The Contemporary World Flashcards
Friday
refers to our world with the circumstances and ideas of the present age, as in the phrase “in modern times like these”.
The contemporary world
an umbrella term denoting the growing modern interconnectedness of nations, people, and markets. It also refers to the process of interaction and integration among companies, and governments worldwide.
Globalization
an international trade left to its natural course, that is, without tariffs, quota, or other restrictions.
free trade
the strongest indirect agent of socialization in the contemporary globalized world. They influence our lives to a great extent as we tend to learn a lot from international newspapers, magazines, radio, internet, and television.
Mass media
has enabled globalization. Since the turn of the 20th century, there have been international market integration and widespread cultural exchange. Much of what is distinct about present-day globalization can be traced to technological innovations.
Technology and Internet
computer-and-Internet-mediated tools that allow people to generate, share and exchange information,
Social media
“the use of dedicated websites and applications to interact with other users, or to find people with similar interests to oneself”
Social networking
refers to the phenomenon in which people migrate from one country to another for the purpose of temporary labor, in which they simultaneously participate in social connections in multiple nations.
Transnational migration
an economic and political system in which the industry and trade are controlled not by the state but by private
owners for profit.
Capitalism
politically oriented violence or threat of violence it undoubtedly causes change in society as it involves the purposeful creation and exploitation of fear for bringing about socio-political change.
Terrorism
refers to membership group that function across national borders for well-defined purposes.
International organization
2 categories of international organization
- The intergovernmental organizations
- The international non-governmental organizations
refers to the full power and right of the government body over itself, without any intrusion from outside bodies or sources.
Sovereignty
a branch of philosophy that studies, morality, or the rightness, or wrongness of human conduct.
Ethics
it refers to the system of trade and industry around the globe that has developed as the outcome of globalization, that is, the manner in which economies have been developing to function together as seemingly one system.
Global Economy
“a historical process, the result of human innovation and technological process.”
economic
globalization
is said to be functional integration among globally distributed activities. a qualitative transformation
economic
globalization
the extension of economic activities of nation states across borders, a quantitative change
internationalization
Comprise national governments as members (e.g., UN, World Bank, IMF, WTO, NATO).
Formed by treaty to address common concerns like security, peace, and economic issues.
International Governmental Organizations (IGOs)
Non-state institutions with global missions (e.g., Greenpeace, Red Cross, International
Olympic Committee).
Focus on human rights, social services, community development, and
environmental protection.
International Non-Governmental
Organizations (INGOs)
Companies operating in multiple countries with headquarters in one “home” country.
Multinational Corporations (MNCs)
borderless, with no
specific home country.
Decentralized operations with significant influence over global trade and economic
policies.
Transnational Corporations (TNCs)
the removal or reduction of restrictions or barriers, such as tariffs, on the free exchange of goods between nations.
Trade liberalization
what are the theories of globalization
World-systems theory, modernization theory, and dependency theory
is a socioeconomic theory, encompassed within ‘development theory’, which highlights the positive role played by the ‘developed world’ in modernizing and facilitating progress in ‘underdeveloped’ nations
modernization theory
explains how advanced nations continue to flourish at the expense of underdeveloped nations. These dominant economies take resources from dependent countries, refine them, and resell the resources at very high prices.
dependency theory
an interpretive framework that offers a generalized model of human interaction, encompassing economic, political, and social dimension
World Systems Theory
types of world systems
- World-Empires
- World-Economies
Politically unified, with one political center and multiple cultures (e.g., Roman Empire).
World-Empires
Not politically unified, with multiple political
centers and cultures.
World-Economies
explains the modern world system, emerging from the decline of feudalism and the rise of Western European
dominance.
Wallerstein’s Modern World-System
He categorizes regions into four types: Core, Periphery, Semi-Periphery, and External, each with distinct roles in the global economy.
Wallerstein’s Modern World-System
Dominant countries that control global trade and exploit peripheral regions for labor and resources.
core
Dependent on core countries for capital and often lack strong
governments.
Typically export raw materials and rely on low-wage labor.
Serve the interests of core nations, providing cheap labor and resources, often leading to economic dependency.
Periphery
Intermediate regions with characteristics of both core and
peripheral countries.
Often buffer zones between the core and periphery, they exploit
the periphery but are themselves exploited by the core.
Semi-Periphery
Regions outside the capitalist world system, either by choice or neglect.
