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currently in the process of becoming an industrial nation MNC multinational companies WESTERNIZATION OF THE WORLD EU OIL Awum wmn mmm asimilation of western culture the social process becoming familiar with or Converting to the customs and practices of Wester~ civilization LIBERALIZATION OF MARKETS markets are spreading and connecting OECD organization of economic cooperation and development ⇒ organization of industrialised countries encouraging trade growth and economic PRICE TIME -SPECULATIVE BUBBLE- popular product b greater demand ↓ layoffs are increasing pri ces RECESSION a period of temporary economic decline during which trade and industrial activity are reduced b lower demand people are afraid that prices will fall again q products are traded above their own value lack of TECHNICAL TERMS investment sell their products quickly воом -over offer - lower prices →→ purchasing power of money changes bation devaluation of money INFLANTION increase in deployment goods and services ECONOMIC BOOM a period of outstanding economic growth or expansion ↓ more expensive high increase in economic activity TIME 1492-1800 1800-2000 2000-NOW SHRANK THE WORLD FROM ... LARGE → MEDIUM COUNTRIES GLOBALIZING MEDIUM → SMALL COMPANIES GLOBALIZING SMALL →→TINY INDIVIDUALS COLLABORATING AND COMPETING windpower ERAS OF GLOBALIZATION KEY AGENT OF FORCE Steampower how much BRAWN your country had and how creatively you could deplay it MULTINATIONAL --- went global for markets and labor recognition by individuals of possibilities of import; COMPANIES -Collabration with others further technological progress -breaking down walls and knitting the world TOGETHER From Thomas L. Friedman - The world is Flat MAIN IDEA POSITIVE ASPECTS 凸 D -driving globale integration -early version of, AD World Wide Web Win maturation of global and economy technologie -opportunity to work with - INDIVIDUALS other • breakthroughs in -breakthroughs in hardware technologie Thardware • collobaration with geobally - much more diverse o brec individuals from every corner of the wored are being empowered reaking down the walls • nobody was taking advantage of somebody else cultural and intellectual exchange others • auti tsourcing omuch more diverse individual impact globally O NEGATIVE ASPECTS competitiv only those who offer the most are allowed to participate •Slavery, inequality o different currencies make trade more difficult more pollution because of indust- Halization smaller foreign countries get no foothold in international tradings •depent on other countries •countries do not profit in the same way 0 African countries exploited • job loosses to machines PRICE TIME -SPECULATIVE BUBBLE- popular product b greater demand ↓ layoffs are increasing pri ces RECESSION a period of temporary economic decline during which trade and industrial activity are reduced b lower demand people are afraid that prices will fall again q products are traded above their own value lack of TECHNICAL TERMS investment sell their products quickly воом -over offer - lower prices →→ purchasing power of money changes bation devaluation of money INFLANTION increase in deployment goods and services ECONOMIC BOOM a period of outstanding economic growth or expansion ↓ more expensive high increase in economic activity