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THE CONTEMPORARY WORLD SOCSCI O32 ATTY. MILDRED MARIE LACOSTALES- PRESBITERO WHAT IS COMTEMPORARY WORLD? a) Refers to circumstances and ideas of the present age, where it deals with problems and issues related to environment, population, wealth, power, tensions and conflicts. b) Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. c) This course is designed to examine the multifaceted phenomenon of globalization in the contemporary world using the various disciplines of the social sciences which emphasizes on global governance, development, and sustainability. Furthermore, students will be able to explore concepts and perspectives of globalization such its structure, world of regions, world of ideas, global food security, and sustainable development.  This Course introduces students to the contemporary world by examining the multifaceted phenomenon of globalization. Using the various disciplines of the social sciences, it examines the economic, social, political, technological and other transformations that have created an increasing awareness of the interconnectedness of peoples and places around the globe.  To this end, the course provides an overview of the various debates in global governance, development, and sustainability. Beyond exposing the student to the world outside the Philippines, it seeks to inculcate a sense of global citizenship and global ethical responsibility. CHAPTER 1: INTRODUCTION TO GLOBALIZATION  Even after more than two decades of intense scholarly scrutiny, ‘globalization’ has remained a contested and slippery concept. In spite of the remarkable proliferation of research programs for the study of globalization, there are many different approaches to the study of globalization. Since the beginning of self-conscious academic inquiries into multiple process of globalization in the early 1990s, academics have remained divided on the utility of various methodological approaches, the value of available empirical evidence for gauging the extent, impact, and direction of globalization, and, of course, its normative implications. The failure to arrive at a broad scholarly consensus on the subject attests not only to the contentious nature of academic inquiry in general, but also reflects the retreat from generalizing initiated in the 1980s by the influential ‘poststructuralist turn’ away from ‘grand narratives’.  As a result, various scholars have approached the concept of globalization by analyzing and describing a variety of changing economic, political, and cultural processes that are alleged to have accelerated since the 1970s. No generally accepted definition of globalization has emerged, except for such broad descriptions as ‘increasing global ‘inter- connectedness’, ‘the expansions and intensification of social relations across world-time and world-space’, ‘the compression of time and space’, ‘distant proximities’, ‘a complex range of processes, driven by a mixture of political and economic influences’, and ‘the swift and relatively unimpeded flow of capital, people, and ideas across national borders’ (Giddens, 1990; Harvey, 1989; Held and McGrew, 2007; Lechner and Boli, 2011; Robertson, 1992; Steger, 2013; Waters, 2001) GLOBALIZATION Much has changed since time immemorial, human beings have encountered many changes over the last century especially in their social relationships and social structures. Of these changes, one can say that GLOBALIZATION is a very important change if not, the “most important” Bauman,2003. The reality and omnipresence of globalization makes is see ourselves as part of what we refer as the “Global Age” Alrbow,1996 The internet , for example, allows a person from the Philippines to know what is happening to the rest of the world simply by browsing google. The mass media also allows for connections among people, communities and countries all over the globe Do you currently subscribe to streaming services such as Netflix, Disney+, or Spotify? Do you frequently find yourself craving dishes from different cuisines around the world? Do you purchase and use products from international brands? GLOBALIZATION AS GLOBALONEY A small and rapidly decreasing number of scholars contend that existing accounts of globalization are incorrect, imprecise, or exaggerated. They note that just about everything that can be linked to some transnational process is cited as evidence for globalization and its growing influence. Hence, they suspect that such general observations often amount to little more than ‘globaloney’ (Held and McGrew, 2007; Rosenberg, 2000; Veseth, 2010). The arguments of these globalization critics fall into three broad categories. 1ST GROUP: REJECTIONIST  Representatives of the first group dispute the usefulness of globalization as a sufficiently precise analytical concept. Scholars who dismiss the utility of globalization as an analytical concept typically advance their arguments from within a larger criticism of similarly vague words employed in academic discourse. Besides globalization, another often-cited example for such analytically impoverished concepts is the complex and ambiguous phenomenon of nationalism. Craig Calhoun (1993), for example, argues that nationalism and its corollary terms ‘have proved notoriously hard concepts to define’ because ‘nationalisms are extremely varied phenomena’, and ‘any definition will legitimate some claims and delegitimate others’. Writing in the same critical vein, Susan Strange (1996) considers globalization a prime example of such a vacuous term, suggesting that it has been used in academic discourse to refer to ‘anything from the Internet to a hamburger’. See also Clark (1999: 34–40). Similarly, Linda Weiss (1998) objects to the term as ‘a big idea resting on slim foundations’.  Scholarly suggestions for improvement point in two different directions. The first is to challenge the academic community to provide additional examples of how the term ‘globalization’ obscures more than it enlightens. The second avenue for improvement involves my own suggestion to complement the social scientific enterprise of exploring globalization as an objective process with more interpretive studies of the ideological project of globalism. Following this argument, the central task for scholars working in the emerging field of globalization studies would be to identify and evaluate the ideological maneuvers of prominent proponents and opponents who have filled the term with values and meanings that bolster their respective political agendas. 