Maintain independent economies, with limited integration into the
global market.
External Areas
a particular interpretation of globalization that focuses on the way in which participants in the process become conscious of and give meaning to living in the world as a single place.
World culture theory
is an institutional arrangement of governance that addresses regional or globalized issues that go beyond the scope of a nation-state.
Global Interstate system
refers to institutions that coordinate the behavior of transnational actors, facilitate cooperation, resolve disputes, and alleviate collective action problems. It entails making, monitoring, and enforcing rules.
Global governance theory
provides an international forum for the resolution of disputes between foreign investors and host governments. ICSID uses two methods of dispute resolution: arbitration and conciliation proceedings.
International Centre for Settlement of Investment Disputes (ICSID)
It is the financial institution which has been founded or chartered by more than one nation, and thus are the subjects of international law.
International Financial Institution
founded in 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand, aims to promote economic
growth, social development, and peace in Southeast Asia. Over time, it expanded to include Brunei, Vietnam, Laos, Myanmar, and Cambodia, growing into a significant regional organization.
ASEAN (Association of Southeast Asian Nations)
an agreement between two or more nations to reduce barriers to imports and exports among them.
free trade agreement
In Asia, a forum, established in
1989, spurred both regionalism and regionalization, leading to improved institutional
frameworks.
APEC
the leading forum in the Asia-Pacific to facilitate trade and investment, economic growth, and regional cooperation.
Asia-Pacific Economic Cooperation (APEC)
Founded in 1945, it manages the international monetary system, providing
temporary financing to member countries facing balance of payments problems.
The International Monetary Fund
the process by which a piece of property or business goes from being owned by the government to being privately owned.
Privatization
the practice of hiring a party outside a company to perform services or create goods.
Outsourcing
Different Banks in the Philippines
- BDO Unibank Inc.
- Metropolitan Bank and Trust Company.
- Bank of the Philippine Islands.
- Land Bank of the Philippines.
- Philippine National Bank.
- Security Bank Corporation.
- China Banking Corporation.
- Development Bank of the Philippines.
Founded in 1851, the first bank in the Philippines and in the Southeast Asian region.
Bank of the Philippine Islands
Also established in 1945, the World Bank initially focused on post-WWII reconstruction and later shifted to economic development in non-industrialized countries. It consists of five institutions, each with a specific role in
improving living standards and reducing poverty in developing countries through grants, loans, and technical assistance.
World Bank Group
Founded in 1964, AfDB promotes social and economic development in Africa, providing loans, equity investments, and technical assistance. It focuses on projects that enhance regional integration and development.
African Development Bank (AfDB)
the single largest provider of funds to economic and human development projects in the world’s poorest nations.
International Development Association
established a system through which a fixed currency exchange rate could be created using gold as the universal standard. The agreement involved representatives from 44 nations and brought about the creation of the International Monetary Fund (IMF) and the World Bank.
Bretton Woods Agreement
was an adjustable peg system, with every country fixing their currencies to an anchor currency (the US dollar) and the value of the anchor currency was fixed to gold. It is also called the “gold exchange standard” system
The Bretton Woods system (1944–1970)
the study of interactions between nations, states, and other actors on the global stage. It encompasses a broad range of topics, including diplomacy, foreign policy, conflict resolution, globalization, and international law.
International Relations
a top-down approach involving governments working together formally, while regionalization is a bottom-up process where interaction and cooperation naturally increase among neighboring states.
Regionalism
refers to the collaboration among neighboring nations, typically through multilateral institutions that facilitate information sharing, rule-making, and dispute resolution.
Regionalism
means that price differences between countries are eliminated as all markets become one
Market Integration
the interconnectivity of prices among different locations or related goods
market integration
This occurs when a firm performs more than one activity in the sequence of the process. It is linking together of two or more functions in the marketing process within a single firm or under a single ownership
Vertical Integration
discusses global economic, social and environmental challenges. It coordinates the related work of UN entities and regional commissions, as well as of its subsidiary bodies, particularly its functional commissions.
Economic and Social Council (ECOSOC)
the United Nations’ central platform for reflection, debate, and innovative thinking on sustainable development
Economic and Social Council (ECOSOC)
designed to create a common market among its members through the elimination of most trade barriers and the establishment of a common external trade policy. The treaty also provided for a common agricultural policy, which was established in 1962 to protect EEC farmers from agricultural imports
European Economic Community
