Understanding concept of Globalization

Conceptions of Globalization

• Globalization increases sociability and awareness of technology, leading to interactive movement across political, social, cultural, economic, and technological spheres.
• Before globalization, people, things, information, and places hardened over time, characterized by solidity and limited to one place
• Solidity refers to barriers that prevented the free movement of people, information, and objects.
• Fluidity better describes the global age, many things once solid have begun to melt and become increasingly mobile.
• Technological developments in transportation and communication have enabled global movement of what was previously solid.
• Globalization is characterized by flows of liquid phenomena including people, objects, decisions, information, and places.
• The world is still characterized by great inequality, and globalization flows more easily through the developed world.
• Globalization can be assessed through metaphors of heavy, light, and weightless, there has been a movement from heavy to light to weightlessness.
• Pre-industrial and industrial societies were characterized as heavy because they were difficult to move.
• Advances in transportation and technology made goods, people, and places lighter.
• The current era is defined not only by lightness but also increasingly by weightlessness.

Definitions of Globalization

• Globalization is the worldwide integration of economic, technological, political, cultural, and social aspects between countries (Hamilton, 2008).
• It is related to the uprising of global economic, political, environmental and social activities and expands international capitalism through multinational corporations.
• It involves activities of organizations like the UN, World Bank, IMF, and WTO.
• Globalization reshapes the study of the social world and human culture, creating a field of globalization studies (Appelbaum and Robinson, 2005).
• It can be seen as the opening-up of the global economy and the increase in trade between nations.
• As countries open their economies to trade and foreign investment, there is an increasing interconnectedness and integration of economies.
• Globalization means countries liberalize import protocols and welcome foreign investment into sectors that are the mainstays of its economy.
• Schirato and Webb (2003) view globalization as a discursive regime that eats up anyone and anything in its path.
• Globalization functions as a set of texts, ideas, goals, values, narratives, dispositions and prohibitions, and can be accessed by whoever can access it.
• It is an historical process that began with trade and migration but has recently accelerated.
• It resulted from the international spread of capitalism, rationalism, industrial production, and economic liberalism.
• Globalization refers to the ongoing growth of interconnections and interdependencies in economics, politics, and culture, social ties across boundaries become routine.
• Manifestations globalization spatial reorganization of production, interpenetration of industries, spread financial markets, and diffusion of consumer goods to distant populations.

Approaches to Globalization Perspective

• A process that has been going on since the dawn of history, having a 5,000-10,000-year time frame.
• A process coterminous with the spread and development of capitalism and modernity, having a 500-year frame.
• A recent phenomenon associated with processes of post-industrialization, post-modernization or the restructuring of capitalism, having a 20-30-year frame.
• Steger (2005) suggests six core claims of globalism.

Globalization Facts

• Concerns the liberalization and global integration of markets.
• Perceived as inevitable and irreversible.
• Viewed as a charge of some kind.
• Purportedly benefits everyone.
• Requires a global war on terror.

Dimensions

• Economics: Involves the international movement of goods, capital, services, technology, and information, increasing economic integration and interdependence.
• Politics: Occurs through political integration patterns like the European Union and intergovernmental organizations, political activities transcend national borders through global movement and NGOs.
• Culture: Transmission of ideas, meanings, and values around the world, extends and intensifies social relations, includes the common consumption of cultures via the internet and popular media.
• Religion: Plays a vital role, leads to religious pluralism, provides a fertile ground for religious manifestations, and for the development of religion as a political and cultural resource.
• Technology: Speeded in large part by technological diffusion, entails the spread of technology across borders through the rapid improvement in the spread of technology to peripheral and semi-peripheral nations.

World Systems

• World-Systems theory: Core countries are developed and dominant in the world economy.
• Semi-peripheral countries They che udstralind and how geting economies bat til depend on core nortens
• Peripheral countries Globalization

Global Issues

• Contemporary issues involve multifaceted dimensions such as political, economic, social historical and geographic components which affect humankind.
• The population is growing at an unprecedented rate.
• There are questions about food production and whether it is enough for everyone.
• There is a discussion regarding the energy climate crisis: Everything is made out of energy, and it can only be transformed.
• Military issues are a major force in managing peace and security, especially in inter-state relations.
• Economic actions can be promoted to reduce global inequality.
• Environmental issues include pollution and hazardous waste.

Impact of Globalization

• Increased global awareness and the growth of illicit cross-border activities, such as black markets and human trafficking.
• Global awareness raises expectations and lowers tolerance for people in deprived areas.
• Factor in the spread of democracy and growing demands for political freedoms where these are still denied.
• Forges a sense of global community and transnational solidarity among people in richer countries.
• Manifestation of global coalitions among nation states involving universal issues such as human rights, humanitarian aid, and labor exploitation.
• Unskilled and indigenous people are particularly vulnerable. The increase in mobility of economic enterprise leads to displacement, environmental degradation, and violations of human rights.

