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fair trade,”is one alternative proposed that values equity throughout theinternational trade system so that producers are given a fair wage for theirwork. Fair trade coffee, chocolate, and bananas are a few of the products youcan find that are more expensive
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Read moreliving wages,”Many multinational corporations often work with governments to prevent bargaining for this which is a a minimum scale of pay that supports healthy life.This is in the interest of MNCs
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Read moreresistance to free trade and globalization,”Many people all over the world have opposed structural adjustment and freetrade policies
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Read moreWorld Trade Organization (WTO),”is a global institution made up of membercountries whose stated mission is the lowering of trade barriers and the establishment ofground rules for international trade.Two organizations related to free trade and the WTO are the World Bank (theInternational Bank for Reconstruction and Development) and the International MonetaryFund (IMF).• These organizations make loans to countries that need to pay for economic developmentor financial adjustment projects.• Before approving a loan, the IMF or World Bank may require the borrowing country toreduce certain tariffs and import quotas. These are part of structural adjustment policiesthat require austerity measures be taken, reducing or privatizing government services
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Read morefree trade,”refers to the unrestricted international exchange of goods, services
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Read moreworkers in the global economy,”Workers in the global economy are oftendependent on circumstances outside oftheir control for their subsistence.Industries, such as tourism, can provide asource of income for locals, but it isdependent on global demand and thebalance sheets of multinationalcorporations.Similarly, workers in the United States areleft unemployed when factories relocateto places with lower labor costs.Finally, illegal migrant workers, who leavetheir homes to look for new jobopportunities in other countries
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Read moremultinational corporations,”drive economic globalization. They havegeographically dispersed supply chains, allowing them to take advantage of differenttypes of economic activity (tertiary, primary, quaternary, etc.) and lower costs indifferent areas for particular types of labor. A multinational corporation is a businessorganization that operates extraction, production, and/or distribution facilities inmultiple countries.Among the first global economic institutions were Caribbean plantations like the oneshown here in a nineteenth-century painting of St. Croix Island. In the eighteenth century,thousands of sugar plantations in the British West Indies, subsidized by the labor ofslaves
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Read moreglobalization is not new,”The Central Asian Silk Road connected Greece, Rome, and the Mediterranean withChina, facilitating trade over a distance of 4000 miles (6437km).• European colonization is an early form of globalization. Starting from 1500 CE, Europeancolonizers extracted resources from different parts of the world.• Use of slave labor to produce raw goods that were then processed by industries into goods formarkets in Europe and North America• Enabled industrialized production
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Read moreglobal economy,”is the worldwide system in which goods, services
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