2ND GROUP : SCEPTICS  Members of the second group point to the limited nature of globalizing processes, emphasizing that the world is not nearly as integrated as many globalization proponents believe. In their view, the term ‘globalization’ does not constitute an accurate label for the actual state of affairs.  The second group emphasizes the limited nature of current globalizing processes. This perspective is perhaps best reflected in the writings of Wade (1996); and Hirst, Thompson and Bromley (2009). See also Rugman (2001). In their detailed historical analysis of economic globalization, Hirst and Thompson (2009) claim that the world economy is not a truly global phenomenon, but one centered on Europe, eastern Asia, and North America. The authors emphasize that the majority of economic activity around the world still remains primarily national in origin and scope. 3RD GROUP: MODIFIERS  The third group of critics disputes the novelty of the process while acknowledging the existence of moderate globalizing tendencies. They argue that those who refer to globalization as a recent process miss the bigger picture and fall prey to their narrow historical framework.  The third and final group of globalization critics disputes the novelty of the process, implying that the label ‘globalization’ has often been applied in a historically imprecise manner. Robert Gilpin (2000), for example, confirms the existence of globalizing tendencies, but he also insists that many important aspects of globalization are not novel developments PURPOSE OF THE CRITICS?  Overall, then, all three groups of globalization critics make an important contribution to academic approaches on the subject. Their insistence on a more careful and precise usage of the term forces the participants in the debate to hone their analytical skills. Moreover, their intervention serves as an important reminder that some aspects of globalization may neither constitute new developments nor reach to all corners of the earth. However, by focusing too narrowly on abstract issues of terminology, the globalization critics tend to dismiss too easily the significance and extent of today's globalizing tendencies. Finally, the representatives of these three groups show a clear inclination to conceptualize globalization mostly along economic lines, thereby often losing sight of its multidimensional character. SO HOW CAN ONE DEFINE GLOBALIZATION?  The definition cannot be contained within a specific time frame, all people, and all situations. Al-Rhodan,2006. Aside from this globalization encompasses a multitude of processes that involves the economy, political systems and culture, social structures, therefore, are directly affected by globalization.  Over the years, globalization has gained many connotations pertaining to progress, development and integration. 1. Globalization as “the process of world shrinkage, of distance getting shorter, things moving closer” It pertains to the increasing ease with which somebody on one side of the world can interact, to mutual benefit with somebody on the other side of the world. – T,Larson,2001 2. On the other hand , some see it as occurring through and with regression, colonialism and destabilization. Globalization as colonization – Martin Khor 1990 THE TASK OF DEFINING GLOBALIZATION 1. Globalization is a trans planetary processes involving increasing liquidity and the growing multidirectional flows of people, objects, places and information as well as the structures they encounter and create that are barriers to, or expedite, those flows. Generally, this definition assumes that globalization could bring either or both integration and or fragmentation – Ritzer 2015 2. The characteristics of globalization trend include the internationalizing of production, the new international division of labor, new migratory movements from South to North, the new competitive environment that accelerates these processes and the internationalizing of the state, making the states into agencies of globalizing world- Robert Cox, 2000 3. No matter how one classifies a definition of globalization, the concept is complex and multifaceted as the definitions deal with either economic, political or social dimensions. FIRST SECOND THIRD The perspective of the person To paraphrase sociologist Globalization is a reality; it is who defines globalization Cesari Poppi; changing as human society shapes its definition. Globalization is the develops. The future of Globalization is a world of debate and the debate is globalization. One globalization is more difficult to predict. What we could expect in THE TASK OF things, that have different become part and parcel the coming years is what has DEFINING speeds, axes, points of origin of the other. happened over the past 50 years GLOBALIZATION and termination and varied and that is the fluidity and relationships to institutional The literature stemming complexity of globalization as a structures in different regions, from the debate of concept, which made more nations or societies- Chowdury globalization has grown in debates, discussions and definitions 2006 the last decade beyond that agreement on it. any individual’s capability of extracting a workable definition concept BEST WAY TO DEFINE GLOBALIZATION  According to Manfred Steger: The expansion and intensification of social relations and consciousness across world-time and across world-space. a) Expansionism refers to both the creation of new social networks and the multiplication of existing connections that cut across traditional political, economic, cultural, and geographic boundaries b) Intensification refers to the expansion, stretching and acceleration of these networks, not only global connections multiplying, but they reach c) The final attribute of this definition relates to the way people perceive time and space. Steger notes that “globalization processes do not occur merely at an objective material level, but they also involve the subjective plane of human consciousness.” In other words, people begin to feel that the world has become a smaller place, and distance has collapsed from thousands of miles to just a mouse-click away. INSTANCES OF GLOBALIZATION 1. Social Media, for example, establish new global connections between people. 