Economic Globalization PDF

DEPARTMENT OF SOCIOLOGY COLLEGE OF ARTS AND SOCIAL SCIENCES The Globalization of World Economies Mr. Reynnard M. Sumalpong 1 What is Economic Globalization? According to Held, et. al. (2014), Globalization may be thought of initially as t...

DEPARTMENT OF SOCIOLOGY COLLEGE OF ARTS AND SOCIAL SCIENCES The Globalization of World Economies Mr. Reynnard M. Sumalpong 1 What is Economic Globalization? According to Held, et. al. (2014), Globalization may be thought of initially as the widening, deepening, and speeding up of worldwide interconnectedness in all aspects of contemporary social life. Refers to the increasing integration of economies through movement of goods, services, capital and even people (labor) & knowledge (technology) across borders. What is Economic Globalization? The International Monetary Fund (IMF) regards "economic globalization" as a historical process representing the result of human innovation and technological progress (Claudio and Abinales 2018) According to the United Nations Conference on Trade and Development (UNCTAD), the amount of FDIs flowing across the world was 57 billion US dollars in 1982, by 2015 that number was 1.76 trillion dollars (Claudio and Abinales 2018) Considering the increased speed in exchange and frequency of trading due to technological advancements, the world is quickly evolving. Early historical traces of exchange up to present Gills and Thompson (2006) suggest that globalization processes have been ongoing since Homo sapiens begans migrating from the African continent ultimately to populate the rest of the world. International Trading Systems is not new, the oldest known international trade was the Silk Road (130 BCE - 1453 BCE), a network of pathways in the ancient world that spanned from China Early historical traces of exchange up to present According to historians Dennis O. Flynn and Arturo Giraldez, "All important populated continents began to exchange products continuously -- both with each other directly and indirectly via other continents -- and in values sufficient to generate crucial impacts on all trading partners" Gold Standard Fiat Currencies Economic Crisis into Social Crisis Karl Marx reiterated that capitalist societies are more prone to economic crises and that this will worsen over time, which will lead to worker's revolution. But why is it that when a society falls in a crisis, a different change in the political climate often follows? Image from: Swann Galleries Inc. Jurgen Habermas intrigued on Marx assertion re: capitalism and crises He suggests that traditional Marxist theories of crisis tendencies are not applicable to some Western late-capitalist societies Although the economic cycles of prosperity and recession continue, policy measures by nation-states have enabled them to avert major crises. Jurgen Habermas intrigued on Marx assertion re: capitalism and crises The crisis of modern society, according to Habermas, one of legitimation. Legitimacy is a central concern as the state manages the free market economy, balancing economic issues and voter satisfaction. The state faces the challenge of balancing capital pursuit with maintaining mass support. This means policies must favor business and property owners while also appearing to represent the interests of all. Assignment # Create a critical paper that addresses the contemporary condition of the Philippines by applying both the economic relations and the status of the country on battling the COVID-19 Pandemic. How has the world economy and the global pandemic influence the state of the Philippines' economy? Supplementary Reading (optional): Policy Paper: the Philippines' COVID-19 Response: Symptoms of Deeper Malaise in the Philippines Health Systems (June 2020) by Paul Quintos Announcements 30-45 mins each reporters Make up class (Oct 26, 1:00 - 2:30 PM) Debate during make up class re: Global Economy Asynchronous next week (Oct 28 - Nov 1) Assignment submission DEBATE TIME: Debate Structure: 1. Opening Statements: Each team presents their initial position. (5 minutes per team) 2. Rebuttals: After both teams present their opening statements, they are given 3 minutes to refute the opposing team’s arguments. (3 minutes per team) 3. Cross-Examination: Teams take turns asking the opposing team 2-3 challenging questions. (3 minutes per team) 4. Closing Statements: Each team wraps up their arguments and makes a final appeal to the audience or judges. (3 minutes per team) DEBATE TIME: Please do some in-depth reading on the two major global economies today: the United States and China. On your research, focus on understanding the key characteristics of each system-capitalism for the U.S. and state-driven socialism for China. Pay particularly attention to their economic policies, growth models, and global influence. Be prepared to discuss which of these systems, in your opinion, presents a better framework for long-term sustainable development and why. DEBATE TIME: Debate Structure: 1. Opening Statements: Each team presents their initial position. (5 minutes per team) 2. Rebuttals: After both teams present their opening statements, they are given 3 minutes to refute the opposing team’s arguments. (3 minutes per team) 3. Cross-Examination: Teams take turns asking the opposing team 2-3 challenging questions. (3 minutes per team) 4. Closing Statements: Each team wraps up their arguments and makes a final appeal to the audience or judges. (3 minutes per team) DEBATE TIME: Judging Criteria: Clarity and Structure (20%) Depth of Argument and Knowledge (30%) Effectiveness of Rebuttal (20%) Presentation and Delivery (20%) Teamwork (10%) DEBATE TIME: In 2035, the global economy is in turmoil. International trade is strained, inequality is at an all-time high, and climate change is threatening food security and infrastructure. The capitalist West, led by the U.S., advocates for free markets and technological innovation, while China, with its communist model, promotes state control and centralized economic planning as the solution. Nations must decide which path to follow to stabilize and grow their economies. Question: Given the economic models of the U.S. and China, which system is better equipped to handle future global challenges such as inequality, climate change, and technological innovation? Support your argument with examples from current policies and historical trends.