1st Long Test Flashcards
Is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Globalization
A concept that “refers both to the compression of the world and the intensification of consciousness of the world as a whole”.
Globalization by Robertson, 1992
The compression of time and space and the annihilation of distance
Globalization by Harvey, 1989
A process of interaction and integration among people companies and governments of different nations, a process driven by international trade and investment and aided by information technology.
Globalization by Sunny Levin Institute
In the absence of a generally accepted definition, Steger explains that GLOBALIZATION has been commonly understood either as a _______, a _________ or an ________.
PROCESS, a CONDITION or an IDEOLOGY.
As a process, Globalization is viewed as a __________ set of social processes that create, multiply, stretch, and intensify worldwide social interdependencies and exchanges while
at the same time fostering in people a growing awareness of deepening connections between the local and the distant. (Steger, 2005: 13)
multidimensional
Steger used the term “_________” to signify a future social condition characterized by thick economic, political, and cultural interconnections and global flows that make currently existing political borders and economic barriers irrelevant.
GLOBALITY
In support of his view that globalization is a political belief system that benefits a certain class, Steger used the _______________ of another globalization scholar, _______________, by following the latter’s 3 Criteria in determining an ideology.
line of reasoning; Michael Freeden
3 Criteria in determining ideology:
Degree of uniqueness and morphological sophistication
Context-bound responsiveness to broad range of political issues
Produce effective conceptual DECONTESTATION CHAINS
Freeden considers ‘__________’ a crucial process in the formation of thought systems because it specifies the meanings of the core concepts by arranging them in a ‘_______’ or ‘__________’ that links them with other concepts in a meaningful way.
decontestation; pattern or configuration
According to Steger, “effective decontestation structures can thus be pictured as _______________ whose conceptual links convey authoritative meanings that facilitate collective decision-making.”
simple semantic chains
Steger refers to them as _______________ - endow thought systems with specific meanings that benefit particular social groups.
‘ideological claims’ (also called ‘Core Claims’)
Steger’s 6 Core Claims (Decontestation Chains):
Globalization is about the Liberalization and Global Integration of Markets
Globalization is Inevitable and Irreversible
Nobody is in Charge of Globalization
Globalization Benefits Everyone in the
Long Run
Globalization further the Spread of
Democracy
Globalization requires a Global War on
Terror
6 Theoretical Paradigms of Globalization
World Systems
Global Capitalism
The Network Society of School of Thought
Space, Time and Globalization
Transnationality & Transnationalism
Global Culture
views globalization not as a recent phenomenon but as virtually synonymous with the birth and spread of
World Capitalism. (Wallerstein)
World Systems
end to see globalization as a novel stage in the evolving system of World Capitalism-
“Capitalist Globalization”.
Global Capitalism
capitalism does not fuel globalization but technology and technological change as the underlying
cause of globalization. (Castell)
The Network Society of School of Thought
the conceptual essence of globalization is “time-space distanciation”- which Giddens defines as the “intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice-versa.”
Space, Time and Globalization
defined broadly as the multiple ties and interactions- economic, political, social and cultural- that link people, communities and institutions across the borders of nation-states.
Transnationality
umbrella concept encompassing a wide variety of transformative processes, practices and developments that take place simultaneously at a local and global level.
Transnationalism
emphasize the rapid growth of the mass media and resultant global cultural flows and images in recent decades evoking the image famously put forth by Marshal McLuhan of the “the global village”.
Global Culture
Major Goals of Macroeconomics
High levels and rapid growth of output and consumption;
High employment, with an ample supply of good jobs;
Price-level stability (or low inflation), through prices and wages set in free markets;
Fruitful international trade in goods, services, and capital, where exports balance imports and the nation has a
stable exchange rate against foreign currencies.
is the process by which nations export and import goods, services and financial capital
is vital to economic growth because it expands a nation’s consumption possibilities.
International Trade
Economic Basis of Trade
Different nations are endowed with various kinds and amount of natural resources
The production of varied goods and services require different combinations of economic resources and also particular technology.
Various nations have different specializations that make their products highly differentiated.
_______________ is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. (IMF, 2008]
Economic Globalization
‘In economic terms globalization is nothing but a process making the world economy an “_______________” by extending transnational economic processes and economic relations to more and more countries and by
deepening the economic interdependencies among them (Szentes. 2003: 69)
organic system
When did Globalization start?
ongoing ever since Homo sapiens began migrating from the African continent ultimately to populate the rest of the world
Globalization is ‘the existence of the same world system in which we live stretches back at least __________’. The best known example of archaic globalization is the Silk Road, which connected Asia, Africa and Europe.
5,000 years
Fernand Braudel’s innovative concept of ‘__________’, i.e. a slow-moving, ‘almost imperceptible’ (1973: 22) framework for historical analysis, world-systems analysts identify the origins of modernity and globalization with the birth of sixteenth century long- distance trade
long duration
By _____, trade equalled to __________ percent of world income, thanks to the transport revolution: steamships and railroads reduced transaction costs and bolstered both internal and international exchange (Held et al., 1999).
