Chapter 2 - Lesson 1: The Global Economy Flashcards
WHO
Instead of focusing on those that prosper
from capitalism, he recognizes the semiperipheral and peripheral communities that are largely disenfranchised.
Immanuel Wallerstein
WHAT
Wallerstein’s perspective supports the idea that capitalism is more negative than positive in nature for those under its
constraints.
Neo-Marxism
WHAT
is defined as an approach that emphasizes class struggle as the primary factor influencing revolutionary situations and outcomes, focusing on the potential role of the rural peasantry alongside the urban working class in bringing about socialist revolution.
Neo-Marxism
WHAT
Focuses more on incremental change and the transformation of societal norms through cultural and ideological critique.
Neo-Marxism
WHAT
Advocates for revolutionary change through the overthrow of capitalist systems. The focus is on collective action by the working class to dismantle existing power structures.
Marxism
WHAT
His ideas on the treatment of core to the
peripheral are not too unlike the bourgeoisie and proletariat in Marx’s
theories.
Neo-Marxism
WHAT
Objects become increasingly commoditized within the market, including laborers themselves, this unevenness is only increased.
Neo-marxism
WHAT
While many people continue to believe
that there exists a third world economy,
this argues that there is instead only one
world economy, comprised of core, semiperiphery and periphery economies.
World System Theory
WHAT
The more dominant core economies,
however, are still heavily reliant on and
intertwined with the semi-periphery and
periphery economies.
World System Theory
What are the Multiple Crises of Global Capitalism?
- The crises of over production
- A crises of legitimacy
- The crisis of liberal democracy
- Overextension
- The rise of the anti-corporate globalization movement
- The world social forum and the construction of a global community
The Multiple Crises of Global Capitalism
The overcapacity that could portend more than an ordinary recession. Tied to an increasingly integrated global production system and market and the
manufacturing sector of the world’s economy.
The crisis of overproduction
The Multiple Crises of Global Capitalism
This represents the Great depression, with the mechanism of stock market
Keynesianism exhausted.
The crisis of overproduction
The Multiple Crises of Global Capitalism
This refers to the increasing inability of the neoliberal ideology underpinning
today’s global capitalism to persuade people of its necessity and viability as a
system of production, exchange and distribution.
A crisis of legitimacy
The Multiple Crises of Global Capitalism
In both the North and South liberal democracy has served as the political
cocoon for the stable reproduction of capitalism, so the importance of its
legitimacy and stability cannot be understated.
The crisis of liberal democracy
The Multiple Crises of Global Capitalism
In Asian countries, popular disillusionment with elite democracies fueled by money politics is rife among the lower and middle classes.
The crisis of liberal democracy
The Multiple Crises of Global Capitalism
The recent expansion of US military influence into Afghanistan, Philippines,
Central and south Asia may communicate strength, yet, despite all this movement, the US has not been able to consolidate victory anywhere.
Overextension (Imperial Overstretch)
The Multiple Crises of Global Capitalism
These crises are unfolding even as the movement against corporate globalization, neo-liberalists, free trades and other policies.
The Rise of the Anti-corporate Globalization Movement
The Multiple Crises of Global Capitalism
The inability of a system to deliver its promises – is its revelation of opposing
interests between the elites and the vast majority, and the realization of common interests among the latter.
The World Social Forum and the
Construction of a Global Community
(—–) as a dimension that derives partly from its historical
development. Evolution of international markets and corporations led to an intensified form of global interdependence.
Economic Globalization
What are the indicators and manifestations of economic globalization?
- General analysis on globalization of the economy
- International Trade and Development
- Multilateral agreement on investment and related initiatives
- Transnational Corporations
- Foreign Direct Investment
- World Trade Organization
- World Bank
- International Monetary Fund
- Global Taxes
The indicators and manifestations of economic globalization
Represents the manifestation of international trade, financial transfers, and foreign direct investment, the increasing internationally interconnected economy
General analysis on globalization of the economy
The indicators and manifestations of economic globalization
Trade agreements like FTAA, NAFTA, CAFTA facilitate international trade, thereby strongly impacting people at all levels of the economy
International Trade and Development
The indicators and manifestations of economic globalization
is an agreement or treaty given with the terms and conditions discussed and undertaken by three or more sovereign parties namely the participating nations or private entities
Multilateral agreement on investment and related initiatives
The indicators and manifestations of economic globalization
Transnational corporations have become some of the largest economic entities in the world, surpassing many states.
Transnational corporations
The indicators and manifestations of economic globalization
An investment to a business in a given nation state in the form of controlling its ownership.
Foreign Direct Investment
The indicators and manifestations of economic globalization
The intergovernmental organization sets and enforces the rules of international trade between the nations and states.
World Trade Organization
The indicators and manifestations of economic globalization
Its function is to eradicate poverty by loaning poor countries money for economic development, but these loans often come with demands of economic liberalization.
World Bank
The indicators and manifestations of economic globalization
Intergovernmental organization that envisions as a lender of last resort for countries experiencing economic crises.
International Monetary Fund
The indicators and manifestations of economic globalization
To implement global taxes the need for democratic oversight and control, the policy shaping effects, and distributive effects.
International Monetary Fund
WHAT
These are the entities that influences the global economic processes. They can be classified as public or private organization, economic forums and regulatory system either established by governmental or business entities.
Actors of Economic Globalization
What are the actors of economic globalization?
- International Chamber of Commerce
- Bidlerberg Group
- Trilateral Commissions
- World Economic Forum
- World Business Council for Sustainable Development
Actors of economic globalization
Historically functioned as the most comprehensive business forum
committed to liberalization. Refers to itself as the World Business Association
* Related IOs are WTO, G20 summit and OECD (Organization for Economic Cooperation and Development)
International Chamber of Commerce
Actors of economic globalization
The group provided a context for more comprehensive international capitalist coordination and Planning. Assembled in the spirit of corporate liberalism, representatives of Right and Left, capital and organized labor.
* Related IOs are CFR (council on foreign relations), IMF, World Bank, Trilateral Commission, EU and NAFTA (North American Free Trade Agreement).
Bilderberg Group
Actors of economic globalization
Forum to foster effective collaborative leadership in the international system and closer cooperation among the core capitalist regions of Northern Europe, North America and Japan – the triad.
* Related IOs are CFR (council on Foreign Relations), Bilderberg Group, G7 summit and G8 summit.
Trilateral Commission
Actors of economic globalization
Convened Europe’s CEOs to an informal gather in Switzerland to discuss
European strategy in an international marketplace.
* Related IOs are World Bank, IMF and GATT
Wolrd Economic Forum
Formed in a merger of the Geneva-based Business Council for Sustainable
Development and the Paris-based World Industry Council for the Environment (ICC branch).
* Related IOs are UNEP(UN Environmental Program), UNCTAD (UN conference on Trade and Development), UNCED and (UN Conference on Environment and development)
World Business Council for Sustainable Development (1995)