Theorization of Globalization

• Underlying philosophies of varying definitions of globalization

Imperialism

• Describes various methods employed by one country to gain control of another.
• Exercise control politically, economically, and territorially.
• Issues are dealt with primarily through the United Nations Environment Programme.
• International trade generally increases wealth, but it does not always distribute that wealth equally.
• The IMF reported that the gap between rich and poor countries has grown within the past several decades.
• The gap between people within countries has grown as well.

Colonialism

• Involves settlers as well as more formal mechanisms of political control than those of imperialism.
• Decolonization revealing and dismantling colonialist power in all forms.
• Includes dismantling hidden aspects of those institutional and cultural forces that had maintained the colonialist power.

Neo-Liberalism

• Laissez-faire economics favors free trade, free circulation of capital, and freedom to invest anywhere and has encouraged the growth of a complex international system of economic interdependence.
• Modernization theory views the West as a map for global development and introduces more modern practices and modes of thought.

Galleon Trade

• Implemented by Spaniards and The silk road was introduced by china and was considerd slidest interportional trade route.

The Global Economy

• Economy is the basic foundation which influences society and politics, economic mobility is a major factor in competing in the global arena,.
• Rich countries become richer, and poor countries become poorer.
• The Philippines bartered goods with China.
• Established the Galleon trade implemented by the Spaniards in the Philippines and the silk road introduced by China.

Bretton Woods System

• Fears of another Depression after World War II led to its creation in 1944.
• Attempted to create institutional structures that would foster international economic cooperation and encourage the free flow of capital.
• The US dollar was adopted as the standard, almost a global currency.
• Goal to establish stable international exchange rates.
• Led to the creation of various global economic structures.
• The International Trade Organization (ITO) was unsuccessful because of a lack of US support.
• The General Agreement on Trade and Tariffs (GATT) sought to facilitate the liberalization of trade by reducing tariff barriers and was eventually replaced by WTO.
• It aims to cropte 9 stable global economy offfer MWII by promoting international torte and Financial Corporation,.
• The WTO added a concern for the reduction of non-tariff barmers.
• This included the General Agreement on Trade in Services (GATS), protection of intellectual property through TRIPS and TRIMS measures that allow a nation- state to control the distorting effects of foreign investment. It is a forum for international negotiations on trade. Bretton Woods led to the creation of the IMF in order to create a stable global monetary system
• Trading and investing between countries is a key dimension of globalization, and trade is the base of international relations
• This global economy has involved the global decentralization of production while simultaneoulsy centralizing command and control within global cities.
• Sassen suggests that an increase in social activity complexity increases coordination mechanisms.
• Involves supply chains, international production networks, global commodity chains and global value chains, global value chains follow the creation of value.
• Commodities are the first link. The demand is skyrocketing. Especially with oil prices increasing sharply due to increasing demand, exacerbated with difficulty to procure Oil. Some oil exporting countries will start to import oil.
• Some countries stimulate trade and investment through low prices and low wages, leads to races to the bottom
• Some countries upgrade, guarantees a supply of low-priced, low-wage products.

The Importance of Outsourcing

• Outsourcing is an important global flow and offshore outsourcing involves contracting work to companies located in other countries, this process operates at multiple levels.
• The political economy has significantly changed and these changes have repercussions that affect the flow of goods and services and also people. The interconnection of worldwide economic activities known as the Global Economy that take place between multiple countries. These activities can be beneficial or detrimental.

Global Economy Characteristics

• Integrated national and regional economies, societies, and cultures through trade, communication, immigration, and transportation.
• International trade is an impact of globalization and it refers to the exchange of goods and services between countries, helping countries specialize in products.
• International finance Money can be transferred at a faster rate between countries, compared to goods, services, and people, making it a primary feature.
• Global investment This refers to an investment strategy that is not constrained by geographical boundaries, predominantly foreign direct investment (FDI).

Global Economy Benefits

• The increase in the world's population has led to emerging markets growing economically, making them one of the primary engines of world economic growth.
• The growth and resilience shown by emerging markets is a good sign from the perspective of microeconomics, some of the largest firms with high market value and a few of the richest individuals in the world hail from these emerging markets, which has helped in the higher distribution of income
• Functioning through International transactions comprise trade. Trade has a number of benefits, providing foundation for economic growth at 4%, encourages competetiveness.
• Free trade is an excellent method for countries to exchange goods and services and specialize in certain goods.
• Increased movement of labor is benficial as workers can look for jobs in other countries, reducing inequality.
• Increased economies of scale and specialization increases advantageous economic factors, such as lower average costs and lower prices for customers.
• Increased investment helps improve economies.

