Has globalization failed us?
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- čas přidán 5. 12. 2022
- “The worst is yet to come, and for many people, 2023 will feel like a recession.”
Pierre Olivier Gourinchas’ warning from the IMF’s World Economic Outlook in October 2022 underlined the significant slowdown in the global economy - and the reliance on global trade to function.
It raised questions about whether the many benefits of globalization outweigh the geopolitical problems it has helped create.
The latest wave of globalization has seen great resistance. As a result of technological advances, whole industries have been wiped out, causing mass job losses. Worker exploitation and a rise in inequality have also been at least partly attributed to globalization.
“You know how stock markets have bubbles? And then there’s a correction,” said Kevin Gallagher, economist and director of the Global Development Policy Center at Boston University. “I think there’s been a globalization bubble, and we’re trying to correct it.”
Watch the video above to learn more about why economists think globalization is fragmenting - and what lies ahead.
#CNBC #Globalization #IMF #Trade
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The problem is greed.
Same problem with protectionism, greed and selfishness
problem is finance
Problem is that my dog don't speak French.
@koni Hi, 100% agree. Globalization is not the problem, Capatalist's greed is the problem.
@@_Digitalguy I'll take protectionism.
I am from Rwanda. That is a small country in East Africa. I am watching this on an IPhone, using internet that was set up with equipment from Germany, offered by a South African telecommunications company. I only understand what the video is about because my education from England. I would argue Globalization is working just fine.
It's not working, due to the fact that many nations loose their manufacturing by giving it to other nations
🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩🇨🇩
Fine for you, more fine for Capatalist's and not so fine for the global warming
Only till US provided security to the world. Now we don’t and you can see new pirates propping up and divide of wold into smaller blocks.
It DID work, except most people don't understand why Globalization was created. It was NOT to benefit countries like Rwanda; that was just icing on the cake. Globalization was created as a BRIBE from the US to the rest of the world to side with it, rather than the Soviet Union. Globalization was an American Security Strategy, not an Economic Strategy. The US was already the wealthiest nation on Earth by the 1870s, so it didn't need to get wealthy off of Globalization. On the contrary, the hollowing out of American Manufacturing over the decades since WWII, was an American SACRIFICE for the common people. Globalization moved out the manufacturing to places better suited to it, leaving many jobless from where those industries began. The protection of the US Navy of the Global Shipping Routes and securing International stability allowed less advanced nations (such as Rwanda) to participate for the first time.
Unfortunately for many, Globalization could never last forever. A side effect of the Industrialization process was Urbanization, and a very significant side effect of Urbanization is Demographic Collapse. Cramped living conditions strongly discouraged birth rates around the industrialized world. It has gotten so bad that the populations supporting the massive global economy are now going onto retirement or dying off, but with far fewer people to replace them, creating reduced labor pools as well as much lower Economic demand. The topic is fairly complicated, but suffice to say Globalization as we've known it is on its way out. For a while at least, the world is going to look a lot closer to the 18th century Imperial Age going forward.
If “old globalization” was about goods and standard services crossing borders, “new globalization” is about rapid economic integration through a digital exchange, technology, innovation and the organizational imitation - essentially, the globalization of ideas and knowledge. 0:31
Source: ECIPE
Globalization favors industrialization that sometimes harms the environment. The biggest downside of globalization is that nations lose their own culture and become obsessed with other cultures.
Globalisation creates more employment opportunities. Globalization gives businesses the opportunity to expand into new markets, reach international buyers, and increase revenue.
So, what would the world as we know today be like without globalization?
(Apple team)
It has failed us.
Completely agree
💯😁
I´m from Brazil and here we still have a strong industrial sector. Many products are imported but we produce and export a lot o agricultural products such as fruits, veggetables and meat. Our country also produces a lot of shoes, cars and many other things but for me the problem here is the cost of living. In a country so rich and diverse, we depend a lot of "global prices" to determinate our own prices and that is just nuts and shows exaclty hiw globalization changed our world forever. I´m mean, we are one of the biggest food producers so food here should be a lot cheaper. Sometimes capitalism shows just how dumb and greedy humans have become
Europe and US give the most sanctions to poor countries! They are really colonialist! For trade, we can turn to Asia countries
Brazil is also highly dependent upon Fertilizer Imports to sustain its Agricultural output. The disruption of Fertilizer Imports is disastrous for Brazil. Unless alternative sources can be secured, Brazil is also in for a bumpy ride as well.
