WEBVTT Kind: captions Language: en 00:00:00.390 --> 00:00:06.310 Every day, we knowingly or unknowingly experience globalization — the worldwide movement of 00:00:06.310 --> 00:00:12.980 people, ideas, money, goods, data, drugs, weapons, computer and biological viruses, 00:00:12.980 --> 00:00:15.660 greenhouse gases, and more. 00:00:15.660 --> 00:00:17.269 This isn't new. 00:00:17.269 --> 00:00:19.869 People and goods have always moved around the world. 00:00:19.869 --> 00:00:25.609 The Silk Road, a network of trade routes stretching from the Mediterranean Sea to East Asia, facilitated 00:00:25.609 --> 00:00:32.550 the spread of fabrics, spices, art, weapons, technology, ideas and disease over thousands 00:00:32.550 --> 00:00:33.820 of years. 00:00:33.820 --> 00:00:40.160 What is new, however, is the scale, velocity, and range of these flows across borders: Think 00:00:40.160 --> 00:00:45.609 about the speed at which an infectious disease like Ebola or Zika can spread around the world. 00:00:45.609 --> 00:00:50.120 Or the reach of a financial contagion like the crisis of 2008. 00:00:50.120 --> 00:00:55.149 Look at your smartphone and think about the global coordination it took to produce. 00:00:55.149 --> 00:01:00.260 The interconnectedness of the modern world allows ideas, behaviors, styles, products 00:01:00.260 --> 00:01:05.810 and news to spread more quickly and broadly than during any other period of history. 00:01:05.810 --> 00:01:08.390 But globalization's effects are complex. 00:01:08.390 --> 00:01:13.170 What represents an upside for some people might represent a downside for others. 00:01:13.170 --> 00:01:18.110 Technology, for example, allows billions of people to contact friends and access news 00:01:18.110 --> 00:01:20.670 from around the world. 00:01:20.670 --> 00:01:24.509 International supply chains — the networks that turn raw materials into finished items 00:01:24.509 --> 00:01:28.970 — produce and distribute goods more quickly and cheaply than ever. 00:01:28.970 --> 00:01:33.670 But the pace of technological innovation has also led to the automation of manufacturing 00:01:33.670 --> 00:01:36.840 processes, which eliminates jobs. 00:01:36.840 --> 00:01:38.430 Trade is another example. 00:01:38.430 --> 00:01:44.240 Between 1970 and 2015, global exports and imports of goods each multiplied more than 00:01:44.240 --> 00:01:45.409 50 times. 00:01:45.409 --> 00:01:50.520 More imports lead to increased consumer choices and reduced prices, and more trade can strengthen 00:01:50.520 --> 00:01:55.700 ties between trading partners, and promote peace, security, and growth. 00:01:55.700 --> 00:02:00.159 But more trade opportunities and technological advances mean many corporations choose to 00:02:00.159 --> 00:02:05.200 shift their operations to countries where the labor and natural resources are cheaper. 00:02:05.200 --> 00:02:09.039 And the individuals and companies that can take advantage of international resources 00:02:09.039 --> 00:02:15.030 experience outsized gains, which widens the growing gap between the rich and the poor. 00:02:15.030 --> 00:02:19.510 The effects of globalization — both negative and positive — are a reality. 00:02:19.510 --> 00:02:21.349 No one can opt out entirely. 00:02:21.349 --> 00:02:24.180 But governments have many options for responding. 00:02:24.180 --> 00:02:29.670 They can choose how open or closed they want to be toward trade, investment, visitors, 00:02:29.670 --> 00:02:34.180 immigrants, refugees, internet traffic, and more. 00:02:34.180 --> 00:02:38.819 Governments can also contend with globalization through collective rather than national responses. 00:02:38.819 --> 00:02:45.349 A set of international institutions and other arrangements has emerged to manage globalization. 00:02:45.349 --> 00:02:49.470 Although some countries view globalization as a threat to local identity, culture, or 00:02:49.470 --> 00:02:54.069 social and political norms, no country can be entirely self-sufficient. 00:02:54.069 --> 00:02:58.970 The challenge is for individual governments — and the world collectively — to promote 00:02:58.970 --> 00:03:04.650 globalization's benefits while effectively helping the individuals and countries that 00:03:04.650 --> 00:03:05.689 globalization hurts the most.