Economic globalization and Sustainable Development

Economic globalization refers to the increasing interdependence of world economies as a result

of the growing scale of cross - border trade of commodities and services, the flow of
international capital, and wide and rapid spread of technologies. (Shangquan, 2000)

2 different types of economies associated with globalization

1. Protectionism

2. Trade liberalization

Tariff – required fees on imports and exports. (trade barrier)

Free trade – trading of goods and services between two or more countries without tariffs or
taxes.

Trade bloc – agreement made by the government to reduce or eliminate trade barriers.

Significant organization when it comes to trade:

1. World Bank – increases growth and reduces poverty in developing countries in a
variety of different ways.

2. The International Monetary Fund – provide short term loans to countries when an
emergency occurs.

3. World trade organization – deals with the rules of trade between nations and sets
trading disputes and conducts trade negotiation.

Sustainability – the degree to which the earth can provide resources for human needs.

Sustainable Development – the development of our world today by using the earth’s resources
and preservation of such sources for the future.

Stewardship – taking responsibility of the earth's resources so that future generations will be
able to have access to them. ( Method in making the earth sustainable )

Environmental degradation
- Is the exhaustion of the world natural resources : Land, water, air , soil etc.

Industrial revolution
- It is the period of human history that made possible the cycle of efficiency.

Efficiency
- Finding the quickest possible way of producing large amounts of a particular product.
● The cycle harms the planet in a number of ways.

Ecological modernization theory

- Sees globalization as a process that can both protect and enhance the environment. (
Yearley, 2007)

Kyoto Protocol
- Also known as the Kyoto Accord, is an international treaty among industrialized nations that
sets mandatory limits on greenhouse gas emissions.

Carbon Tax
- Is a fee imposed on the burning of carbon based fuels (coal, oil, gas)

Carbon neutrality
- A term used to describe the action of organizations, businesses and individuals taking action
to remove as much carbon dioxide from the atmosphere as each put into it.

Instead of dealing with the causes of global warming, there is some interest in “ technological
fixes” such as geoengineering (Dean, 2007).