Russia fertilizer will be great compliment to Brasil agriculture
Brazil has its own fertilizer
I think human society overall is failing.
This wasn't by accident, it was by design
@@ravenwhiteduck6460 nah it's just nature.
It's been years that most of the most important specialists say that we need to regulate financial market.. but nothing has been done so far.. I don't know what it takes to achieve a feasible regulation.. what I know is that we need it asap.. that will allow investiment in businesses that would actually provide jobs and concrete worth to poorest and to the middle class, increasing our welfare state and mitigate problems like starvation, slavery and other problems that can no longer be accepted as status quo.
It's not just about food and manufacturing but also oil, since oil went up rest of all followed.
as long as cheaper wages and less strict environmental standards exist offshore, globalization will never abate.
The inclusion of globalization's contribution to climate change would create a more thorough analysis of it's effects on the economy and people.
8:05!
Irony of ironies, if the Global energy supply chains break down (which they are), people around the world will revert from Natural Gas and Oil which are relatively lower in carbon emissions, back to much more easily obtained Coal and Wood which are MUCH higher in carbon emissions. We're facing nothing short of not just global de-industrialization, but de-civilization as global supply chains break down and the world reverts back to an age of Empire with competing closed economic systems. It won't stop people from burning Coal and Wood though, as energy is energy, and desperate people don't care where it comes from.
@@Seastallion a funny globalized. wonderful summary. "Happy birthday" 8:06
If it was only so simple. If only all stopped eating animal products, you be having 75% more of a positive impact than EV cars. So, start eating the greens instead
"Has globalization gone too far?"
Globalisation is morphing as new agendas come into focus. These now drive action on climate change, taxation of global companies, tackling terrorism, sharing vaccines and the like, writes T N Ninan 5:05
Source: Business Standard
Yes, it's market dominion for others and tariffs for some
it didn't fail.. it is just a phase of an "age" or "era" as it were.. it just ending, and something new will come, though we may fall back to old imperial style shipping for a bit..
It's so unfortunate how the phenomenal contributions and rich history of African empires are always ignored. Slavery always gets mentioned without fail though 😅
tell me what inventions were african and moved the world forward? Musa masa had an empire and so much gold, ok so what?
@@Nanix1991 So, I made the point that people ignore the innovations and accomplishments of Africans and you respond by expressing ignorance of even a single contribution made by Africans. Do you not see the grave irony of your question? The video is silent on Africa's complex and extensive trade with other ancient empires not because these don't exist, but because people don't care to enlighten themselves. The fact that you suggest that all there is to it is, "Mansa Musa" whose name you mispelt, is a reflection of your choice to not engage with African history, not what the reality is. I encourage you to expand your horizons. The history of precolonial Africa is just as rich and fascinating as any.
By the way...why Africans were not developed like Europeans? The answer could pass through trades but why not trade with them? They are afraid...simply like that.
@@carlosr192 Please stop finding excuses. Africanswill blame colonization even 200 years after. Slavery and colonization has always been humanity's history and yet each civlization managed to stand up from it.
@@YananoBere please tell me, the ignorant me about the fascinating and super developed subsaharan civilizations. I will research about it and hopefully be less stupid.
Why is it when you mention islamic merchants you don't mention their slave trade, but mention the transatlantic slave trade? For some islamic regions like Crimea, slavery was the number one source of their economy. The islamic empires also dealt with way more slaves from Africa and Europe. I'm not trying to diminish the awfulness of the transatlantic slave trade, but its strange Islamic slave trade is ignored. Is it out of ignorance or is there an agenda?
Because theres an inherent anti-west sentiment embedded in this video.
Failed??????? It's performing as designed. Couriering money from the bottom 90% to the top.
