TCW Flashcards
What is the economic dimension of globalization?
The phenomenon involves the increasing linkage of national economies
This dimension emphasizes economic interdependence and integration among countries.
What does the political process of globalization involve?
Issues pertaining to state sovereignty, intergovernmental organizations, and global governance prospects
This reflects how globalization challenges traditional notions of state power.
Define the cultural process of globalization.
A growing network of complex cultural interconnections and interdependencies that characterize modern social life
This includes the exchange and adoption of cultural practices across borders.
What does globalization mean from an economic perspective?
Fast speed of trade, global economic organizations, multinational and transnational corporations, trade blocs, free trade, privatization, less tariffs
These aspects highlight the economic drivers and effects of globalization.
How do political experts define globalization?
A challenge to the nation state, strength of regional blocs, emergence of global political norms, multilateral and bilateral relations among nation-states, emergence of corporations, international laws, world governance
This perspective focuses on the political implications and transformations due to globalization.
What does the cultural view of globalization encompass?
Establishment of a ‘global village’, ‘shrinking world’, cultural imperialism, borderless world, adoption of other cultures
This highlights the cultural integration and exchanges facilitated by globalization.
List three attributes of globalization.
- Various forms of connectivity (economic, political, cultural, etc.)
- Expansion & stretching of social relations
- Intensification & acceleration of social exchanges and activities
These attributes illustrate how globalization manifests across different dimensions.
True or False: Globalization is considered inevitable and irreversible.
True
This claim suggests that globalization is a fundamental aspect of modern society.
What are the core claims of globalization?
- Globalization is about liberalization and global integration of markets
- Globalization benefits everyone (in the long run)
- Globalization furthers the spread of democracy in the world
- Globalization requires a global war on terror
These claims reflect the perceived positive outcomes of globalization.
What does ‘Globaloney’ refer to?
Claims that accounts on globalization are incorrect, imprecise, or exaggerated
This term critiques the narratives surrounding globalization.
What is the rejectionist argument regarding globalization?
Disputes the usefulness of globalization as a precise analytical concept, suggesting it is a vacuous term
This perspective questions the clarity and applicability of globalization in academic discourse.
Fill in the blank: Economic globalization derives partly from its historical development and the evolution of _______.
[international markets and corporations]
This highlights the historical context of economic globalization.
What is the role of the World Trade Organization?
Sets and enforces the rules of international trade between nations
The WTO plays a crucial role in facilitating global trade.
What is the definition of Foreign Direct Investment?
An investment to a business in a given nation state in the form of controlling its ownership
This type of investment is crucial for economic globalization.
What does the International Monetary Fund (IMF) aim to do?
Facilitate international trades, assist global monetary cooperation, and reduce poverty in borrowing nations
The IMF plays a critical role in economic stability worldwide.
What does the World Business Council for Sustainable Development focus on?
Advancing a vision of capitalist social and moral progress, anchored by eco-efficiency
This group aims to bridge the gap between business and environmental concerns.
Describe the World System Theory.
Argues that today’s modern world system is unique due to its reliance on total global economic control and consists of core, semi-periphery, and periphery economies
This theory emphasizes interconnectedness and dependency among different economies.
What is a crisis of overproduction?
An overcapacity in production that exceeds actual demand
This situation can lead to significant economic downturns.
List the three processes complicating the crisis of legitimacy.
- Crises of ideological legitimacy
- Crises of liberal democracy
- Crises of overextension
These crises challenge the stability of global capitalism.
What is the rise of the anti-corporate globalization movement?
Resistance to neoliberalism and corporate policies, gaining critical mass globally
This movement reflects widespread discontent with the effects of globalization.
What does the inability of a system to deliver its promises reveal?
Opposing interests between the elites and the vast majority.
What is manifested by the growing perception of a community of interests among the peoples of the world?
A distinct interest from that of the global corporate elites.
What is the goal of macroeconomic and microeconomic policies in the context of market confidence?
To restore market confidence.
What can make exporting more attractive during a crisis?
Exchange rate devaluation.
What is as important as exchange rate in determining macro exports?
Addressing problems in the financial sector.
What are the challenges of restructuring the banking system?
- Less technical, legal, and institutional capacity
- Fewer healthy banks to take over weak banks
- More complex banking systems with state and private banks.
What is a key issue in strengthening the financial sector?
Enabling it to more effectively fulfill its role in promoting economic growth.
What should governments correct to strengthen corporate governance?
Tax, regulatory, and banking practices that encouraged high debt-equity ratios.
What is the goal of creating a robust policy regime in controlling capital flows?
