Globalization: Impacts and Responses

The video discusses the advantages and disadvantages of globalization, focusing on its impact on trade, economic efficiency, and innovation. It highlights the benefits such as cheaper goods, increased real incomes, and dynamic efficiency gains. However, it also addresses the drawbacks, including trade imbalances, environmental challenges, and increased inequality within countries. The paradox of globalization is explored, noting the decrease in absolute poverty but rise in relative poverty. The video emphasizes the importance of effective policies to redistribute globalization's benefits.

What is the primary focus of the video on globalization?

• The future of globalization

• The causes of globalization

• The impact of globalization

• The history of globalization

How does globalization benefit consumers according to the video?

• By increasing product variety

• By reducing the cost of goods and services

• By promoting local businesses

• By increasing taxes

What is one of the key benefits of cross-border labor migration?

• Decreased innovation

• Increased labor diversity

• Reduced labor costs

• Increased unemployment

Which type of economic efficiency is associated with prices being driven closer to cost?

• Operational efficiency

• Dynamic efficiency

• Allocative efficiency

• Productive efficiency

What is a significant environmental concern related to globalization?

• Decreased resource extraction

• Increased CO2 emissions

• Decreased pollution

• Increased biodiversity

Which countries are mentioned as having large current account surpluses?

• India and Brazil

• United States and China

• Russia and Japan

• Germany and South Korea

What is a potential drawback of dominant transnational corporations?

• Increased local production

• Decreased global trade

• Reduced cultural diversity

• Increased local employment

What is a common response to trade imbalances caused by globalization?

• Decreased tariffs

• Increased protectionist measures

• Increased foreign aid

• Increased free trade agreements

What is the paradox of globalization mentioned in the video?

• Decreased environmental impact but increased resource use

• Increased cultural diversity but decreased economic growth

• Decreased absolute poverty but increased relative inequality

• Increased global trade but decreased innovation

What does the video suggest is necessary to address the negative impacts of globalization?

• Decreased international cooperation

• Effective policy measures

• Increased consumer spending

• Increased corporate taxes