Lectures 1: Introduction to Globalization

Question 1

___ is the expansion and intensification of social relations and consciousness across world-time and across world-space (Steger, M., 2013)

Answer 1

Globalization

Question 2

What are the three (3) aspects of Globalization?

Answer 2

1. Globalization as an Economic Process
2. Globalization as a Political Process
3. Globalization as a Cultural Process

Question 3

____ refers to the increasing linkage of national economies through trade, financial flows, and foreign direct investment by multinational firms (Gilpin, 2000: 299)

Answer 3

Globalization as an Economic Process

Question 4

Explain Globalization as an Economic Process.

Answer 4

Globalization as an economic process refers to the increasing interconnectedness of the world’s economies through the flow of goods, services, capital, and technology across borders.
Globalization has led to increased foreign direct investment, where companies establish operations in other countries to take advantage of lower costs or new market opportunities. This can lead to job creation and economic growth in the countries where investments are made.

Question 5

What are two (2) types of economy?

Answer 5

1. Protectionism
2. Trade Liberalization

Question 6

____ refers to protecting one’s economy from foreign competition by creating trade barriers.

Answer 6

Protectionism

Question 7

____ refers to reducing trade barriers to make international trade easier between countries.

Answer 7

Trade Liberalization

Question 8

Give three countries that use Protectionism.

Answer 8

1. Egypt
2. India
3. Canada

Question 9

Give one example of a country that uses Trade Liberalization.

Answer 9

1. Philippines

Question 10

Give one example of Globalization as an Economic Process.

Answer 10

A clothing company in the United States may source materials from China, have the clothes manufactured in Bangladesh, and then sell them in Europe. This global supply chain allows the company to take advantage of lower labor and production costs in other countries, while still selling its products in markets around the world.

Question 11

Globalization as an Economic Process:
An example of a tariff would be a tax on a good imported from another country. For example, a 3% tariff on corn would be a 3% tax added to the cost of corn paid by any domestic importer of corn from a foreign country. This would increase the cost of importing corn, increasing the price of corn sold domestically by the importer to cover the costs and earn a profit.

Do you believe that imposing tariffs is beneficial to a globalized economy?

Answer 11

Imposing tariffs on imported goods can provide some benefits to domestic industries by protecting them from foreign competition. This can lead to increased production and employment in the domestic economy. However, tariffs can also lead to higher prices for consumers, reduced competition, and potential retaliation from other countries. In a globalized economy, trade plays a significant role in economic growth, and tariffs can disrupt this process.

Question 12

____ refers to the practice of hiring another company or individual to manufacture or produce goods or services that were previously produced in-house. It can involve various aspects of the production process, including design, manufacturing, assembly, packaging, and distribution.

Answer 12

Product Outsourcing

Question 13

____ is the development of forms of governance that operate at the global scale, whose policies and rules cooperative nations are expected to abide.

Answer 13

Globalization as a Political Process

Question 14

Explain Globalization as a Political Process.

Answer 14

Globalization as a political process refers to how political actors and institutions have responded to and shaped the economic and social changes associated with globalization. This includes the policies and regulations that govern trade, investment, and other cross-border activities, as well as the formation of international institutions and agreements to manage these activities.
One aspect of globalization as a political process is the growth of international institutions and agreements. These include organizations such as the World Trade Organization, the International Monetary Fund, and the United Nations, which facilitate cooperation and coordination among countries on issues such as trade, finance, and climate change. The establishment of these institutions reflects the recognition that many of the challenges and opportunities associated with globalization require global solutions and cooperation.

Question 15

Give two (2) impacts of Globalization as a Political Process.

Answer 15

1. State sovereignty is reduced.
   Globalization can reduce state sovereignty by creating new economic, social, and political pressures that limit the autonomy of individual states.
2. Countries veto decisions and slow down decision-making processes.
   Globalization can slow down decision-making processes by creating greater complexity, increasing the need for coordination, creating disagreements and conflicts, and increasing uncertainty.

Question 16

Give one (1) example of Globalization as a Political Process.

Answer 16

1. President Duterte Leaving ICC
   Duterte’s decision to withdraw from the ICC reflects his government’s desire to assert national sovereignty and to resist what it sees as interference from international institutions. The decision also reflects broader geopolitical tensions between the Philippines and the international community, particularly over issues such as human rights and democracy.

Question 17

____ refers to the spread and integration of cultural practices, ideas, and values across borders and around the world.
It is the densely growing network of complex cultural interconnections and interdependencies that characterize modern social life.
It causes the rise of an increasingly homogenized global culture.

Answer 17

Globalization as a Cultural Process

Question 18

Is globalization bad or good? Is it beneficial or detrimental?

Answer 18

1. Advocates of globalization argue that it has the potential to promote economic development and reduce poverty, as it increases competition, drives innovation, and creates new opportunities for trade and investment. It can also help to spread knowledge, ideas, and cultural practices, promoting greater understanding and cooperation between different countries and cultures.
2. However, critics of globalization argue that it can lead to negative consequences, such as increasing inequality within and between countries, exploiting workers and resources in developing countries, and eroding cultural and environmental diversity. They also point to the negative effects of global economic crises, such as the 2008 financial crisis, which had a ripple effect across the world, leading to job losses, economic instability, and social unrest.