Unit 2 Flashcards
Denotes that the economies of various countries are more interconnected frkm extraction, peoduction, distribution, consumption, to disposal of goods and services
Global Economy
It goes beyond internationalization
Economic Globalization
Involves the integration of functions and processes of economic activities
Economic Globalization
It is driven by the “growing scale of cross-border trade of commodities and services”
Economic Globalization
Means that separate production operations are functionally related to each other and form a unified product or service
Economic Integration
It is the expansion of national economies, the global market driven by modern technologies and institutional set ups that promotes faster and easier flow of goods and capital
Economic Globalization
IMF
International Monetary Fund
OECD
Organization for Economic Cooperation and Development
These organizations are critical in developng and pushing for neoliberal policies among different countries
International Economic Organization
What are the three international economic organizations
IMF, World Bank, OECD
Help facilitate trade and development discussions among various states
International Economic Organization
What are the Regional Organizations
ASEAN and NAFTA
ASEAN
Association of Southeast Asian Nations
NAFTA
North American Free Trade Agreement
These organizations promote regional agreements and standards that facilitate better trade and exchange of knowledge , human resources and regional cooperation
Regional Organizations
Are advisory organizations that discuss current economic and political problems and transfer the ideas from the group’s forum to national legislative regulations
Group 8 (G8) and G20
MNCs
Multinational Companies
Which are considered to be the main carriers of economic globalization
Multinational Companies
What year was there 44,000 MNCs in the world with 280,000 overseas subsidiaries and branch offices
1996
88, 000 MNCs identified
2006
Prime mover of economic globalization
Central Banks
They are considered one of the most powerful institutions in the world economy since they can lead economic development
Central Banks
Are more influential in their own national economy than some politicians
Central Bank Governors
Major driver of econimic globalization
Global Civil Society
Has made its mark in global development arena particularly during the UN Conference on Environment and Development in 1992
Global Civil Society
Seen as either composed of individulas or groups of individuals disadvantaged by by the effects of the globalization of the world economy
Global Civil Society
“organized to promote causes, principled ideas and norms, and they often involve individuals advocating policy changes that cannot be easily linked to a rationalist understanding of their interests”
Transnational Advocacy Networks
TAN
Transnational Advocacy Networks
is an international organization with 183 member countries to promote international monetary cooperation and exchange stability; to foster economic growth and high employment; and to provide short-term financial assistance to countries to help ease balance of payments adjustments
IMF
Are global financial institutions that support a country’s economic growth through support (i.e., loans, technical assistance) to governments and now other private sectors
International Financial Institutions
What are the International Financial Insitutions
World Bank, EDB, IMF
EDB
European Bank for Reconstruction and Development
Enterprise that engages in activities which add value (manufacturing, extraction, services, marketing, etc.) in more than one country
Transnational Corporations
Group of nations that serve as an advisory organization that discuss current economic and political problems and transfer the ideas from the forum in national legislative regulations
G8 and G20
G8 members
United States
United Kingdom
France
Germany
Italy
Canada
Russia
G20 members
Argentina
Australia
Brazil
Canada
China
France
Germany
India
Indonesia
Italy
Japan
Republic of Korea
Mexico
Russia
Saudi Arabia
South Africa
Turkey
United Kingdom
United States
African Union
European Union
There is a significant and meaningful movements of resources, products, people in different economies facilitated by modern transport and communication
Modern World System
It is a critical reference in the theorization of globalization
Immanuel Wallerstein (Modern World System)
Constitutes a social system composed of boundaries, structures, member groups, rules of legitimation and coherence
Immanuel Wallerstein (Modern World System)
