Globalization And Development Flashcards
What is globalization?
Globalization means the world becoming more connected through people, cultures, trade, technology, and money, with ideas and goods moving between countries.
How does globalization impact the nation-state?
Globalization challenges national sovereignty by allowing multinational companies and global forces to influence economic and political decisions, weakening the power of smaller states.
What are the main ways the world is becoming globalized?
- through trade (goods/services)
- Investments (loans and FDI)
- Migration ( workers and immigrants)
- Technology (knowledge and innovation
- Culture (media and entertainment)
What is “time-space compression” in globalization?
David Harvey’s concept explains how technology and economic changes make it faster and easier for goods, services, and people to move around the world.
What is commodification?
Commodification is the process of turning goods, services, or ideas into things that can be bought or sold, often changing how people see them.
What differentiates “old” and “new” globalization?
Old globalization focused on colonial expansion, while new globalization emphasizes fast, intense interconnectedness managed by global firms with integrated supply chains.
How has globalization benefited East Asia?
Countries like China, South Korea, and Taiwan reduced poverty and grew economically by joining global trade and advancing technology.
What are criticisms of globalization
Critics view it as a new form of imperialism, increasing income inequality, exploiting natural resources, creating environmental crises, and benefiting wealthy nations disproportionately.
How has globalization contributed to income inequality?
From 1980-2016, the top 1% received 27 cents of every dollar of income growth, while the bottom 50% only received 12 cents, worsening global inequality.
Who controls commodity prices under globalization?
Advanced capitalist nations dominate global financial assets and trade; developing countries often experience declining commodity prices, as seen in coffee markets.
What happened during Honduras’ shift to neoliberal policies?
Honduras moved from agriculture to export-oriented industrialization but faced debt crises, environmental destruction, and increased unemployment.
What is “de-globalization”?
A shift toward reducing dependency on capital-dominated globalization, emphasizing cooperation, community, inequality reduction, and sustainable policies.
What are the environmental consequences of globalization?
Globalization drives hyper-consumption and hyper-exploitation of resources, contributing significantly to global climate change.
What is the “Rana Plaza” tragedy?
A nine-story garment factory building in Bangladesh collapsed, killing over 1,300 workers, highlighting unsafe labor conditions under global supply chains.
What are alternatives to economic globalization?
Alternatives include anti-globalization movements, South-South cooperation, regional alliances like BRICS, and policies focusing on equity, sustainability, and local development.
