Globalisation Flashcards
What is globalisation?
The exchange and interactions between people and governments and private organisations globally. Catapulted by the Industrial Revolution and further political and economic international agreements post-WW2.
What are the types of globalisations
- Economic
- Cultural
- Political
Define hyperglobalism
A view that new globalised economic and cultural plotters have become inevitable once technology like communications and the internet became widely available.
Pro/Con argument of globalisation
Positives:
- Countries benefit economically, equated with economic growth which creates support (developed countries benefit the most).
- Access to new cultures and tech - more acceptance and cooperation.
Con:
- Rise of anti-globalisation movement by left-wing capitalists and conservative nation.
- To an extent to blame for national unemployment, inequality, terrorism and cultural homogenisation.
- Interconnectivity caused cost of living crisis and financial crisis 2008
Examples of epochs - ‘reshaping the international system’
Previously, developed countries had empires to keep themselves economically powerful and politically dominant. Post 1945 - former imperial states means the rich and powerful benefit the most from globalisation - maintains their position and influence but possibly challenged by the rise of China.
Examples of epochs - Russia
Countries are deglobalising because of Russia’s invasion of Ukraine - attempting to regain their autonomy after realising how expose they were due to their interconnectivity - energy markets reliant on Russian oil and economic sanctions meant the cost of living crisis is more likely.
Examples of epoch - Liz Truzz
The pound on the rate exchanged dropped further when PM Liz Truzz announced her controversial ‘mini-budget’ on Sept 23, which (contained billions in unfunded tax cuts) - fell in confidence of her, showing that states cannot act autonomously.
What is economic globalisation?
- States loose prominence as there is increasing interdependence of the different economies worldwide through integration.
- Allows the world to become a single global market.
- Key feature is the expansion and dominance of global companies - shaping consumer patterns.
Pros of economic globalisation
- Cheaper prices and better availability of products and services.
- Easier access to capital and commodities.
- Increased competititon
- Producers and retailers diversify their markets and contribute to economic growth.
- Low Tarrifs (due to WTO - an IGO).
Cons of economic globalisation
- Some countries will struggle to compete - maintains the core vs periphery.
- Extractive behaviour of some foreign companies and investors in resource-rich countries will prevent economic diversification.
- Strong bargaining power of multinational companies vis-a-vir local governments.
- Contagion effect (domino) is more likely times of crisis, such as the Financial Crash of 2008.
- Problems of social dumping = given workers sub-standard pay/living conditions compared to those specified by law - countries seek the cheapest nation, also affecting national employment.
What is cultural globalisation?
- Refers to the transmission of values, ideals and artistic expression = in the era of the internet and fast communication, people can interact more easily.
- Multiculturalism and Cosmopolitanism are manifestation of cultural globalisation:
+ Communities are the least insulated in history, people are understanding other cultures.
+ People change their views and lifestyles - influenced by global culture and consumption trend.
Pros of Cultural globalisation
- Access to new cultural products (arts, education and entertainment).
- Better understanding of foreign values and attitudes - lesser stereotypes and misconceptions.
- Instant access from anywhere, especially via the internet.
- Capacity to communicate and defend one’s values and ideals freely.
- Customisation or adaption of global cultural to local environment (the Balti Curry),
Cons of Cultural Globalisation
- Spread of commodity-based consumer culture.
- Dangers of cultural homogenisation - smaller cultures would loose their distinctive features in favour of Westernisation/cultural imperialism.
- Dangerous, violent ideals could spread faster (terrorism which oppresses Western values.
What is political globalisation?
- Newer feature = rising influence of international and regional institutions in the past thirty years.
- For example, EU, UN, WTO, ASEAN, MEROSUR which shape domestic politics.
Pros of political globalisation
- Access to international aid and financial support (IMF and World Bank).
- Contributes to world peace - reduces risk of invasion, more checks+balances of big powers and limits nationalism.
- IGOS are often committed to spread liberal values like freedom and to fight abuses within countries.
- Smaller countries can collaborate and gain influence globally.
- Governments can learn from each other - possibly why the World Cup was allowed to be held in questionable areas like Qatar and Russia (make them realise benefits of aligning with the West).
