Globalization

Globalization The trend toward greater interconnectedness of the world’s financial, economic, technological, political, cultural, sociological, and ecological systems. Some argue it improves living standards, while others say that it is more harmful than beneficial.

Financial Globalization Interconnection of the world’s financial systems. Stock Market.

Economic Globalization The interconnection of companies and corporations around the world. Multinational or Transnational Corporations such as Coca Cola, Microsoft etc.

Technological Globalization The growth of the technological revolution has created a global village. The internet, cell phones etc.

Political Globalization The growing inter-connection between countries and international organizations. Free trade, UN, NATO etc.

Cultural Globalization The gradual harmonization of the world’s cultures at the expense of distinctly different local cultures. Pop culture, movies, music, language, sports.

Ecological Globalization The idea that we must treat the planet as a single ecosystem. Ozone depletion and Kyoto Protocol

Sociological Globalization The idea that the citizens of the world are part of a global society rather than individual nations and cultures. Common morals, ideas, ethics.

Dubai An excellent example of globalization

Dubai Background: 1000 years old A part of the United Arab Emirates (UAE) 1 family rules it Small size (1/2 size of Toronto) and population 81% foreign born, mostly expats Little oil (unlike other Middle eastern countries) Subtropical desert climate

Dubai What has Dubai done? 1. Tourism Many attractions (world’s largest and only ‘7 star’ hotel) Many events (major golf, tennis and horse racing) Much shopping (largest shopping mall) Tropical climate Unique experiences (indoor skiing and skateboarding)

Dubai 2. Air Travel Main hub for flights between Africa, Asia and Europe 30 million passengers in 2006 Building world’s largest airport

Dubai 3. Finance and Business Business centre for Arab world “Knowledge Village” has many major colleges and universities Free trade zones

Dubai How is Dubai so successful? 1. Creating a Globalization Friendly Environment Politically stable (unlike much of Middle East) English speaking Tolerant of non-Muslims (i.e. alcohol and other religious buildings allowed)

Example: Wild Wadi Water Park

Dubai How so successful? 2. Selling the Brand Biggest mall, airport, hotel etc. Exciting, unique and attractive

Dubai How so successful? 3. Investment From EU, USA, Japan etc. Political and economic security Good profits

Controversy The Good…. Global village: sharing info High technology for many people Free trade (no taxes) More opportunities for poorer countries

Controversy The Bad Destruction of local cultures Stunts (prevents) success for small/local business Rich get richer, the poor get poorer Allows you to do things that are illegal in your country in other countries (i.e. sweat shops, bad environmental practices) Values short term gains over long term consequences (i.e. the envrionment) ‘Moral laxity’