The strong trend toward globalization that has characterized the world economy since the 1970s has had a lot to do with three technological developments: container ships, computerized monitoring of inventories, and global satellite communications. But it also resulted from
(1) the relentless pursuit of profits and efficiency,
(2) increasing international investment (often facilitated by the World Bank
or the International Monetary Fund),
(3) the lifting of trade restrictions and protective tariffs,
(4) the expansion of trade agreements through the efforts of the World Trade Organization, and
(5) the increased financialization of the economy and pressures on corporations to ensure quarterly profits.”
“In this time of over-globalization, one alternative—re-localization—offers substantial benefits. It creates local jobs, increases the diversity of local occupations and skill sets, and thereby increases social capital—the richness of the relationships between people who live within a region. In the next video, #17, we’ll look at how re-localization can contribute to regional economic development and build community resilience.”
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