Globalization Chapter 15 Quiz

Updates

• Next week is a mid-term break.
• No discussion groups all week.
• Lecture on Thursday, but not Tuesday.
• Final exam is December 12th at noon.
• Exam is in person, closed book, on Canvas.
• Exam format includes short answer (identify/explain significance), essay question, and sample exam available on Canvas.

Globalization: Lessons & Theories

• Lecture 15 covers the part of explanation of current politics.
• The first half of the course discusses issues such as, how sovereign is a state and how states are being bailed out.

Outline

• Lessons of Crises of Globalization: Focuses on the interconnectedness of issues.
• Theories of Globalization: Focuses on several theories presented such as Globalization being good with all benefiting and Globalization being the victory of corporate power.
• Benefits and Drawbacks of Globalization: Explores the overall increase in wealth from 1950-2022, and negative impacts.

I. Lessons of Crises

• Interconnectedness: Central to problems, with financial issues (e.g., the Asian and credit crises) being systemic threats.
• Web of connections: Crises are not isolated to one country or firm.
• Solutions, such as creating connections, are explored.
• New media: Intensifies information and often blurs the lines between public and private (State/Market) sectors.
• Cooperation: Necessary to resolve systemic crises.

II. Theories of Globalization

• Globalization is good: Friedman (2005) viewed the world as a flat playing field shrunk through communication and technology
• Globalization as the victory of corporate power: Korten (1995) argued that globalization is detrimental
• Uneven Benefits: Stiglitz (2003/2018) highlighted that globalization benefits some more than others.

III. Benefits and Drawbacks of Globalization

• Benefits: Increased overall wealth between 1950 and 2022, particularly through growth in income (World Bank Global GDP; $10 trillion in 1950 and $123 trillion in 2022) and a 44x increase in world trade volume.
• Drawbacks: Globalized economies assume perpetual growth. Non-renewable resources and waste products are consumed contributing to concerns about global warming/climate change and the persistence of extreme poverty.

A. Benefits of Globalization

• Global wealth increase.
• Growth in world trade.
• Decrease in overall global poverty.
• Ease of travel and communication.
• Exchange of cultures.
• International democratization.

B. Drawbacks of Globalization

• Financial crises.
• Growing inequalities (rich-poor gap widening).
• Persistence of extreme poverty.
• Backlash from people who did not benefit.
• Loss of manufacturing jobs/income for some.
• Backlash within the west.
• Negative implications for the environment.
• Consumption of non-renewable resources.
• Addition to waste products
• Global Warming, Climate change

Manufacturing Job Trend

• Manufacturing employment has declined as a percentage of all jobs over decades.

Conclusions

• Lesson Learned from Crises: Globalization is multifaceted, both creating opportunities and increasing risks.
• Theories of Globalization: There are multiple perspectives on the overall worth of globalization.
• Good vs Bad: The arguments that Friedman put forth against Korten's viewpoint are noted as differing in this subject area, demonstrating a more complete view.
• Unequal Benefits: Stiglitz emphasized that globalization's benefits are not evenly distributed, creating issues.
• Benefits: Increased wealth and a decline in poverty, though accompanied by democratization concerns.
• Drawbacks: Crises, inequality, backlash. and environmental problems that arise from relying on more complex international trends.

Test your understanding of Lecture 15, which delves into current political explanations within globalization. This quiz covers the interconnectedness of issues, along with the benefits and drawbacks of globalization as discussed throughout the course. Prepare to explore the various theories and lessons learned from past crises in globalization.