Ch. 32 Voyage into the Twenty-First Century NOTES

Ch. 32 Voyage into the Twenty-First Century NOTES - CH. 32...

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CH. 32 Voyage into the Twenty-First Century I. Economic Globalization I.1. Manmohan Singh –Finance minister of India who made liberal reforms and lessened government regulation I.2. Singh implemented a set of economic reforms that lowered business taxes and relaxed government regulations. I.3. This changes helped annual economic growth rates surged toward 10 percent, and India’s stell, chemical, automotive and pharmaceutical industries, once bound by state regulation, made major industries, once bound by state regulation made major strides in national, regional, and global markets. I.4. India has one of the world’s largest democracies I.5. Data from emerging and first world countries show a strong correlation between global economic growth and rising inequality. India and China lacking self-sufficiency in energy, have been aggressively pursuing access to African energy resources. Global competition has also exposed many more people to the “creative destruction” inherent in capitalism. Rapid innovation renders old skills obsolete and workers’ wages are undercut when people in other countries will do the same work for less. II. Outsourcing II.1.Outsourcing-obtaining goods or services from an outside supplier. The term commonly refers to Western companies that contract work to providers in lower-wage markets, lowering their costs and increasing their competitiveness. II.2.NAFTA, CAFTA, Mercosur and Unasur
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This note was uploaded on 11/28/2010 for the course HIST 1110 taught by Professor Bartlett during the Fall '07 term at Kennesaw.

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Ch. 32 Voyage into the Twenty-First Century NOTES - CH. 32...

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