Globalization Dimensions & Attributes

• Dimensions of globalization include economic, political, and cultural processes which increase national economies, impact state sovereignty, and modernize social life.

Definitions of Globalization

• Economic experts define globalization as the fast speed of trade, emphasizing global organizations, multinational corporations, trade blocs, free trade, privatization, and reduced tariffs.
• From a political science perspective, Globalization challenges the nation-state, strengthens regional blocs, and encourages global political norms, multilateral relations, and international laws/governance.
• Cultural globalization indicates the establishment of a "global village," creating a "shrinking world," leading to cultural imperialism, borderless interactions, and the adoption of other cultures.

Attributes of Globalization

• Diverse connectivity in economic, political, and cultural dimensions is enabled by various factors, pressures, and media, but the degree of interconnection is uneven.
• Expansion and stretching of social relations occur through regional and international NGOs, sister-cities, government associations, and multinational corporations.
• Intensification and acceleration of social exchanges involve developments from traditional mail to digital communication (FB, IG, Snap Chat, Twitter) live TV telecasts, and increased travel due to low airfares, occurring objectively.
• It requires thinking about the world, associating with global trends, and a sense of responsibility.

Six Core Claims of Globalization

• Globalization involves the liberalization and global integration of markets, which is considered inevitable and irreversible according to pro globalists.
• It benefits everyone in the long run and furthers the spread of democracy, requiring a global war on terror.
• No one specific entity is in charge of the total globalization

Globalization as Globaloney

• Challenges conventional globalization with claims that accounts of accounts of globalization are incorrect, imprecise, or exaggerated.
• It cites everything transnational as evidence for globalization.

Arguments of Globaloney

• Rejectionists dispute the analytical precision of "globalization," deeming it vacuous term suggesting it has been used to refer to anything.
• Skeptics emphasize the limited nature of current globalizing processes, and point out that the world economy centered on Europe, eastern Asia, and North America.
• They warn against global conclusions on economic globalization, assuming it is primarily economic, and overlooking other dimensions/processes.
• Modifiers dispute the novelty of globalization, acknowledging moderate globalizing tendencies throughout the continuum of modernization.

Other Definitions of Globalizations

• Wallerstein defines it as the triumph of a capitalist world, while David Harvey sees it as the compression of time and space.
• Albrow considers it the process by which the people of the world are incorporated into a single world society, while Giddens sees it as the intensification of worldwide social relations that link distant localities.
• Kozul-Wright highlights interlinking financial structures through cross-border transactions to create an international division of labor.
• Other experts define it through internationalizing production (Cox), varied phenomena (Mittleman), accelerated economic growth (Oman).

The Global Economy

• Economic globalization derived throughout history has led evolution of international markets and corporations, intensifying global interdependence.

Manifestations of Economic Globalization

• Manifestations include general analyses, international trade/development, multilateral investment agreements, transnational corporations, foreign direct investment, the World Trade Organization, World Bank, the International Monetary Fund, and global taxes.
• These represent international trade, financial transfers, and foreign direct investment, increasing interconnectedness.

International Trade and Development

• Agreements like FTAA, NAFTA, and CAFTA facilitates trade, which impacts people by enabling free trade for Northern countries, creating protectionist measures that may harm Southern competitors.
• Such agreements tend to slow development in poor countries and pull them deeper into poverty.

Multilateral Agreements (MAI)

• Agreements are treaties with terms agreed upon by three or more sovereign parties (nations or private entities).

Transnational Corporations

• These corporations have become some of the largest economic entities surpassing many states, driving globalization while challenging environmental, health, and labor standards.

Foreign Direct Investment

• Investment to a business in a given nation to control its ownership has increased tenfold, but has often increased financial instability and inequality as well.

World Trade Organization

• Sets and reinforces rules of international trade but receives public criticism over undemocratic operating procedures and neo-liberal ideology.

World Bank

• The function is to eradicate poverty by loaning money for economic development, but these loans often come with demands of economic liberalization.

International Monetary Fund

• an intergovernmental organization that envisions as a lender, aims to facilitate international trades, assist global cooperation and reduce the poverty to the borrowing nation.

Global Taxes

• Implementing global taxes needs democratic oversight/control, policy shaping effects, distributive effects, and funding for UN agencies worldwide as well.

Actors of Economic Globalization

• Influencers in global economics are classified as public/private organizations, and economic forums/regulatory systems established by governments or business entities and are represented by different corporations and nation leaders, working for efficient market development.

The groups and forums are:

• ICC refers to itself as the World business association, as a comprehensive business forum committed to liberalization, institutionalizing an international business perspective with deregulated professionals.
• Bilderberg Group provides a confidential context for more comprehensive international capitalist coordination/planning, assembling corporate liberalism, and intellectual/military elites.
• The Trilateral Commission fosters effective leadership and cooperation among core capitalist regions, institutionalized by a regulatory sphere of disciplinary incorporation.
• World Economic Forum intended to secure European Communities and encourage industry associations establishing global initiatives as the most neo-liberal structuralism.
• The World Business Council for Sustainable Development (WBCSD) characterized in neo-liberal regulation typology, surpass industry vs environment, anchored by eco-efficiency.