To minimize long-term consequences of economic fluctuations.
True or False: The World Bank is primarily a crisis fighter.
False.
What does the World Bank focus on?
Project lending and structural reforms for long-run development and poverty alleviation.
What is the period of trade and exchanges represented by?
East India Company (1600–1708).
What terminology was used for the period of U.S. and Spanish war (1898)?
Imperialism.
What development led to the birth of international companies around 1900?
The founding of the Security and Exchange Organization (SEC) in 1933.
What are the four types of corporations?
- International companies
- Global companies
- Multinational companies
- Transnational companies.
What is the role of IGOs?
To facilitate international connections and create strong relationships.
True or False: IGOs govern countries.
False.
What is the difference between internationalism and globalism?
- Internationalism: Intensification of relations among nation-states.
- Globalism: Understanding interconnections of the modern world.
What are the main organs of the United Nations?
- General Assembly
- Security Council
- Economic and Social Council
- International Court of Justice
- Secretariat
- Trusteeship Council.
What is the main deliberative body of the UN?
General Assembly.
What is the responsibility of the Security Council?
Maintenance of peace and security.
What does the Economic and Social Council focus on?
Sustainable development and policy recommendations.
What is the primary role of the International Court of Justice?
To settle legal disputes and give advisory opinions.
What does the Trusteeship Council provide?
International supervision for Trust Territories.
What is the relevance of the state amid globalization?
States are essential for IGOs and international agreements.
What does the global divide refer to?
Socio-economic and political divides between the North and South.
Which countries are included in the Global North?
- United States
- Canada
- Western Europe
- Australia
- New Zealand.
What characterizes the Global South?
Made up of Africa, Latin America, and developing Asia.
What are three factors that direct the economic development of states?
- Behavior within and between nation-states
- Position in the global market
- Immigration patterns.
What is the difference between globalization and regionalization?
- Globalization: Borderless integration.
- Regionalization: Societal integration within a specific region.
What is globalization?
Integration of social relations and consciousness across world-space.
What is regionalization?
Societal integration within a region, often an undirected process of social and economic integration.
How does globalization differ from regionalization in terms of scope?
Globalization is borderless, whereas regionalization occurs within a specific geographical portion of the world.
What does regionalism refer to?
A political process involving economic policy of cooperation and coordination among countries.
What are some factors driving greater Asian integration?
- Market-driven interactions
- Establishment of formal institutions
- Production networks
- The Asian bond
What is the role of the Asian Development Bank?
Facilitates economic grants and overseas development assistance programs.
Which countries are involved in specialized production?
- Philippines – electronics and copper
- Indonesia – palm oil, rubber, and natural gas
- South Korea – machinery products and motor vehicles.
What are the two economic structures established by ASEAN + 3 Financial Ministers’ Process?
- Chang Mai Initiative
- Asian Bond Market
How does ASEAN decision-making differ from the European Union?
ASEAN decides based on consensus or general agreement.
What are the collective responses of Asia to globalization and regionalization?
- Establishing the Asian Development Bank
- Working on loans and grants
- Sharing security information
- Achieving ASEAN Declaration.
What are some individual responses of countries in Asia to globalization?
- Bilateral and multilateral agreements
- Dialogues among China, India, and Japan
- Resource utilization to combat civilian displacement
- Creation of local currencies.
What does Japan’s security policy emphasize?
Continuity and broad protection of a society accustomed to domestic safety and order.
What factors are leading to political stasis in Japan?
- Corporate restructurings
- Financial big bang
- Generational change in political class
- Social changes undermining family foundation.
What is a significant trend in Japanese corporate capital?
Restructuring and expanding Asian production networks while maintaining operations in Southeast Asia.
What are the two salient points of East Asian middle class?
- Driven by global and regional transnational capitalism
- New urban middle classes with jobs, education, and income status.
What characterizes the 386 generation in South Korea?
Combination of economic development, social transformation, and political change with no direct experience of Japanese colonial rule.
How is Taiwan’s middle class defined politically?
A politics of ethnicity against the economic power of mainlander Taiwanese and mainland China.
What challenges did Bangkok’s middle classes face?
Financial crises leading to job losses and the closing of banking institutions.
What distinguishes the middle classes in Malaysia and Indonesia?
They remain divided ethnically, dependent on the state, and unable to reshape politics fundamentally.
What is a notable characteristic of the Filipino middle class?
They have been around for at least two generations due to earlier industrialization.
What has shaped the new urban middle classes in East Asia?
Complex historical forces from regional and economic development under the US informal empire.
