GEOG 1HB3 Lecture Notes - Lecture 5: Slazenger, North American Free Trade Agreement, Mercosur

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Key transformations of the global economic system: communication & transportation, elimination of trade barriers, transnational corporations (outline for the next two weeks) Glo(cid:271)alizatio(cid:374), it"s a(cid:271)out the (cid:272)o(cid:374)(cid:374)e(cid:272)ti(cid:374)g of (cid:373)a(cid:374)(cid:455) differe(cid:374)t pla(cid:272)es through different economic systems. Globalization: increasing interconnectedness of people and societies around the world. (the second definition is provided in the textbook) Two dimensions of globalization: globalization: processes through which the world is becoming a single world society- a global village. A village is a place where everyone is connected to one another, where everyone gets along, where everyone speaks the same language, etc. For e(cid:454)a(cid:373)ple: chi(cid:374)a"s e(cid:272)o(cid:374)o(cid:373)(cid:455) was (cid:271)oo(cid:373)i(cid:374)g (cid:455)ears ago, it had a ripple affect, other countries economics also boomed, and vice versa: globalization: production and consumption of goods and services. A global shopping mall and a global assembly line. The emergence of a globalized economy is best illustrated via the rapid growth in world trade.

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