Many times I become the guineapig. I will get nothing in this world. Don't make me guineapig by showing hope.
Globalization and Marxism
That guy that talked really knew what the hell he was talking about. People will only acknowledge and realize the benefits if the environmental and social benefits are greater than the trade-off.
For better or worse, it is we who have failed globalization. Something similar happened in the 1930s, with the Great Depression, which led to an economic collapse, which led to economic protectionism (trade barriers, high tariffs, etc.) and the end of Globalization I, and ended in global unrest, the rise of nationalist militarianism, and World War II. Now we are at the end of Globalization II. Where might that lead? Do the math. Very well done done video, as far as it goes. Thanks.
Yeah globalization can not fail it can only be failed. That makes a lot of sense Mr laptop.
Prior to WWII there WAS no Globalization. The Global trade was divided between various competing Empires and their Colonial assets. That WASN'T Globalization. Near the end of WWII, in 1944 in Brettonwoods NH (vaguely mentioned in the video), the US essentially bribed the world into Globalization by offering to buy any Imports from said countries, protect the Global Shipping Routes, and include participating Nations under the US security umbrella (enter the Korean War and Vietnam). There has only ever been ONE Globalization in the sense we've known it since the end of WWII. Now it is failing even if the US wanted to keep it going, largely due to demographic collapse across the industrialized world. Also because the US Navy is no longer capable of securing all the world's oceans as it once did because of fewer ships. The US Navy is still incredibly powerful, but that power is more concentrated into fewer ships, not the many hundreds of ships needed to patrol the entire world's shipping lanes. Regardless of Naval capacity, demographics alone will finish Globalization off. Globalization will still survive in a way, but very much reduced only to the Nations that the US will find useful whether economically or strategically.
I have tight pocket and I've travelled the world thanks to globalization. If this was 50 years ago I'd only dream to go to different island let alone different country.
Writing and listening for my competitive exam.
Globalization and communication share a profound connection; communication technologies empower the exchange of information, facilitate international commerce, promote cultural interaction, enable global cooperation, and serve as a foundation for diplomatic relations, highlighting the pivotal role of effective communication in our interlinked global landscape.
Really? Hummm how about the homelessness, lack of housing in rich countries. The reality is another reality. Globalization is deceiving.
Read the definition of globalization, it did not fail, it helped.
How globalization helped?? 😁
Helped to get you cheap Chinese iPhones
The french economist said that globalization hasn’t really failed, globalization has delivered and succeeded in many ways. It’s lifted many people out of poverty. If there is no globalization, everyone will be poorer. Countries would have lower purchasing power, lower standard of living and lower quality of life. Globalization and international trade bring all these benefits. The more trade, the better. (team 25)
I'd like that italian journalists were be so straight as you in focusing the main target .
My name is OD. We watched this video in the international business lesson. Then my teacher 👩🏻🏫gave us the assignment to write a comment. So, this is what I am writing🙋🏻♂. Also, I'm a little bit nervous. haha😅
Globalization refers to the process of international integration, which involves the exchange of goods, services, ideas, and culture across national borders. Therefore, the macro-level problems of one country directly affects other countries.
Over the last few years, globalization has impacted various aspects of human life, both positively and negatively. In my view, the latest wave of globalization has seen great resistance. As a result of technological🦾 advances, whole industries🏭 have been wiped out, causing mass job losses😢. Worker exploitation and a rise in inequality have also been at least partly attributed to globalization.
I feel US and Europe has invaded and sanctioned enough countries and they're losing power now with new countries (Brics) taking charge of things.
so it has got less to do with limited globalisation and more to do with less reliance on just US which has gotten them worried. If petrodollar aggreement becomes redundant in the near future it will be a huge blow to the US economy...
Only Europe is working by US rules rn and we all can see how well that is working out for them.
Absolutely agreed
Europe and US give the most sanctions to poor countries! They are really colonialist! For trade, we can turn to Asia countries
@@vedantmungre1702 petrodollar only contributes 10% to the US economy so it won't be a big deal for the US.