2. The Creations of various International Non- Government Organizations are networks that connect a more specific group - social workers and activist from different corners of the globe. 3. The creation of electronic trading and various international stock markets. 4. One can now email a friend in another country and get reply instantaneously and as a result begins to perceive their distance as less consequential. 5. Cable TV and the Internet has also exposed one to news from across the globe. THE EVOLUTION OF DATING GLOBALIZATION VS GLOBALISM  Steger posits that his definition of globalization must be differentiated with an ideology he calls GLOBALISM. a) If GLOBALIZATION represents the many processes that allow for the expansionism and intensification of global connections. It is a process that refers to a larger phenomenon that cannot be simply reduced to the ways in which the global markets have been integrated. b) GLOBALISM is a widespread belief among powerful people that the global integration of economic markets is beneficial for everyone , since it spreads freedom and democracy across the world. For now, what is crucial note is that when activist and journalist criticize “globalization” they are more often than not criticizing the manifestations of globalism. THE SCAPES OF GLOBALIZATION  For Antropologist Arjun Appadurai, different kinds of globalization occur on multiple and intersecting dimensions of integration he calls “scapes”: 1. Ethno scapes – for example refers to the global movement of people; 2. Media scapes – is about the flow of culture; 3. Techno scapes – refers to the circulation of mechanical goods and software; 4. Finance scape – denotes the global circulation of money; 5. Ideo scape – is the realm where political ideas move around. His argument is simple, there are multiple globalization. Hence, even if one does not agree that globalization can be divided into five “scapes” it is hard to deny Appadura’s central thrust of viewing globalization through various lenses. METAPHORS OF GLOBALIZATION  In order for us to better understand the concept of globalization, we will utilize metaphors. Metaphors make use of one term to help is better understand another term. In our case , the states of matter --- solid and liquid---- will be used. METAPHORS OF GLOBALIZATION : SOLIDITY a) Solidity also refers to barriers that prevent or make difficult movement of things, furthermore, solids can either be natural or man-made. b) Man-made barriers are mostly created by nation- state while natural barriers are Landforms or bodies of water c) This means people, things , information and places “harden” over time and therefore limited mobility. As a result, people did not go anywhere or they did not venture very far from where they were born and raised, their social relationships were restricted to those who were nearby. d) These various examples still exist; however, they have the tendency to melt, not in a literal since. Instead, this process involves how can we describe what is happening in today’s global world. It is becoming Increasingly liquid. THE GREAT WALL OF CHINA AND THE WEST BANK WALL OF ISRAEL THE BERLIN WALL AND US-MEXICO BORDER WALL THE WEST PHILIPPINE SEA AND DMZ ( KOREAN DEMILITARIZED ZONE METAPHORS OF GLOBALIZATION : LIQUIDITY a) Liquid, as a state of matter, takes the shape of its container. Moreover, liquids are not fixed. b) Liquidity, therefore, refers to the increasing of ease of movement of people, things, information and places in the contemporary world. c) Zygmunt Bauman’s idea were the ones that have much to say about the characteristics of liquidity in what he describes as liquid phenomena. d) Liquidity and solidity are in constant interaction. However, liquidity is the one increasing and proliferating today. The metaphor that could best describe globalization is liquidity. Liquids do flow and this idea of flow will be the focus on the next discussions. THE LIQUID PHENOMENA  Its change quickly and their  Another characteristic is that  And the most important aspects, spatial and temporal. their movement is difficult to characteristics according to  This means that space and time stop. Ritzer,2015 “it tends to melt are crucial elements of whatever stand in its path globalization  Example : videos uploaded on  ( especially solid)" social medias are unstoppable  Example: for instance, changes once they become viral  Example: the clearest in stock market are a matter of example is the decline, if not second death , of the nation-state. METAPHORS OF GLOBALIZATION: FLOW  The previous section described the melting process of solid phenomena followed by the increase in liquidity. It is only logical to discuss the flows of liquid phenomena.  Flows – are movement of people, things, places and information brought by the growing “porosity” of global limitations- Ritzer,2015  Example; Different foreign cuisines patronized by Filipinos  Or financial crisis in a given country can bring ramifications to other regions of the world e.g: Asian Financial Crisis in 1997 GLOBALIZATION HOMOGENEITY HETEROGENEITY THEORIES  This refers to the  This pertains to the increasing sameness in creation of various  We have established the many the world as cultural cultural practices, new definitions of and issues defining inputs, economic economies and political factors and political groups because of the globalization and the metaphors orientations of societies interaction of elements expand to create from different societies that we can use to understand common practices, in the world. easily the concept. These theories same economies and similar forms of  Heterogeneity refers to will help us better understand government. the differences or of the hybrids or combinations globalization culturally,  Homogeneity in culture of cultures that can be economically and politically. is often linked to produced through the cultural imperialism. This different transplanetary means a given culture processes. influences other cultures. HOMOGENEITY IN CULTURE For example, the dominant religion in the Philippines is Christianity , which was brought by Spaniards during the time of Colonization. Another example