Understanding Market Globalism

• Market globalism assumes globalization has positive effects on the world economy.
• Global corporations contribute significantly to the economic integration of countries.
• Western culture's influence is widespread because of global corporations.
• Global phenomena are considered inevitable and irreversible.
• Challenges like terrorism and indigenous culture deterioration are irrevocable perils associated with market globalism.

Defining Market Globalism

• Market globalism is a hegemonic system of ideas making claims about globalization.
• In the 1990s, globalization catered to global social elites, promoting a free market and consumerism.
• Beyond material exchange, the movement influenced attitudes and values, aiming to shrink the world.
• Following the Soviet Union's collapse in the early 1990s, elites promoted globalization through deregulation, trade liberalization, and privatization focusing on the global war on terror.

The Five Core Claims of Market Globalism

• Globalization involves liberalization and global market integration.
  • Globalization spreads free trade and enterprise ideals across states.
  • This has led to governments adopting a "hands off" approach towards transnational and multinational corporations.
  • Gina Lopez required mining firms to follow Philippine environmental laws during her time as DENR secretary.
• Globalization is seen as inevitable and irreversible from a market-globalist perspective.
  • Globalization is a certainty, with no turning back.
  • Globalization is a product of human innovation.
  • Science and technology have facilitated its reach into lives, addressing humanity's problems.
• Nobody controls globalization.
  • Based on the concept of a "self-regulating" market, globalists carry out actions dictated by globalization's waves.
  • Responsibility for its effects is important, with corporate social responsibility becoming key, even without a central authority.
  • Players should be responsible for effects on human beings.
• Globalization benefits everyone in the long run.
  • It improves living conditions, logically asserting that it can benefit everyone.
  • It brings economic growth to non-affluent nations and an opportunity to participate.
  • There is a risk of exploitation for poorer nations through trade barriers since globalization's effects are uneven, and weighing the pros and cons is crucial.
• Globalization furthers democracy.
  • Neoliberals discredit traditionalism and socialism to promote the equation of democracy with the market.
  • Freedom, free markets, and democracy are seen as the same by globalists.

Challenges of Market Globalism and Integration

• In the 1990s, industrialized nations used "market globalization" to define imperial activities.
• After the September 11th attacks, terrorism was seen as a challenge to globalization.
• Market globalism became imperial globalism with claims 1 and 4 remaining intact.
• Claims 2 came under scrutiny after the al-Qaeda attacks exposed globalization's dark side.
• Some worried the attacks would lead to cultural particularism and economic protectionism.
• The claim: a war on terror is required to market globalization's arsenal.
• Many scholars see globalization as "Americanization" or "McDonaldization" of the world.
• McDonaldization is a phenomenon driven by Western businesses that leads to homogenization of life.
• George Ritzer says McDonaldization is a society that adopts fast food restaurant features.

Global Corporation

• Globalization began as cities and countries extended their reach, influenced by technologies.
• Contemporary global corporations are multinational (MNC), transnational (TNC), international, or global companies.
• International companies are importers/exporters without foreign investment.
• Multinational companies invest abroad, adapting to local markets.
• Global companies are present in many countries, marketing locally.
• Transnational companies have central facilities while giving decision-making and marketing to local markets.
• There are three fundamental innovations that have changed global corporations: digitalization, structural transformation from producer to buyer driven, and financial elements.
  • Digitalization allows instantaneous global communication for better production forecasting.
  • A commodity chain is the activities involved in designing, producing, and marketing products.
  • Producer-driven chains involve large manufacturers, like automakers, coordinating networks.
  • Financial elements facilitate international transactions through coordinated banking systems.

U.S. Megacorporations

• The following are U.S. corporations whose 2010 revenues surpassed the GDP of entire countries in 2010.
  • Yahoo is larger than Mongolia with revenues of $6.32B.
  • Visa is larger than Zimbabwe with revenues of $8.07B.
  • eBay is bigger than Madagascar, with revenues of $9.16B.
  • Nike is bigger than Paraguay, with revenues of $19.16B.
  • ConEdison is bigger than the Democratic Republic of Congo, with revenue of $13.33B.
  • McDonald's is bigger than Latvia, with revenues of $24.07B.
  • Amazon.com is bigger than Kenya, with revenues of $34.20B.
  • Morgan Stanley is bigger than Uzbekistan, with revenues of $39.32B.
  • Cisco is bigger than Lebanon, with revenues of $40.04.
  • Pepsi is bigger than Oman, with revenues of $57.83B.
  • Apple is bigger than Ecuador, with revenues of $65.23B.
  • Microsoft is bigger than Croatia, with revenues of $62.48B.
  • Costco is larger than Sudan, with revenues of $77.94B.
  • General Motors is larger than Bangladesh, with revenues of $135.59B.
  • Berkshire Hathaway is larger than Hungary, with revenues of $136.19B.
  • Fannie Mae is larger than Peru, with revenues of $153.83B.
  • ConocoPhillips is larger than Pakistan, with revenues of $184.97B.
  • Chevron is larger than the Czech Republic, with revenues of $196.34B.
  • Exxon Mobil is larger than Thailand, with revenues of $354.67B.
  • Procter & Gamble is larger than Libya, with revenues of $79.69B.
  • Ford is larger than Morocco, with revenues of $128.95B.
  • Bank of America is larger than Vietnam, with revenues of $134.19B.
  • General Electric Company is larger than New Zealand, with revenues of $151.63B.
  • Wells Fargo is larger than Angola, with revenues of $93.24B.
• Walmart is bigger than Norway, with revenues of $421.89B.