What I can say is that globalization is about pretty much over and we need to start going beyond what globalization
Excellent work cnbc 😊
Thanks to globalization, companies like Magna International will be the builder of the Apple Automobiles. It's about exchanges, universal healthcare, affordable education and supply chain economics. ☮️
Domination
Not only is there not going to be an apple automobile there's not going to be any more Apple phones for a long long time
Of course it has!
Globalization is not the problem, Capatalist's greed is the problem.
Wall street, big teches are the problems
of course it did. to assume everyone around the world will honorably play by the rules is naive and dangerous.
Let's see how long the multipolar world lasts when it is radioactive.
Is it globalization that is the problem OR the inherent defect to capitalism: human greed. Every "negative" to globalization made tracks back to a the greed of a small few coupled with countries unwilling to say "hay, your profit margins and investors are NOT more important than the workers".
Globalization through digital network is beneficial to the world. Digital technology facilitate the business to find the demand and production of goods for trading.
If we imagine a country as a house, in the past, all of them had tall and majestic gates. They opened their doors only when they were communicating with other countries and closed their doors when they were done. But nowadays, due to the effects of globalization, those big doors have collapsed with time, and the countries of the world have become like a family. Thus, one country's problem became everyone's problem. As a result of globalization, we have been able to save a lot of money and time, but we also expect a lot of risks. (NUM-International Business-GPA team)
great comment
I care for my nation first and foremost. I want the doors rebuilt.
Educational video on globalization.
Unity is Humanities' destiny. After all, we are one behind the scenes.
In conclusion, globalisation has been going on for many years, there are both supporters and non-supporters of globalisation. According to the video, supporters argue that the globalisation has improved countries around the world in communication and transportation which created open and peaceful world. However, it is also argued that due to the globalisation the Russia's invasion of Ukraine also affected the whole world economy instead of the two countries that are in war. As discussed in IMF's World Economic Outlook 2022, the year of 2023 will be still in recession and the economy bas bern slowed down for long, thus, the question of does the benefit of globalisation outweighs the geopolitical prompted. Moreover, with the start of British industrial revolution, the globalisation has began, yet, due to the fast development of technology many people lost their job to robots and AI technologies and many major economy has began to drop in imports as well as free trade agreement which resulted in rise in Protectionism to restrict imports and protect domestic industrialisation.(team A4)
Globalisation has been happening since millenials. The americans think globalisation is their own creation yet the world had known the existence of silk road in the 13th century, the China-Indonesia-India-Egypt trades route in the 6th century, or if you want to go back much further, in the bronze age countries had been trading with their neighbours.
1l chegg quzilet nad gogoel 2 use grapsh charts and caucutors 3 have akng hel pme 4 tab back and forth vry frequelyy 5 one attempt for evry quizz and thrre attempts for every skils quiz.
any bridges build to connect continents? no , didn't think so
Multipolar world, huh? Close borders and go to war is bad? Odd, I think history has repeated this internationalism vs national autarky thing before... I guess some of us never learn.
Nah
Globalization has seen several phases - All caused by a unipolar world. The Persian one may be the oldest. Then came the Roman. Then the Abbasid one. Then there was smaller phases with Cordoba and so on.
The Italian city state age may be the only one which happened in a multipolar environment
The world during Rome wasn't close to being unipolar
Manila Acapulco Galleon trade the very beginning of globalization. Never been mentioned.
Maritime silk road
العولمة مكنت العالم من التعاون مع بعضه البعض اقتصاديا
في عصر العزلة كانت الكثير من الحروب تقام لكن بالتعاون الاقتصادي و التكتلات الكبرى صار الاقتصاد اهم من السياسة وهو ما يصب في مصلحة الشعوب
حتى في تمرد بوتين على النظام العالمي التقرير يشير الا انه العولمة اضرت العالم عندما شن بوتين حرب على أوكرانيا.. بالعكس ارى هذا شيء مفيد جدا .. في الماضي كان يمكنك ان تضرب اي دولة و البقية متفرجون اما الان بفضل العولمة عندما يتضرر احظ الأطراف يتضرر كل العالم لذلك تتضافر كل الجهود لمنع تلك الازمة و نصرة الضعيف
عولمة مكنتنا من الوفرة و بالتالي تقليل الاسعار .. احيانا يشتكي البعض بانه الاسعار صارت عالمية ولماذا خكومتي المحلية لا تمنحني سعرا قليلا لو كانت كثيرة الموارد.. لانه بكل بساطة انت لا تعيش وحدك في هذا الكوكب صارت كل الحكومات مسئولة عن اطعام كل الكوكب و ليس انت فقط
1. chegg quizlet and googlee 2. use graphs charts and calculators. 3. have kang hel pem 4. tab back and forth very frquwntly 5 one attempt for every quiz and and three attempts for every skills quiz.
