1.-Contemporary-World.pptx

Contem porary World Why do you need to study the world?  Your daily experiences are considered interactions with your country.  The media and the internet are also your windows to the contemporary world.  Finally, your consumption habits are global. Why study this course?  First, stud...

Contem porary World Why do you need to study the world?  Your daily experiences are considered interactions with your country.  The media and the internet are also your windows to the contemporary world.  Finally, your consumption habits are global. Why study this course?  First, studying the outside world is a cure to a parochialism or an outlook that is limited to one’ immediate community. - The parochial person is, thus, close-minded.  Second, it is important to study the world because it can teach you more about yourself.  Lastly, you need to study the world because you will be interacting with it.  Globalization  The term “globalization” is derived from the word “globalize” which refers to the emergence of an international network of economic system.  Globalization In economic terms, it usually refers to the integration of the national markets to a wider global signified by the increased free trade. It is a process by which goods, services, capital, people, information and ideas flow across national borders. (Grewal/Levy) The expansion and intensification of social relations and consciousness across world-time and across world-space. (Manfred Steger)  Globalization According to Arjun Appadurai (anthropologist), that globalization can be divided into the five “scapes”. * An “ethnoscape,” refers to the global movement of people. * A “mediascape,” is about the flow of culture. * A “technoscape,” refers to the circulation of mechanical goods and software; * a “financescape” denotes the global circulation of money; * an “ideoscape” is the realm where political ideas move around. Globalization has various aspects which affect the world in several different ways. These aspects include:  Industrial globalization – development of worldwide production markets and broader access to a range of foreign products for consumers and companies involving particularly movement of material and goods between and within national boundaries.  Financial globalization – development of worldwide financial markets and better access to external financing borrowers.  Economic globalization – establishment of global common market, based on the freedom of exchange of goods and capital. Globalization has various aspects which affect the world in several different ways. These aspects include:  Political globalization – creation of international organizations to regulate the relationships among governments and to guarantee the rights arising from social and economic globalization.  Informational globalization – increase in information flows between geographically remote locations.  Cultural globalization – sharing ideas, attitudes and values across national borders.  Elements of Globalization 1. Trade Agreements – bilateral, regional or multilateral economic arrangements designed to reduce or eliminate trade barriers. 2. Capital Flow – measurement of increase or decrease in a nation’s domestic or foreign assets. 3. Migration Patterns – impact of labor market fluidity on production costs through the loss (emigration) or gain (immigration) of potential workers especially those with particular skills. 4. Information Transfer – communication trend that helps mitigate the asymmetric functioning of markets and economies. 5. Spread Technology – rapid diversion of the means and methods of producing goods and services.