Globalisation Critique Flashcards
Define critique
-To evaluate practices in a detailed, analytical way
Against globalisation not already mentioned in economics
Inequality in incomes, barriers to free trade not just removal of tariffs, countries with floating exchange rates can manipulate their value to be price competitive.
-TNCs are influencing political decisions for self interest, westernization and homogenization leading to a decline in traditional cultures, difficult to agree politically eg trump leaving Paris agreement before Biden rejoined.
-dark web on internet/spread of terrorist threats, job losses in host countries due to global shifts to periphery regions (exploitation), deindustrialisation/dereliction, Covid and vaccination access being unequal.
-Slowbalisation due to more right wing inward looking political parties such as Trump. Suez Canal block temporarily disrupted global trade.
-Invasive species introduced into vulnerable areas such as Mediterranean mussels Japanese knotweed in Sheffield.
Benefits of globalisation not mentioned before
Neoliberalists believe there has been a trickle down effect from global north to south. Helped with BRIC (Brazil, india, Russia, China) income GDP per capita and MINT investment (Mexico, Indonesia, Nigeria, turkey).
-NGOs/global governance.
-Shared cultures due to labour movement.
-Developing economies improvement in trade and access to technology has helped them to develop.
-TNCs boost economic growth and cause diversification (not just primary product dependent)
-Soxial media eg Black Lives Matter international movement.
Impacts of 2007-8 financial crisis
Occupy movement in New York. Similar protests globally.
The 99% were impacted by austerity measures for bank bailouts whereas the richest 1%, who arguably caused the crisis, didn’t suffer consequences.
How have low income economies been impacted
Impacted by negative externalities and external events such as Covid-19 slowed growth further
How have new global middle class been impacted
Describes those benefitting from global shift in production of manufacturing.
How have global elite been impacted by globalisation
Wealth has prospered. Global corporate citizens in different regions. Won from Covid due to investing in technology or property. Top 10 could afford vaccines for all despite LICs not even being able to afford any (Oxfam).
