04 - CHARACT GLOBAL ECONOMY

GEO ECONOMIC CHANGES

Marc Vachon

Geography Department

University of Winnipeg

4- Major Characteristics of the Global Economy

5- Problems of Developing Countries in a Globalizing Economy

MAJOR CHARACTERISTICS OF THE GLOBAL ECONOMY

Characteristics Overview

The global economy has emerged from an information-based production and competitive landscape characterized by several key traits:

1. Interdependence

• Nations rely on each other for goods, services, and economic stability.

2. Asymmetry

• Disparities in wealth and power among countries lead to uneven benefits from globalization.

3. Increasing Diversification Within Each Region

• Regions are exhibiting a broader range of industries and economic activities, leading to more complex interaction and dependencies.

4. Selective Inclusiveness

• Only certain segments or industries of developing countries are integrated into the global economy, often leaving out others.

5. Exclusionary Segmentation

• Certain groups or sectors are intentionally excluded from economic benefits, reflecting inequities in access to resources and opportunities.

Problems of Developing Countries in a Globalizing Economy

Focus Areas

The discussion on developing countries will center around three significant issues:

1. Employment, unemployment, and underemployment in developing countries.

2. The formal and informal sectors in developing country labor markets.

3. The rural-urban dimension affecting economic opportunities.

Summary

• Discussed 5 major characteristics of the Global Economy.

• Explored the problems faced by Developing Countries in a Globalizing Economy.

• Focused on 3 major aspects (problems) of integrating the Developing World into the Globalizing Economy.