CONTEMPO Flashcards
- The spread of worldwide practices, relations, consciousness, and organization of social life
GLOBALIZATION (Ritzer, 2008)
- A phenomenon gave rise to the interconnectedness of human society that replaced the sovereign state system with a multilateral system of governance
GLOBALIZATION (Rosenberg)
- The changes in contemporary societies and the current world economy that is largely influenced by heightened cross-border trades, investments, and cultural exchanges
GLOBALIZATION (De Guzman, et. Al, 2020)
Qualities and Characteristics of Globalization
- According to Held and McGrew (2002),
- Creation and Multiplication- Breaking traditional norms and practices
- Expansion and Stretching- Connection
- Intensification and Acceleration- Access
- Consciousness and Awareness- Borderless
Concepts and Ideas Associated with Globalization
- Free Trade
- Mass media
- Technology and Internet
- Social Media and Social Networking
- Terrorism
- Migration
- Capitalism
the economic model systems
- Traditional Economy
- Command Economy
- Market Economy
- Mixed Economy
- Heavily dependent on agriculture
- People tend to barter
- Economic decisions are often made based on long-held customs (traditions), beliefs, or habits.
Traditional Economy
- Government planning groups make the basic economic decisions
- They determine such things as which goods and services to produce, the prices, and wage rates
- Individuals and corporations generally do not own businesses
Command Economy
- Economic decisions are made by an individual, rather than a government
- Production decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace
Market economy
- A combination of the market and command economy
Mixed Economy
- Is as system of ideas or ideals, especially one that forms the basis of economic or political theory and policy
IDEOLOGY
3 Economic Ideologies
MERCANTILISM, LIBERALISM, STRUCTURALISM
it focuses on state efforts to accumulate wealth and power to protect society from physical harm of the influence of other states
- MERCANTILISM
focuses on private sector/ individual
LIBERALISM
the state controls the economy. Focuses on monetary, fiscal, etc.
STRUCTURALISM
- It refers to a free market world
MARKET GLOBALISM
- 6 Major Ideas of Globalization by Stager (2005)
- Globalization is about the liberalization and integration of markets
- Globalization is inevitable and irreversible
- Nobody is in charge of globalization
- Globalization benefits everyone in the long run
- Globalization furthers the spread of democracy in the world
- Globalization requires global war on terror
- It upholds an alternative vision of globalization based on egalitarian ideals of global solidarity and distributive justice
- Liberalization leads to great inequalities, environmental destruction, escalating conflict and violence, the proliferation of self- interest, and marginalization of the powerless around the world
Justice Globalism
states that globalization is inevitable
Justice Globalists
IDELOGIES OF GLOBALIZATION
Market Globalization
Justice Globalization
Religious Globalization
Types of Globalization
- Financial
- Economic
- Technological
- Political
- Sociological
- Cultural
- Ecological
- Geographical
- Are the rules of structural social interaction (formal and informal) that structure the incentives in human exchange either economically, political, or social
Institutions
Institutions are ___________, ________________________
man-made, non-technological
Consists of norms, set of activities, and regulative structures that provide meaning and stability to the social behavior of a group
Institutions
How Institutions are formed
Social Conflict Perspective
Developmental Perspective
institutions are formed because societies choose those institutions that will maximize social surplus
Social Conflict Perspective
institutions form and emerge from within countries over time and that economic, political, social development cause institutions to change
Developmental Perspective
Institutional and Development Outcomes
Provide incentives or place restrictions
Reducing the cost of doing business- ease the effectiveness of transactions
Ensuring competitive processes- ensures efficiency
refers to mutual dependence between countries on a global scale
Global interdependence
- Is a network of labor and production processes whose end result is a finished commodity
Commodity Chain
Dependency Theory involves what countries
Core and Peripheral Countries
World System Theory involves what countries
core, peripheral and semi-peripheral
advanced countries/ industrial
Core Countries
dependent states/ rely on the export of product
Periphery Countries
either core and periphery (did not dominate in international trade and do not benefit same as core)
Semi-periphery Countries
capital and technology driven like multinational corporations (core countries)
Producer Driven
labor intensive and low technology (periphery)
Buyer Driven
Countries that prioritize design and marketing
Core
Countries that prioritize Investment, quality control, financing and shipping
Semi-periphery
Countries that involve low wage earner
Periphery
International Organization and Transnational Corporation
WORLD BANK
IMF
FDI
is financed by developed countries
WORLD BANK
IMF
INTERNATIONAL MONETARY FUND
FDI
FOREIGN DIRECT INVESTMENT
refers to property rights, legal systems, rule of law, and the constitution of the country. Ex. Laws & standards. Invite or discourse investors
Formal Institution
refers to how individuals behave in everyday life in terms of their belief, history, culture and etc. Economic development is influenced by behavior
Informal Institution
