involvement in trade is unnecessary, and that free trade is inherently beneficial. -Smith's writings profoundly influenced the globalization process.

Imports

A commodity, article, or service brought in from abroad for sale.

Exports

A commodity, article, or service sold abroad.

Taiwan

A developed capitalist economy that ranks as the 19th largest in the world by purchasing power parity (the state or condition of being equal, esp. regarding status or pay).

South Korea

A market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD.

Thailand

A newly industrialized economy. It is a heavily export-dependent economy, with exports accounting for more than two thirds of gross domestic product (GDP).

Capital

Cash or goods used to generate income either by investing in a business; components of infrastructure.

Demographic Change

Measurable shift in the characteristics of a geographically-defined population.

Industrialization

The development of industry on an extensive scale.

India

The economy is the eleventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. In 2011, the country's per capita income stood at $3,694 IMF, 129th in the world, thus making a lower-middle income economy.

Japan

The economy of Japan is the third largest in the world after the United States and the People's Republic of China and is the world's second largest developed economy.

Development

The process of raising the level of prosperity and material living in a society through increasing the productivity and efficiency of its economy.

Globalization

The simple definition of globalization is the interweaving of markets, technology, information systems, and telecommunications networks in a way that is shrinking the world from a size medium to a size small. It began decades ago, but accelerated dramatically over the past 10 years, as the price of computing power fell and the world became an ever-more densely interconnected place.

Poverty

The state of being extremely poor.

China

The world's second largest economy by nominal GDP and by purchasing power parity after the United States. It is the world's fastest-growing major economy, the largest exporter, and second largest importer of goods in the world.