Contemporary World Module 1: Globalization

Introduction to Globalization

• Globalization is a concept that has gained prominence since the early 19th century, signifying the interconnectedness of countries through the exchange of goods, services, culture, and people.
• A significant push for globalization came from Theodore Levitt's influential article "The Globalization of Markets," which highlighted its potential in the business landscape.
• Key components of globalization include the reduction or removal of tariffs on imports and the welcoming of skilled professionals across borders.

Key Terms

• Social Movement: Advocacy by individuals and organizations for positive social change through various means.
• Free Trade: Trade of goods between nations without tariffs or taxes.
• Deregulation: Reduction or elimination of government regulations to enhance corporate flexibility and profitability.
• Liberalization: Removal or reduction of restrictions on international trade.
• Privatization: Transitioning control and ownership of industries or services from public to private entities.

Competing Conceptions of Globalization

• Manfred Steger notes that globalization has been described in multiple contexts, including a process, condition, system, force, and age in both popular and academic realms.
• UNCTAD defines economic globalization as the integration of national economies through trade, financial flows, and migration, leading to increased vulnerability to global forces.

European Union (EU)

• The EU is an economic and political entity composed of 28 member states, evolving from the European Coal and Steel Community (ECSC) and European Economic Community (EEC).
• Aims to foster integration and enhance regional power through economic collaboration.
• The EU employs a "Single Market" to allow free movement of goods, services, capital, and people among member states.
• Features include a common currency for most members and financial support for less developed regions.
• Funding sources for the EU include economic revenues and contributions from individual states.
• Politically, the EU is organized through institutions like the European Council, European Commission, and European Parliament, which manage executive, legislative, and judiciary roles within the region.

Introduction to Globalization

• Globalization is a concept that has gained prominence since the early 19th century, signifying the interconnectedness of countries through the exchange of goods, services, culture, and people.
• A significant push for globalization came from Theodore Levitt's influential article "The Globalization of Markets," which highlighted its potential in the business landscape.
• Key components of globalization include the reduction or removal of tariffs on imports and the welcoming of skilled professionals across borders.

Key Terms

• Social Movement: Advocacy by individuals and organizations for positive social change through various means.
• Free Trade: Trade of goods between nations without tariffs or taxes.
• Deregulation: Reduction or elimination of government regulations to enhance corporate flexibility and profitability.
• Liberalization: Removal or reduction of restrictions on international trade.
• Privatization: Transitioning control and ownership of industries or services from public to private entities.

Competing Conceptions of Globalization

• Manfred Steger notes that globalization has been described in multiple contexts, including a process, condition, system, force, and age in both popular and academic realms.
• UNCTAD defines economic globalization as the integration of national economies through trade, financial flows, and migration, leading to increased vulnerability to global forces.

European Union (EU)

• The EU is an economic and political entity composed of 28 member states, evolving from the European Coal and Steel Community (ECSC) and European Economic Community (EEC).
• Aims to foster integration and enhance regional power through economic collaboration.
• The EU employs a "Single Market" to allow free movement of goods, services, capital, and people among member states.
• Features include a common currency for most members and financial support for less developed regions.
• Funding sources for the EU include economic revenues and contributions from individual states.
• Politically, the EU is organized through institutions like the European Council, European Commission, and European Parliament, which manage executive, legislative, and judiciary roles within the region.