Neo-Marxism

• Wallerstein's social theory supports that capitalism may be a negative influence for some due to the semi-peripheral and peripheral communities disenfranchisement.
• Unlike bourgeoisie, this objects increasingly commoditized the workforce, increasing uneaveness not on the market between states, but the entire globe.

World System Theory

• The theory's global economic reliance argues that third world economies are not less influential or meaningful, they are a single world economy.
• Dominant core economies are reliant on the semi-periphery and periphery economies, by manufacture or providers which acts as a buffer so there is no direct conflict or opposition.

The Multiple Crises of Global Capitalism

• Overproduction could portend more than ordinary recession as the integrated global production system and market may not be able to produce the demands needed.
• Crises of ideological legitimacy and liberal democracy are complicating the system from reproducing itself, like the increasing inability, corporations having too much authority.
• International organizations like the IMF, World Bank and World Trade Organization have been affected by this and exposed as the weak links in the system.

Three Processes of a Crisis of Legitimacy

• The increasing inability of neo-liberalism to prove the viability necessary as needed during a revolution of production.
• The overload of power the corporations have as a result over individuals.
• The negativity exposed to international monetary funds by the international financial system from the international banking processes

The crisis of liberal Democracy

• The system of governance is capitalist and important economically, where as in Asia there's popular opinion and disillusion fueled by money.

The crises of Overextension

• Recent expansion of influence may communicate strength yet is unable to consolidate victory anywhere, as it introduces cracks and strains.

The Rise of the Anti-corporate Globalization Movement

• These crises are already unfolding against corporate globalization, neo-liberalists, free trades and other policies, or the new middle classes. Because of neo-liberal policies in the South and North.

World social forum and global community

• The promise for communities is revealed of opposing interests and realization of the people who are distinct from those in global cooperate communities.

Market Integration

Financial restructuring challenges

• It lacks support technically and institutionally.
• It may require systems that are complex.

Corporate governance

• At the onset, governments should correct the tax, banking practices and encourage the high debt to avoid surplus.

Importance and capital control policies

• It is imperative create reliable policy to decrease long-term economic effects of long-term activity and minimize shocks by designing systems as a buffer.

Institutions in short terms:

• Need to monitor and recognize that there is importance and limitations of public capital.
• Key is great dispersment of financial information.

The three periods of Corporation reaching current state.

• Traded during the 17th century between exchanges.

• 19th century colonialism and imperialism from the U.S. war.

• American after World war 2, then raised with development.

• Short history of corporations in reaching its current state of influencing the economic governance.

Three periods of Global Corporations

• One of the earliest Trade and exchanges in corporations is represented by East India Company (English East India).
• The economic & political media used for first time "Imperialism terminology for period of U.S. and Spanish war, with capitalism explained by hilfredging.
• Emerged after WWII as the international companies established investing companies, grew capital speeds through loans, under Marshall Plan.

International companies and global governance.

• International companies are investors that operate from multiple countries, market products and services in individual markets, have multiple and different business culture.
• Transnational companies are complex, have foreign investment, central facilities, give power and marketing to multiple facilities.

Affects of globalizations on governments are:

• Establishing economic and political integration, the growth of international law and principles, transnational activism, the new comminication Network.
• They function in multiple and help administer economic, government, and social programs as well, especially intergovernment.

Intergovernmental organizations (IGO) govern with;

• Are recognized with 3 or more nations to facilitate common interests with good faith.
• They only have states with members, that consent to making authority from multiple governments.
• transcend country borders and major impacts from other actors.

Functions of IGO’s.

• To create strong economic and political relations, cultural and educational skills in Asia. IGO’s can implement functions by bringing about policies. The are the intensified relations for nation like, UN and others.
• Globalism seeks to understand interconnections of world to highlight patterns.

UN Organs:

• Security has important issues like peace security, new member admissions and others while they discuss opinions of states to enhance relations among entities.
• Economic creates a creative platform for reflecting in to enhance sustainability as well as environmental dialogue.
• International has legal disputes and settles among nations including authorized groups. Creates international supervision for trust territories by implementing policies.
• UN confront 21st century challenges by bringing nations to manifest views and create functions to provide world peace as well as promoting.

Is the state relevant amid globalization of governance?

• International and agreed design agreements and initiatives.

Divide’s North and South are?

• Socioeconomically and politically broad and considered, not typically local.
• Hemisphere contains a group of 8 nation who met and discuss global affairs.

Measurement to economic and population stats are:

• There are some areas with less development and income.

• People want better qualities of life

• They are unorganized in the sense lack development in policies and economies which drives a greater integration by market for stability in diversity. Creates economic grants for the system by Asian agreement and drives Asian market bonds for improvement like the ASEAN.

• Creates individual and group agreements to establish security among all nations drives the regionalization and goals to have corporation and wealth. Creates traditional Asian medication to improve unity.

States like market a society are shaped for new nationalists:

Japan is driven by 3 spheres:

• State Markets
• Society
• By engaging with other in 3 overlaps and driving societies. Influences from a new government that causes change corporate restructions, social change for policies drives it.
• New nationalism and Asia are driven for corporate structure and new government. Thailand’s Ascendant has influence with crisis of government, as the other are not a fundamental way.
• Class dispersion are generated and shaped in place under the economical US empires.