Globalization
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Process which goods, services, capital, people, information flow across national borders
Greater interdependence among national institutions and economies
Denationalization, Internationalization
Characteristics of Globalization
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Multinational Corporations (MNCs) expansion
More developed countries (MDCs) and Less developed countries (LDCs)
Increase transportation between regions
Social media, Internet
More international non-governmental organizations (INGOs)
Regional cooperation
Less barriers towards trade
Technology Development, innovation
Political Globalization
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Global governance
Political integration (e.g. European Union)
Global movements (e.g. Black lives matter)
Economic Globalization
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Increasing interdependence of world economies
Departmentalization (global division of labour, lower labour cost in LDCs)
Mass production
Buyers from across the globe (global flow of goods, labour and capital)
Localization
Economic liberalization
Pros of Departmentalization
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LDCs people can alleviate from poverty by having job opportunities
LDCs can learn from the operation from MNCs to improve efficiency
Lower cost of production reduces the product price
People all over the world can enjoy wider variety of products
Cons of Departmentalization
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Increase vulnerability to external economic fluctuations (globally integrated economy)
MNCs may drive out less competitive firms and traditional businesses
Reduces the choice of customers, reduce cultural identity
Exploitation of workers because of lowering the production cost
Unemployment of people in the MDCs
Environmental pollution dumped from MDCs to LDCs
Pros of Cultural Globalization
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Reinforce cultural identity because of sense of danger
Promote a local culture abroad
Glocalization, localization
Cultural diversity, hybrid cultures, pluralization
Enhance understanding between people from different nations
Cons of Cultural Globalization
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Loss of cultural identity as MNCs drive out traditional businesses
Cultural homogeneity, cultural imperialism, western as over-riding traditions
USA hegemonic influence, westernization, Americanisation, McDonaldization
Anti-globalization
Deglobalization
Hong Kong Intangible Cultural Heritages (ICHs)
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Cantonese Opera- Performing Arts
Lion Dance- Social practices, rituals, festive events
Tai Hang Fire Dragon Dance- Social practices, rituals, festive events
Wong Tai Sin beliefs and customs- Social practices, rituals, festive events
Hong Kong style milk-tea making techniques- Traditional craftsmanship
Bamboo theatre building technique- Traditional craftsmanship
Chinese Medicine/ Herbal Tea- Knowledge and Practices concerning the universe