A Global Economy

In the aftermath of World War II, countries began to open trade and communications around the world. In Europe, the EEC or Common Market eventually grew into the EU. In Asia, countries worked together to create their own trading blocs like ASEAN and APEC. Canada, Mexico, and the United States signed the NAFTA treaty, later replaced by USMCA. All these trading blocs and organizations have made it easier for MNCs to operate around the world, leading to a rise in the standard of living for many developing countries.         

But MNCs are often criticized for their profit-driven approach, which can create lasting problems in developing countries, sometimes made worse by efforts to encourage these nations to privatize their public utilities. The poorest groups are also most commonly exploited by MNCs that contract with large factories or sweatshops in developing countries. Wealthy corporations like Apple and Nike have frequently been criticized for profiting from the labor of poorly paid workers in unsafe environments in places like China and Bangladesh.            

All images referenced in this podcast can be found at https://openstax.org/books/world-history-volume-2/pages/15-1-a-global-economy            

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Podcast produced by Miranda Casturo as a Creative Common Sense production.