is AMERICANIZATION, which was defined by Kuisei(1993) as the “import by non-Americans of products, images, technologies, practices and behavior that are closely associated American/Americans” HOMOGENEITY IN ECONOMICS LIBERALISM NEO-LIBERALISM CAPITALISM MARKET ECONOMY  Economic liberalism is  Economic liberalism refers  Capitalism or capitalist  A market economy is an based on the principles of economy is referred to as the economic system where two personal liberty, private to the ideology that economic system where the forces, known property, and limited supports the idea of an factors of production such as as supply and demand, government interference capital goods, labour, natural direct the production of  In the economic context economic system resources, and goods and services. Market this would include the governed by individual entrepreneurship are economies are not elimination of restriction on controlled and regulated by controlled by a central the choice of occupations rights. It means that the private businesses. authority (like a government) or transfers of land. government refrains from and are instead based on  Liberalism asserts that self-  In a capitalist economy, the voluntary exchange. interest is a basic engaging in industrial and production of all the goods component of human commercial activities and and services is dependent on Market economies rely on nature. In the economic the demand and supply in the the interplay arena, producers provide that it should not interfere market that is also known as a between supply and deman us with goods, not out of with the economic market economy. It is different d to function. “Demand” concern for our well-being, from the central planning refers to the amount of but due to their desire to relations between system that is also known as a goods and services people make a profit. individuals, groups of command economy or a need or want. “Supply” refers planned economy. to the amount of goods and people, classes, or entire services available for nations. purchase. HOMOGEINITY IN POLITICS  The political realm also suffers homogenization if one takes into account the emerging of similar models of governance in the world.  Barber, 1995 stated that “McWorld” is existing, it means only one political orientation is growing in today’s societies. HOMOGEINITY IN MEDIA  The global flow of media is often characterized as media imperialism. TV, books, and movies are perceived imposed on developing countries by the West ( Cowen, 2002).  Media imperialism undermines the existence of alternative global media originating from developing countries, such as Al Jazeera ( Bielsa,2008) and the Bollywood (Larkin,2003) as well as the influence of the local media and regional media.  Cultural imperialism denies the agency of viewers.  The internet can be seen as an arena for alternative media. Independent media center, associated with the alter-globalization movement, helps to counter this trend. It disseminates information to facilitate global participation of activist.  Hactivists extend activism to the internet by hacking into computer programs to promote a particular cause (Juris,2005) HETEROGENEITY  Contrary to Cultural Imperialism, Heterogeneity is culture associated with cultural hybridization.  A more specific concept is “GLOCALIZATION” coined by Roland Robertson in 1992. To him, as global forces interact with local factors or specific geographic area, the ”GLOCAL” is being produced  Economic issues are not exempted from heterogeneity, the commodification of cultures and “glocal” markets are examples of differentiation happening in many economies around the world. CULTURAL CULTURAL HYBRIDIZATION CULTURAL CONVERGENCE DIFFERENTIALISM DYNAMICS OF LOCAL  -It emphasizes the  -This approach  -This approach stresses AND GLOBAL CULTURE fact that cultures emphasizes the homogeneity are essentially integration of local introduced by and global cultures different and are (C&K,97) globalization. Cultures only superficially are deemed to be affected by global  Globalization is radically altered by  Global flows of culture tend flows. The considered to be a strong flows, while interaction of creative process cultural imperialism to move more easily around which give rise to cultures is deemed happens when one to contain potential hybrid entities that culture imposes on the globe than ever before, are not reducible to for “catastrophic either the global or and tends to destroy especially through non- collision” local. at least parts of another culture. material digital forms. There  According to  A key concept is Huntington; after “glocalization” or the  Deterritorialization are three perspectives on the cold war, interpenetration of means that is much political, economic the global and local more difficult to tie global cultural flows: differences were resulting in unique culture to a specific outcomes in different overshadowed by geopgraphic areas ( geographical point of new fault lines, Glunaotti and origin. which were primarily Robertson 2007) cultural in nature. THE GLOBALIZATION OF RELIGION THE GLOBALIZATION OF RELIGION  Globalization has played a tremendous role in providing a context for the current revival and the resurgence of religion. Today , most religions are not relegated to the countries where they began. Religions have , in fact spread and scattered on a global scale. Globalization provided religions a fertile milieu to spread and thrive.  As Scholte (2005) made clear "Accelerated globalization of recent times has enabled co-religionists across the planet to have greater direct contact with one another”  Global organizations, global finances, global communications and the like have allowed ideas of the Muslims and the universal Christian church to be given concrete shape as never before.  