GLOBALIZATION AND THE INFORMATION AGE (1973-1990)

GLOBALIZATION AND THE INFORMATION AGE

1973-1990's

Ending the Cold War politics of division allowed for a global marketplace to emerge in the 1990's. New technologies, including the internet, connected people instantly. This trend of linking nations is known as globalization. Globalization can create opportunities in less developed countries while eliminating jobs in more developed countries as production moves to cheaper labor markets.

Cooperation between nations coming out of the Cold War era changed how business would be done based on new agreements, such as the Free trade agreements. These agreements had both positive and negative effects. For example, the North American Free Trade Agreement (NAFTA) increased trade & economic growth but also led to the loss of certain jobs, such as U.S. manufacturing jobs that moved. to Mexico. Trade rules between nations fell under the direction of the World Trade Organization. The ability to operate in multiple countries gave rise to multinational corporations. In addition to the United Nations, the annual meetings of the G20 address crises facing the world. Nations also unite under commitments like the Universal Declaration of Human Rights and the Paris Climate Agreement.

The network of information accessible through the World Wide Web. enables the international exchange of goods, services, & ideas. The Internet and the growth of mobile technologies make this marketplace increasingly accessible anytime & anywhere. 

VOCABULARY

Globalization- the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

free trade agreement - a pact between two or more nations to reduce barriers to imports and exports between or among them. Under a free trade policy, goods and services can be bought & sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.

North American Free Trade Agreement (NAFTA)- an agreement among the United States, Canada, and Mexico designed to remove tariff barriers between the three countries, Signed in 1992

World Trade Organization-international institution that oversees the global trade rules among nations.

multinational corporation - a company that owns or controls the production of goods or services in at least one country other than its home country

G20 (or, Group of 20)- an international forum for the governments and central bank governors from 19 countries and the European Union (EU) which meets. annually to address the world's crises.

Universal Declaration of Human Rights - a milestone document in the history of human rights. It sets out, for the first time, fundamental human rights to be universally protected and it has been translated into over 500 languages.

Top Paris Climate Agreement- global agreement within the United Nations Framework Convention on Climate Change aimed at reducing greenhouse gas emissions.

World Wide Web-system of Information, including web pages linked to other networked related pages, files, source documents, definitions, & other web-based resources.

Internet- a global-wide area network that connects computer systems across the world.