5:27 that labeling is shamefully bias. You should present the data and then make your case.
1. one more stats final on wednesday 150 dollars 2. one more final next tuesday for environment 60 dollars.
My answer is yes.
Many times I become the guineapig. I will get nothing in this world. Don't make me guineapig by showing hope.
Think globalisation is not to the interest of nation fearfully of national security.
the most benefits part of globalizatioin is western countries. Despite Asia, Africa, and South America have most of materials to produce the "economic value"
Take example rubber, how can it be Japan determine the price when it produce mostly in South east asia. Some case happen with oil.
1. one more stats final one wedesday 150 dollars 2. one more final next tuesday for environment 60 dollars.
Industrialization, which occasionally has negative environmental effects, is favored by globalization. Nations lose their own culture and get fixated on other civilizations, which is the worst drawback of globalization. More jobs are made available through globalization. Businesses can grow by entering new markets, interacting with customers worldwide, and generating more money thanks to globalization. What then would the world look like without globalization?
No, I believe that the world leaders, such US or China can change the situation, especially encouraging or put pressure on Russia to stop the war. So everything will be back to the better situations.
No us but failed for USA and europe...
People really think that the globalization is a modern thing?
1. one more stats final on wednesday 150 dollars 2. one more final next tuesday for enviornment 60 dollars.
Yes
hi everyone ! can somebody answer me how globalization has created geopolitical problems?
(kinda new to this thing :') )
Only 8 months later, this video seems very out of date considering the severe economic problems that China is now having.
Welcome multipolar world
The Covid 19 pandemic and Russia's invasion of Ukraine have highlighted risks associated with the interconnected nature of global trade. 7:21
yes
Globalisation has not failed. There’s just dissatisfaction over the fact that the US may not be the only global power developing countries rely on. Hence why these experts claim globalisation has failed
The problem is the nations of the world have few things that unite them. We need an external force to build a wall against
One of the Soviets' greatest gifts to the world was being the bogeyman we needed to make friends.
Maybe China can volunteer this time?
Globalization cannot benefit every nation equally. Any nation with advantages benefit more. But can we the Free societies accept totalitarian style? Can we loss out nation for other totalitarian to benefit? Do we the majority people would like to live the way Chinese people are suffering? So the first and foremost platform for Globalization to work is same same system socially, economically, politically, and morality.
I am a Filipino, when I see Duterte I like
For people from the third world, globalisation has been a blessing.
Perhaps for people living in the rust belt in the United States and those living in post-Soviet Russia, globalisation has failed.
Overall, despite the increasing inequalities, globalisation has given the vast majority a lot of new goods, services, and potential jobs.
The root cause of highetened inequality today, in my opinion, is central banking - and that needs to be eradicated.
Globalization enabled the world to cooperate with each other economically
In the era of isolation, many wars were taking place, but with economic cooperation and major blocs, the economy became more important than politics, which is in the interest of the people.
Even in Putin's rebellion against the world order, the report indicates that globalization harmed the world when Putin launched a war on Ukraine. On the contrary, I see this as a very useful thing. All the world, therefore, all efforts are combined to prevent this crisis and support the weak
This would not have happened if we lived in the age of the lonely islands
Globalization has enabled us to have abundance and thus reduce prices.. Sometimes some people complain that prices have become global, and why does my local government not give me a little price if it has many resources.. Because simply you do not live alone in this planet. Only you.. It greatly reduces the individual's sense of belonging to his village only, his city only, his region only, his country only, or his continent only. But planetary affiliation and planetary competition.. Lack of competition begets laziness and failure in the long run.