Globalization transforms the generic “religion” into a world- system of competing and conflicting religions. This process of institutional specialization has transformed local, diverse, and fragmented cultural practices into recognizable systems of religion. Globalization has, therefore, had the paradoxical effect of making religions more self-conscious of themselves as being “world-religions” THE GLOBALIZATION OF RELIGION : ITS CHALLENGES  It has been difficult for religion to cope with values that accompany globalization like liberalism, consumerism and rationalism. Such phenomena advocate scientism and secularism. This, in fact, pushed Scholte to speak of the anti-rationalist faiths. Since he equated rationalism with globalization and considered religion as anti- rationalist, it can be deducted that religion is anti-globalization , to quote Scholte ( 2005): “Transplanetary relations have helped to stimulate and sustain some renewals of anti-rationalist faith, but global networks have more usually promoted activities involving rationalist knowledge. Contemporary revivalist movements have largely replayed a long-term tendency- one that well predates contemporary accelerated globalization- whereby certain religious circles have from time to time revolted against modern secularism and scientism” ORIGINS AND HISTORY OF GLOBALIZATION  Our previous discussion answered the question ”What is globalization?” now the next question “Where did it start?”  Most books generally adheres to the perspective that the major points of globalization started after the second world war. There are five views of the origin of globalization, these are the following: 1. Hardwired 2. Cycles 3. Epoch ( Eras) 4. Events 5. Broader, More recent changes 1st VIEW : Hardwired  According to Nayan Chanda (2007) it is because of our basic human need to make our lives better that made globalization possible. Therefore, one can trace the beginning of globalization from our ancestors in Africa who walked out from the said continent in the late ice age.  Chanda mentioned that commerce, religion, politics and warfare are the “urges” of people toward a better life. These are respectively connected to four aspects of globalization and they can be traced throughout history: trade, missionary works, adventures and conquest. 2ND VIEW : CYCLES  For some, globalization is a long-term cyclical process and thus, finding its origin will be a daunting task. What is important is the cycles that globalization has gone through ( Scholte,2005) Subscribing to this view will suggest adherence to the idea that other global ages have appeared. There is also a notion to suspect that this point of globalization will soon disappear and reappear. 3RD VIEW: EPOCH (ERA)  Ritzer (2015) cited Therborn’s(2000) six great epochs of globalization. These are the so called “waves” and each has its own origins. Today’s globalization is not unique if this is the case. The difference of this view from the second view(cycles) is that it does not treat epochs as returning. The following are the sequential occurrence of epochs: 1. Globalization of religion (4th to 7th centuries) 2. European colonial conquest ( late 15th century) 3. Intra-European wars ( late 18th to early 19th centuries) 4. Heyday of European Imperialism ( mid-19th century to 1918) 5. Post-World War II period 6. Post-Cold War period 3RD VIEW: EPOCH (ERA) 4th VIEW : Events  Specific event are also considered as part of the 4th view in explaining the origin of globalization. If this is the case, the several points can be treated as the start of globalization.  Gibbon (1998) for example argued that Roman conquest centuries before Christ were its origin.  In an issue of the magazine Economist( 2006,Jan12) it considered the rampage of the armies of Genghis Khan into Eastern Europe in the 13th century.  Rosenthal (2007) gave premium to voyages of discovery- Christopher Columbus’s discovery of America , Vasco de Gama in Cape of Good Hope and Ferdinand Magellan’s completed Circumnavigation of the globe in 1552.  The recent years could also be regarded as the beginnings of globalization with reference to specific technological advances in transportation and communication ( e.g: Internet, satellites ) 4th VIEW : Events 5th VIEW : BROADER, MORE RECENT CHANGES  Recent changes comprised the 5th view. These broad changes happened in the last half of the 20th century. Scholars today point to these three notable changes as the origin of globalization that we know today. They are as follows: 1. The emergence of the United States as the global power ( post-World War 2) 2. The emergence of multinational corporations (MNCs) 3. The Demise of the Soviet Union and the end of the Cold War. CHAPTER 2: THE GLOBALIZATION OF WORLD ECONOMICS  The International Monetary Fund (IMF) regards “ECONOMIC GLOBALIZATION” as a historical process representing the result of human innovation and technological progress.  It is characterized by the increasing integration of economies around the world through the movement of goods, services, and capital across borders. These changes are the products of people, organizations, institutions, and technologies. INCREASED INTEGRATION AND TRADING  Even while the IMF and ordinary people grapple with the difficulty of arriving at precise definitions of globalization, they usually agree that a drastic economic change is occurring throughout the world. INCREASED INTEGRATION AND TRADING INTERNATIONAL TRADING SYSTEMS  International Trading systems are not new. The oldest known international trade route was the Silk Road - a network of pathways in the ancient world that spanned from China to what is now the Middle East and to Europe.  It was called as such because one of the most profitable products traded through this network was silk, which was highly prized especially in the area that is now the Middle East as well as in the West(today’s Europe).  However, while the Silk Road was international, it was not truly “global” because it had no ocean routes that could reach the American Continent. INTERNATIONAL TRADING SYSTEMS  So, when did full economic globalization begin? According to historians Dennis O. Fynn and Arturo Giraldez, the age of globalization began when “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”  Fynn and Giraldez trace this back to 1571, that connected Manila in the Philippines and Acapulco in Mexico. This was the first time that the Americas were directly connected to the Asian Trading routes. The Galleon Trade was part of the age of mercantilism, from the 16th to 18th century countries, primarily in Europe , competed with one another to sell more goods as a means to boost their country’s income(called monetary reserves later on).  