CHAPTER 11 Flashcards
GLOBALIZATION
Globalization refers to the process of increasing interdependence and connectivity among countries, driven by the movement of goods, services, information, capital, and people across borders.
Economic globalization
refers to the increasing interconnectedness and interdependence of world economies. It involves the global integration of markets for goods, services, capital, and labour.
Sociocultural globalization
refers to the spread and mixing of cultures, ideas, values, and lifestyles across the world.
global inequality
Global inequality refers to the unequal distribution of resources, opportunities, and wealth across different countries and regions of the world
global stratification
the unequal distribution of resources between countries
Global stratification refers to the hierarchical arrangement of individuals, groups, and nations in a global context, reflecting disparities in wealth, power, and resources
MODERNIZATION
societies modernize in similar ways, with the result that, over time, all societies and cultures converge on a single, uniform set of beliefs and activities assisted by a uniform set of technologies
neoliberal globalization
In summary, neoliberal globalization involves the spread of free-market policies and principles worldwide, emphasizing reduced government intervention, increased trade and investment, and privatization. It aims to create a more integrated and competitive global economy but has also been criticized for increasing inequality and undermining social welfare.
WORLD SYSTEM THEORY
is a sociological and economic framework developed by Immanuel Wallerstein that analyzes the global economy as a complex system divided into a hierarchy of core, semi-periphery, and periphery nations. It explains the historical and contemporary relationships and inequalities between different regions of the world.
core nations
Industrialized, wealthy, and powerful
peripheral states
of lower income and less able to exert political influence internationally, subject to control or manipulation by core states
semi-peripheral states
somewhere between core and peripheral states, but with some political influence
capital flight
referring to the movement (flight) of capital from one nation to another, as when General Motors, Ford, and Chrysler closed Canadian factories in Ontario and opened factories in Mexico
deindustrialization
occurs as a consequence of capital flight, as no new companies open to replace jobs lost to foreign nations
outsourcing
global companies and multinational corporations move their industrial processes to the places where they can get the most production with the least cost, including the costs for building infrastructure, training workers, shipping goods, and, of course, paying employee wage
global assembly lines
where products are assembled over the course of several international transactions
