economy and globalization.
Thanks to
global economy a shirt is now likely to cost roughly the same amount of money in New York as in
New Delhi.
And finally,
global trade (often
international trade) is simply the exchange of goods and services between countries.
Global trade not only results
in increased efficiency, but also allows countries to participate in
global economy,
encouraging
the opportunity of foreign investments.
Let’s continue our studies and examine two new words connected with globalization.
Sweatshop and outsourcing. Sweatshop (sometimes sweat factory) is a workplace with unacceptably severe conditions and usually extremely low wages.
In 2006 Apple faced allegations that its iPod was being produced in China’s
sweatshop conditions. The Apple incident illustrates how
sweatshops can
thrive with such practices as outsourcing.
Outsourcing means just what it says - going out to find the source of what you need. In the globalization context we usually use the term outsourcing to describe a situation when businesses outsource production to countries with developing economies.
Offshore
outsourcing is often criticized, which can mean bad public relations fora company.
Our next phrase is loss of identity. And this is what
can happen if the idea of global village develops further.
Some people fear that
globalization will inevitably lead to total loss of cultural identity.Our next group of words is
prosperity,
standard of living, and
Human Development Index.Share with your friends: 