I would prefer the age of lonely islands. I don't want to be part of some global group singing kumbaya. I couldn't give a single damn about it. I'm awaiting a decoupling. A fracturing.
1. one more stats final on wednesday 150 dollars 2. one mroe final next tuesday for enivonrment 60 dollars.
It takes two to tango , the US is one
😥Globalization must not fail. We must revive globalization and expand international relations.
Globalization needs better management but humanity is too fucking selfish. We must expand international relations we must be united
Let it burn
PaRus does mean the blessed globalization.
one more final next tuesday for environment(60 dollars)!!!!!!!!!!!!!!!!!!!!!!! one more stats final on wednesday (150 dollars)
Even after seeing millions in poverty and homeless still asking this question
Europe and american with Australia preparing their citizens for bad times🙊
duh of course. It was always a bad idea.
Glory to brics we need it to expand very fast in Africa
one more exam tow more quizzes and then one more exam for envinorment!!!!!!!!!
Agriculture has failed us
Lol, what?
Failed “US” i guess😅
one more final next tesuday for environment ( 60 dollars)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! one more stats final on wednesday (150 dollars)
No es el fin de la globalizacion: Es el fin del predominio europeo y le seguirá los EEUU un tiempo despues (un tiempo ganado con el sabotaje al NS). La globalizacion ahora la conducirá China.
absolutely it is a death cult
one more stats final on wednesday 150 dollars. one more final next tuesday for environment!!!!!!!!!!!!!!!!!
africa middle central is and south korea are soo poor now.
India is still believe in globalization
Too much fallacy in this report...
To bad the average person has no idea what that even is.
This globalisation was done poorly.
failed US
Don't blame to Russian for this Actually USA is the main reason for this
But I will blame Russia for invading Ukraine, whetever you like it or not.
@@DiogoJ1 Can you Explain region
@@DiogoJ1 western problem is world problem but world problem is not western problem this is the biggest point
whos started the invasion?
Tom Chitty 😍
one more final next tesuday for evinoemtn (60 dollars)!!!!!!!!!!!!!!!!!!!!!!! one more stats final on wednesday (150 dollars))))))..
A global socio-economic order that's rooted in justice, truth and righteousness now
You WISH go and ask Winnie the Pooh if he will stop his state intervention in companies without a fight
This is too idealistic and naive given the complex political and economic dynamics between nations, especially when it comes to current geopolitics.
Greetings from Ukraine. Globalization has spread to the economy, but it doesn't apply to people everywhere. And our war is not only geopolitics, it's also the imperial vision of russia and the problem of most of our history, if in general. For my people, it's a matter of survival.
Anyway, in my opinion, there should be some international committees that were engaged in activities like anti-monology ones, but on a global scale. It's just a pity that it seems impossible at the moment
Yes. Absolutely
😮
Problem is not globalization. Problem is capitalisium.
One of my favorite elements.
Dude... Why is India not given importance in this video given that it was half of the world's GDP since known trade. Maybe more than half
They seem ignorant of history. They have a very western centric perspective. It's very difficult for them to wrap their head around all the other powerful empires such as the Mughal Empire if the inhabitants are their idea of "white". I'm not sure if it is ignorance or if they have an agenda.
You are living past dream just see present and future you can change your past....
@@kr-us6ek Even present brother. Why did US threatened to sanction India on shipping insurance on Russian oil cargo? They know that someone has to buy Russian oil. Why do they support and brand Azad Kashmir even when they know maharaja Hari Singh of Kashmir constitutionally handed over Kashmir territory to India?
@@kr-us6ek Past cannot be changed brother. That's the only reason India still has a face to show to the world. Although covered face
@@KingMikolaj Please see Abhijit Chavda's Videos on CZcams. He is a geopolitics expert. Although he says everything through India's perspectives, you'll feel how ignored India really feels.
Basically West is failing 😂 because China India & Russia is not listening to them & their Economy is growing your Time has come WEST 😊
Russia is _not_ growing, ya goof.
Russia is not growing