B2 – Upper Intermediate
Globalization has allowed countries to be more connected, with their economies and societies becoming very much dependent on each other.
While globalization is not dead yet, PWC Global Chairman Robert Moritz believes it will go through a very important shift into regionalization.
Will this be the end of globalization as we know it?
Watch the video where Bloomberg’s New Economy Forum’s delegates give their two cents about the future of every nation’s interconnectivity.
Vocabulary Questions:
- What does “to rewire” mean? “Globalization is not dead, it’s going to be rewired.” Use the word in a sentence. Give a synonym.
- Explain the meaning of “fragmentation” in trade. “That doesn’t mean you will have fragmentation in the sense of totally competitive blocs because they’re also trying very hard to increase their trade exposure and exports to each other in order to grow their economies.” Use the term in a sentence.
- What does “disaggregation” mean in economics? “The possible outcome is that we’re going to have economic growth not stemming from global integration, but from disaggregation.” Use the word in a sentence.
Discussion Questions:
- Share your insights on nations shifting to doing trade more on the regional, bilateral, or just among smaller number of countries.
- What might be the impacts when countries shift to regionalization instead of globalization?
- Discuss the advantages and disadvantages of globalization, regionalization, and fragmentation.
- Do you agree or disagree that what we have now is regionalization and not fragmentation? Discuss.
- Do you think that the breakdown of the global economy into distinct economic and trade blocs in North America, Europe, and Asia will not result to fragmentation? Explain.