RI Impacts of Globalisation Summary Slides

Q15. Economic ImpactsBenefitsCosts•Accessto foreign markets and lowered costs of production•Opportunities for employmentand higher wages •Easier access to capital (lower interest rates for loans)•Greater varietyof goods and services and lower prices•Technologyand skill transfers •Disruption and change caused by outsourcing and competition•Increased market volatility and vulnerability to shocks/crises•Widening inequalitywithin and between countries due to uneven distribution of benefits•Resource depletion and environmental degradation

Q15. Cultural ImpactsBenefitsCosts•Global spread of cultures has people around the world more aware of various cultures•Hybridisation creates new cultural products that increases the diversity of cultures•Resistance to cultural convergence can rejuvenatetraditions and “lost” cultures •Traditions and practices gradually diminishas locals adopt foreign cultural counterparts e.g. languages, religions, clothing•Resistance and opposition can result in tensionsbetween local and foreign (e.g. xenophobia) that may escalate into outright violence

Q15. Political ImpactsBenefitsCosts•IGOs give small states a voiceon issues of concern (e.g.SIDS on climate change)•International law also protects smaller states and helps advance their interests (e.g.PedraBrancaICJ ruling)•States better able to project soft powerthrough economic and cultural flows •State sovereignty undermined as decision-making is influenced by external pressures (from IGOs, INGOs and MNCs)•New security threats: violent extremism, cybercrime•Identity politics (ethnic, religious, issues-based) can affect sense of loyalty to state