Affecting Global Economy

• Key factors influence influence and affect how well, the global economy works.

Factors Involved in Globalization

• Includes the United Nations and the World Bank.
• Major players who have played important roles, categorized between intergovernmental or supranational.

International Organizations

• An organization composed primarily of sovereign states, IGOs act a charter creating group and treaties are formed, providing the IGO with an international personality.
• World Trade Organization ,World Health Organization, Asian Development Bank

Supranational Organizations

• Organizations that extend beyond the borders of three or more states that seeks to promote economic, political, or cultural unity between members.
• The United Nations ,International Labor Organization ,European Union.

International Non-Governmental Organizations

• Extends the concept of a non-governmental organization to ar international scope, independent of governments, can be seer as types depending on goal and activities.
• Amnesty International ,International Committee of the Red Cross ,International Chamber of Commerce.

Multinational Corporation

• An entity that owns and controls productio of goods or services in one or more countries aside from their home country, also known as global corporation.

Transnational Corporation

• A commercial enterprise that operates substantial facilities that does business in more than one country.
• The two main characteristics of TNCs are their large size and worldwide activities are centrally controlled by the parent companies.
• Includes importing and exporting goods and services, significant in foreign countries and buying and selling licenses
• Engaging in manufacturing by permitting a local manufacturer in a foreign country to produce their products and assemblying operations

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World Trade Theory

• a social system which one that has boundaries, structures, member groups, rules of legitimization and coherence. Its life is made up of the conflicting forces which hold it together by tension and tear it apart as each group seeks eternally to renold it to its advantage.

Modern World Theory

• The semi periphery a series of dimensions, e.g complexity of economic activities and cultural integrity. Some areas had been core-areas of earlier versions of a given world-economy and were later promoted

More Concepts

• Necessary structural element in a world-economy, where they play a role to that played as collection points of vital skills that, are often poetically unpopular.
• Deflect and direct against core-states and machineries.the States must be strong enough to stand their economies maintaining sovereignty.
• BRANDT LINE division that divides the rich north from the poor south corresponds with the divide between economically developed and industrialized countries being less economically developed.
• The Brandt Report reviewed international development issues and provided an understanding of drastic differences in the economic development for the North and South
• Since the travels of Marco Polo, global economic integration has been a trend to civilization

Global growth factors

• Privatization,deregulation, foreign direct investment, trade liberalization and regional integration is a factor of economic integration.

Market Integration

• Market integration in a term that phenomenon in which markets of goods and services that are related to one another being to experience patterns in terms of prices, can also refer to some sort of similar pattern. (Tatum, 2020)

International financial market and its integration

• International Financial Institutions with the Bretton Woods Agreement states currencies were pegged to the price of gold and the US dollar which linked to gold. Bretton Woods had its effects on global trade, monetary order, and global investment (Peet. 2003).

Bretton Woods

• Central banks of countries other than the United States were given the task of maintaining fixed exchange rates they did this foreign exchange markets.
• In global trade a key was the idea of the "unconditional most - favored nation that were required to offer the same trade
• In monetary order, the IMF centered providing security, and flexibility. What emerged made exchange rates encourage trade
• World Bank for global investment for the Welfare states.
• Encourage the welfare of the state by global openness, has contributed to the emergence and sought to deal with various problems or bankruptcies to involve in the global marketplace.
• The WTO focused on trade goods, took on responsibility for the increase in services. GATT the WTO is an independent organization.

WTO

• Trade-Related Aspects
• Aspects of Intellectual Property Rights (TRIPS) (Correa 2000) was negotiated, involving intangible ideas knowledge.
• Trade- Related Investment Measures (TRIMs) are a range of operating measures that host-country governments
• The WTO a multilateral organization headquartered in Geneva.
• Its focus on trade is where opposed either to liberalization or promotion or to operations. GATT focused on tariff reduction; the WTO has come to focus tariff- related barriers to trade.
• Interational Monetary Fund (IMF), World Trade Organiation.
• The goal of the IMF stability for member nations for the global economy (Cardim de Carvalho 2007: 658-63). •

World Bank

• Membership is open to all member states of the IMF Includes 184 nations, funds government- sponsored or guaranteed programs II countries (member states that are income creditworthy poorer nations).
• Attributes of Global Corporation In this world of finance.
• Corporate business connects talent, resources opportunities across.
• Because a corporation is more invested in operations sensitive to opportunities to threats, operates on a global scale which have huge turnovers control Management of the offices country its economic mergers. - achieve disposal boost their products best managers, survive strategies is marketing, advertising, for Priorities Countries.

Global System

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