To defend their products from competitors who sold goods more cheaply, these regimes(mainly monarchies) imposed high tariffs, forbade colonies to trade with other nations, restricted trade routes, and subsidized its exports. Mercantilism was thus also a system of global trade with multiple restrictions. THE GOLD STANDARD i. A more open trade system emerged in 1867 when, following the lead of the UK and USA and other European Nations, adopted the Gold Standard at an international monetary conference in Paris. ii. Under the Gold Standard, a country’s money supply was linked to gold. The necessity of being able to convert fiat money into gold on demand strictly limited the amount of fiat money in circulation to a multiple of the central banks’ gold reserves. Most countries had legal minimum ratios of gold to notes/currency issued or other similar limits. International balance of payments differences were settled in gold. Countries with a balance of payments surplus would receive gold inflows, while countries in deficit would experience an outflow of gold. iii. In theory, international settlement in gold meant that the international monetary system based on the Gold Standard was self-correcting. Namely, a country running a balance of payments deficit would experience an outflow of gold, a reduction in money supply, a decline in the domestic price level, a rise in competitiveness and, therefore, a correction in the balance of payments deficit. The reverse would be true for countries with a balance of payments surplus. This was the so called ‘price-specie flow mechanism’ set out by 18th century philosopher and economist David Hume. iv. The necessity of being able to convert fiat money into gold on demand strictly limited the amount of fiat money in circulation to a multiple of the central banks’ gold reserves. Most countries had legal minimum ratios of gold to notes/currency issued or other similar limits. International balance of payments differences were settled in gold. Countries with a balance of payments surplus would receive gold inflows, while countries in deficit would experience an outflow of gold. THE BRETTON WOOD SYSTEM  The lessons drawn by U.S. policymakers from the interwar period informed their approach to the postwar global economy. President Franklin D. Roosevelt and officials such as Secretary of State Cordell Hull were adherents of the Wilsonian belief that free trade promoted not just prosperity, but also peace. The experience of the 1930s certainly suggested as much. The policies adopted by governments to combat the Great Depression—high tariffs, competitive currency devaluations, discriminatory trading blocs—helped destabilize the international environment without improving the economic situation. This experience led leaders throughout the anti-Axis United Nations alliance to conclude that economic cooperation was the only way to achieve both peace and prosperity, at home and abroad.  This vision was articulated in the Atlantic Charter, issued by Roosevelt and British Prime Minister Winston Churchill at the conclusion of the August 1941 Atlantic Conference. The Charter’s fourth point committed the United States and the United Kingdom “to further the enjoyment by all States, great or small, victor or vanquished, of access, on equal terms, to the trade and to the raw materials of the world which are needed for their economic prosperity,” while its fifth point expressed their commitment to “the fullest collaboration between all nations in the economic field with the object of securing, for all, improved labor standards, economic advancement and social security.”  Agreement was finally reached at the July 1944 United Nations Monetary and Financial Conference, a gathering of delegates from 44 nations that met in Bretton Woods, New Hampshire. THE BRETTON WOOD SYSTEM  The two major accomplishments of the Bretton Woods conference were the creation of the: 1. International Monetary Fund (IMF) - The IMF was charged with overseeing a system of fixed exchange rates centered on the U.S. dollar and gold, serving as a forum for consultation and cooperation and a provider of short-term financial assistance to countries experiencing temporary deficits in their balance of payments 2. the International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank - The IBRD was responsible for providing financial assistance for the reconstruction of war-ravaged nations and the economic development of less developed countries. In July 1945. Congress passed the Bretton Woods Agreements Act, authorizing U.S. entry into the IMF and World Bank, and the two organizations officially came into existence five months later. The fixed exchange rate system established at Bretton Woods endured for the better part of three decades; only after the exchange crises of August 1971, when President Richard M. Nixon suspended the dollar’s convertibility into gold, and February/March 1973 did floating exchange rates become the norm for the major industrialized democracies. GLOBAL KEYNESIANISM (1940s-1970s  The central tenet of this school of thought is that government intervention can stabilize the economy. The theory went that, as prices increased, companies would earn more, and would have more money to hire workers.  In macroeconomics, one of the most influential theories is Keynesianism, which is named after economist John Maynard Keynes. Keynesianism is a macroeconomic theory that argues that government intervention is necessary to ensure economic stability and growth. It is based on the premise that in a recession, the private sector does not have the incentive to spend and invest, which leads to a decline in demand, output, and employment. According to Keynesian economics, the government can stimulate demand and output by increasing spending and cutting taxes. This theory was developed in response to the Great Depression of the 1930s, which demonstrated the limitations of classical economics, which held that markets would naturally adjust to any shocks. The Keynesian approach has been influential in shaping economic policy in many countries, particularly during times of economic crisis.  During the 1970s oil embargos where imposed by the Arab nations and the stock market crashed in 1973, The result was a phenomenon that Keynesian economics could not have predicted – a phenomenon called STAGFLATION, in which a decline in economic growth and employment (stagnation) takes place alongside a sharp increase in prices (inflation). KEYNESIAN ECONOMICS NEOLIBERALISM  Economist such as Friedrich Hayek and Milton Friedman argued that the government’s practice of pouring money into their economies had caused inflation by increasing demand for goods without necessarily increasing supply.  