Arsenio’s ESL Podcast: Season 4 – Episode 102 – Reading/Listening – Understanding The Global Economy

Welcome back to another episode on globalization. I have an article for your viewing, as well as my thoughts and three people who are talking about how globalization affects their workplace.

Your shirt was made in China and your mobile phone comes from Japan. You can eat at McDonald’s in Moscow and watch an American film in Rome. Advances in Technology such as mobile phones, airplanes, telephones, and the internet have made the growth of transport and communication networks possible. Amongst other things, this means that people and countries can exchange information and goods more quickly and in a less complicated way in a process called globalizations. But what are the downsides of the global market? And how will it affect jobs in the future?

Globalization means we have access to more goods and at more affordable prices, but it comes at a cost. When a company moves production to an economically disadvantaged country because of the lower costs involved, people in industrialized nations lose their jobs. Meanwhile, workers in places such as Bangladesh and China earn low salaries and their working conditions are often poor. Big fashion companies, for examples, sell well-known brands at a sizeable profit, but the people who make the clothes earn only a fraction of the price at which they’re sold interdependency also means that if there is a problem in one country, it can have far-reaching effects elsewhere. Many multinational corporations obtain raw materials in one country, manufacture their products in another and sell all over the world. If these materials aren’t available, there can be economic repercussions across the globe.

What’s more, globalization causes ecological problems. The number of planes, ships, and lorries that are used to transport goods from one country to another is constantly on the increase, which means more carbon dioxide is released into the atmosphere. That in turn, leads to global-warming.

The good news is that consumers are becoming more aware of the issues, especially when it comes to how products are made. Increasingly, companies are being pressured to improve ethical standards. Levi’s, the iconic jeans maker, recently announced a plan to offer financial incentives to businesses in developing countries if they improve conditions for their employees and their environmental performance.

So while globalization encourages economic growth, especially in developed countries, it also represents new challenges. Which is why companies are beginning to consider the skills that young people will need ot become the business leaders of the future. It seems that it may no longer be enough to get the best exam results to succeed in the global workplace. In a recent survey of executives and directors, 79% said that knowledge and awareness of the wider world were more important to them than academic qualifications. In particular, they valued the ability to think critically about global issues, to understand different perspectives and to interact well with people from diverse countries, and many were concerned that young people were not aware of the importance of global thinking.

Listen to the podcast down below for the listening.

Makes notes of the following three people.

  • Their job
  • The positive effects of globalization
  • The negative effects of globalization
  • The methods of communication they use
  • The skills needed in the global workplace


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