21st Century Prospects Flashcards
Summary of the Lecture from Gordon Clerk
Main drivers of change
globalisation, population ageing, financial integration, and climate change
Globalisation
the process of economic and financial integration whereby the “local” is drawn into the “global” such that inherited institutions and social practices are subject to the market pricing of their respective advantages and disadvantages in the context of other competing entities
Population ageing
the process whereby the age structure of regions’ and nations’ populations is transformed from being dominated by the young (0 – 20 years) to being more equally distributed by age-cohort through to the elderly (80 years +)
Financial integration
the process whereby the value of human activity is priced by financial instruments and brought to global markets on the basis of financial risk and return
Global governance
the process whereby regions and nation-states cooperate and collaborate to deal with the challenges of the 21st century in the context of globalisation
Two strands of globalisation
- Neoliberal plot
- Post WWII vision of a harmonious world joined together in the mutual advantageous trade and communication; supported by agreements such as Treaty of Varsille
Four main things globalisation drives
Drives labour migration
Social and environmental standards
Trade and income
Even housing markets.
Four main aspects linking globalisation with an ageing population
Highly differentiated maps of human prospects
increasing premium on ‘local’ labour productivity
Closely related to economic growth and development
As well as the distribution of the benefits of globalisation.`
Four main points linking global goverance with globalisation
The second half of the 20th century was dominated by the US
Geopolitics was framed by US interests, underpinned by European support
The global financial crisis exposed the weaknesses of the US and Europe
Recognising the emergence of China as a global superpower.