1913; 16–17
The relatively short period before World War I (that is, 1870 to 1913) is often referred to as the ‘__________’ of globalization, characterized by relative peace, free trade and financial and economic stability (O’Rourke and Williamson, 1999).
Golden Age of Globalization (1870 to 1913)
the interdependent relationships between economic and noneconomic factors.
Social System
Amartya Sen (1998 Nobel laureate in economics) argues that the “_______________” is what really matters for status as a poor/non-poor person.
capability function
True or False: “Economic growth cannot be sensibly treated as an end in itself. Development has to be more concerned with enhancing the lives we lead and the freedoms we enjoy.”
True
considered to be a myth (Bairoch, 1993) not just because it is not without precedents. More concerns have been raised with regard to its impact on the worldwide distribution of income.
Contemporary Globalization
According to Wallerstein, __________, ‘a historical social system’ (1983: 13), created the dramatically diverging historical level of wages in the economic arena of the world system. Thus, growing inequality, along with economic and political dependence, are not independent at all from economic globalization.
capitalism
Large geographic zone within which there is a division of labor and hence significant internal exchange of basic or essential goods as well as flows of capital and labor. A defining feature of a world-economy is that it is not bounded by a unitary political structure. Rather, there are many political units inside the world-economy, loosely tied together in our modern world system in an interstate system
World Economy
What unifies the global economic system most is the _______________.
division of labor
Although the economic global system has some common cultural patterns, called __________. (eg. US-Central America; Australia-Pacific Islands) It does mean that neither political nor cultural homogeneity is to be expected or found in a world economy
geoculture
Capitalism is the existence
of persons or firms producing for sale on the market with the intention of obtaining a profit
Old Concept
a system gives
priority to the endless accumulation of capital: it means that people and firms are accumulating capital in order to accumulate still more capital, a process that is continual and endless.
Capitalism Today
“is a community of persons more or less numerous, permanently occupying a definite portion of territory, having a government of their own to which the great body of inhabitants render obedience, and enjoying freedom from external control.” (De Leon & De Leon)
State
“A system of unequally powerful and competing states in which no single state is capable of imposing control on all others, These states are in interaction with one another in a set of shifting alliances and wars, leading to a restructuring of balance of power.”
Interstate
“The intensification of the influence and dominance of capital. Values market exchange capable of acting as a guide to all human action. Emphasizes the significance of contractual relations in the marketplace. Social good will be maximized by maximizing the reach and frequency market transactions.”
Neoliberalism
“The power of national governments to make decisions independently of those made by other governments.”
Economic Sovereignty
3 Megas in Globalization:
Mega Migration
Mega Urbanization
Mega Mediatization
International Civilization: as per Martin Wights
Opening of doors to one another -> Regards Sovereignity -> Peace Settlement -> International Law -> International Society
The __________ is an international organization founded in 1945. Currently made up of 193 Member States, its work are guided by the purposes and principles contained in its founding Charter.
United Nations
The _______________, held at _______________, marked the birth of a new international economic framework.
Bretton Woods Conference (formally known as the United Nations Monetary and Financial Conference); New Hampshire, USA in July 1944
Delegates from 44 countries agreed on the creation of two international economic organizations:
International Monetary Fund (IMF)
World Bank (WB).
The International Monetary Fund (IMF) and World Bank (WB) are called:
Bretton Woods institutions
It also included a third entity, the _______________ which served as the primary global trade organization.
General Agreement on Tariffs and Trade (GATT)
These institutions were known as the _______________.
Keystone International Economic Organizations (KIEOs)
The role of the _______________ is to promote global monetary cooperation and international financial stability.
International Monetary Fund (IMF)
The International Monetary Fund (IMF), created in _____, was designed to monitor the system of pegged or fixed exchange rates.
1945
In the International Monetary Fund (IMF) system, the official exchange rate of currencies were related to the _____ and __________. (Cohn, 2011)
gold and U.S. dollar
The __________, in comparison to the IMF, was created to grant long term loans for the economic development of less developed countries and reconstruction of war-torn countries in Europe.
World Bank (WB)
WB is made up of two institutions:
International Bank for
Reconstruction and Development (IBRD) provides lending to middle-income and credit-worthy low-income countries.
International Development Association (IDA)- grants loans to lowest income countries.
The purpose of _____ was to avoid trade wars by raising protectionist barriers as witnessed during the interwar period.
GATT
True or False:
GATT was unable to address the expansion of trade in services, investment and intellectual property.
It was incapable of providing a strong and efficient system for dispute settlement.
False
False
Globalization Interstate System:
United Nations
European Union
League of Nations
Universal Declaration Human Rights
APEC
ASEAN
Interstate System:
International Society
International Law
Avoidance of Colonization
Inter-state relations
Promotion of Peace
Avoidance of War
George Schwarzenberger suggested that: “whereas the members of a community are united in spite of their individual existence, the members of a society are isolated in spite of their association”
The Rule of Law and the Disintegration of the International Society, 1939