Neoliberalism holds that a society’s political and economic institutions should be robustly liberal and capitalist, but supplemented by a constitutionally limited democracy and a modest welfare state. Neoliberals endorse liberal rights and the free-market economy to protect freedom and promote economic prosperity. Neoliberals are broadly democratic, but stress the limitations of democracy as much as its necessity. And while neoliberals typically think government should provide social insurance and public goods, they are skeptical of the regulatory state, extensive government spending, and government-led countercyclical policy. Thus, neoliberalism is no mere economic doctrine.  Neoliberalism, ideology and policy model that emphasizes the value of free market competition. Although there is considerable debate as to the defining features of neoliberal thought and practice, it is most commonly associated with laissez-fairee conomics. In particular, neoliberalism is often characterized in terms of its belief in sustained economic growth as the means to achieve human progress, its confidence in free markets as the most-efficient allocation of resources, its emphasis on minimal state intervention in economic and social affairs, and its commitment to the freedom of trade and capital.  As national economies became more interdependent in the new era of economic globalization, neoliberals also promoted free-trade policies and the free movement of international capital GATT: GENERAL AGREEMENT ON TARIFFS AND TRADES The General Agreement on Tariffs and Trade (GATT) is a legal agreement first signed by 23 countries on October 30, 1947 in Geneva, Switzerland. The GATT aimed “substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis”, so that the economic recovery after World War II can be boosted. A multilateral trade agreement that first came into force in The original GATT has been amended various times since 1948. 1948. Currently, over 160 nations, including the US, have signed In 1994, it was revised to: the GATT. This treaty imposes many requirements on member countries, including the obligations to: 1. Reduce tariffs and other trade barriers. 1. Create more trade agreements that, among other things: 2. describe the principles of trade liberalization; 2. Treat other member countries equally regarding trade 3. require governments to make their trade policies tariffs. transparent; and 4. address special treatment for developing countries. 3. Consult with each other about trade matters. 5. Establish the World Trade Organization (WTO), the 4. Try to resolve disputes peacefully. international regulatory body responsible for: 6. implementing the agreement and enforcing trade rules; and 7. providing a forum for negotiating future trade barrier reductions and settling disputes. THE WORLD TRADE ORGANIZATIONS  The World Trade Organization (WTO) is the only international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The fundamental goal of the WTO, as set out in the organization's founding agreement, is to use trade as a means to improve people's living standards, create better jobs and promote sustainable development.  The WTO operates the global system of trade rules and helps developing countries improve their capacity to trade. It also provides a forum for its members to negotiate trade agreements and to resolve the trade problems they face with each other. The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs and improve people’s lives.  The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities. But certain simple, fundamental principles run throughout all of these documents and form the foundations of the multilateral trading system. GLOBALIZATION AS AN ECONOMIC PROCESS  The widespread scholarly emphasis on the economic dimension of globalization derives partly from its historical development as a subject of academic study. For various accounts of economic globalization, see, for example, Cohen (2006), Dicken (2001), Rodrik (2007), Sassen (1998) and Stiglit (2006). Some of the earliest writings on the topic explore in much detail how the evolution of international markets and corporations led to an intensified form of global interdependence. These studies point to the growth of international institutions such as the European Union, the North American Free Trade Association, and other regional trading blocs. The most comprehensive treatment of this nature is Keohane (1984). For a more recent update of his position on globalization, see Keohane (2001, 2002) and Keohane and Nye (2000). Economic accounts of globalization convey the notion that the essence of the phenomenon involves ‘the increasing linkage of national economies through trade, financial flows, and foreign direct investment … by multinational firms’ (Gilpin, 2000: 299). Thus expanding economic activity is identified as both the primary aspect of globalization and the engine behind its rapid development. CONCLUSION  International economic integration is a central tenet of globalization. In fact, it is so crucial to the process that many writers and commentators confuse this integration for the entirety of globalization. As a reminder, economics is just one window into the phenomenon of globalization; it is not the entire thing.  Given the stakes involved in economic globalization, it is perennially important to ask how this system can be made more just. International policymakers, therefore, should strive to think of ways to make trading deals fairer. Government must also continue to devise way of cushioning the most damaging effects of economic globalization, while ensuring that its benefits accrue for everyone CHAPTER 3: GLOBAL POLITICS; CREATING AN INTERNATION AL ORDER GLOBALIZATION AS POLITICAL PROCESS  An influential group of scholars considers political globalization as a process intrinsically connected to the expansion of markets. In particular, steady advances in computer technology and communication systems such as the World Wide Web are seen as the primary forces responsible for the creation of a single global market. See, for example, Bryan and Farrell (1996), Kurdle (1999), Rao (1998) and Weiss (2011). As Richard Langhorne (2001: 2) puts it, Globalization has happened because technological advances have broken down many physical barriers to worldwide communication which used to limit how much connected or cooperative activity of any kind could happen over long distances.’ According to even more extreme technological-determinist explanations, politics is rendered powerless in the face of an unstoppable and irreversible technoeconomic juggernaut that will crush all governmental attempts to reintroduce restrictive policies and regulations. Economics is portrayed as possessing an inner logic apart from and superior to politics. As Lowell Bryan and Diana Farrell (1996: 187) assert, the role of government will ultimately be reduced to serving as ‘a superconductor for global capitalism’. Perhaps the most influential representative of this view in the 1990s was Kenichi Ohmae (1990, 1995, 2005). Projecting the rise of a ‘borderless world’ brought on by the irresistible forces of capitalism, the Japanese business strategist argues that, seen from the perspective of real flows of economic activity, the nation-state has already lost its role as a meaningful unit of participation in the global economy. In the long run, the process of political globalization will lead to the decline of territory as a meaningful framework for understanding political and social change. No longer functioning along the lines of discrete territorial units, the political order of the future will be one of regional economies linked together in an almost seamless global web that operates according to free-market principles. For a more recent example of the ‘end of the nation-state thesis’ from the opposite end of the ideological spectrum, see Prem Shankar Jha (2006) THE ATTRIBUTE OF TODAY’S GLOBAL SYSTEM World Politics today has FOUR KEY ATTRIBUTES 1. First, there are countries or state that are interdependent and govern themselves. 2. Second, these countries interact with each other through diplomacy. 3. Third, there are international organizations, like the United Nations (UN), that facilitate these interactions. 4. Fourth, beyond simply facilitating meetings between states, international organizations take on lives on their own. WHAT ARE THE ORIGINS OF THIS SYSTEM?  A good start is by unpacking what one means when he says a ”country” or what academics also call the nation- state.  The nation-state is composed of two non-interchangeable terms. Not all States are nations, and not all nations are states. STATE STATE A community of persons, more or less numerous, permanently occupying a definite portion of territory, independent of external control, and possessing a government to which a great body of the inhabitants render habitual obedience; a politically organized sovereign community independent of outside control bound by ties of nationhood, legally supreme within its territory, acting through a government functioning under a regime of law [Collector of Internal Revenue v. Campos Rueda, G.R. No. 13250 (1971)]. The state as a person of international law should possess the following qualifications: (a) a permanent population; (b) a defined territory; (c) government; and (d) capacity to enter into relations with the other states [Art. 1, Montevideo Convention]. This Photo by Unknown Author is licensed under CC BY-SA-NC ELEMENTS OF A STATE a) People – as a requisite of statehood, an adequate number for self- sufficiency and defense; of both sexes for perpetuity. b) Territory – an area of sea, land and space belonging to or connected to a particular country. E.g: National Territory Art 1 of the Philippine Constitution c) Government –The agency or instrumentality through which the will of the state is formulated , expressed and realized. THE CONCEPT OF SOVEREIGNTY Sovereignty is the supreme and uncontrollable power inherent in the State by which the state is governed. Section 1, Article II. The Philippines is a democratic and republican State. Sovereignty resides in the people and all government authority emanates from them. Two kinds of sovereignty: Legal Sovereignty — authority which has the power to issue final commands Political Sovereignty — power behind the legal sovereign, or the sum total of all the influences that operate upon it NATION Social group linked through common descent, culture, language, or territorial contiguity. a) The word “nation” can also refer to a group of people who share a history, traditions, culture and, often, language—even if the group does not have a country of its own. b) Nation according to Benedict Anderson is an imagined community, Nations often limit themselves to people who have imbibe a particular culture, speak a common language, and live in specific territory c) Nation allows one to feel a connection with a community of people. Nation and state are closely related because it is nationalism that facilitates state formation. d) State is a legal or juristic concept, while nation is an ethnic or racial concept. TREATY OF WESTPHALIA  The Peace of Westphalia was a series of peace treaties signed between May and October 1648 in the Westphalian cities of Osnabrück and Münster. The treaties ended the Thirty Years’ War and the Eighty Years’ War.  The Peace of Westphalia established the precedent of peace reached by diplomatic congress and a new system of political order in Europe based upon the concept of co-existing sovereign states. Inter-state aggression was to be held in check by a balance of power. A norm was established against interference in another state’s domestic affairs, known as the principle of Westphalian sovereignty. This principle of international law presumes that each state has sovereignty over its territory and domestic affairs, to the exclusion of all external powers, on the principle of non-interference in another country’s domestic affairs, and that each state (no matter how large or small) is equal in international law. As European influence spread across the globe, these Westphalian principles, especially the concept of sovereign states, became central to international law and to the prevailing world order. However, the European colonization of Asia and Africa in the 19th century and two global wars in the 20th century dramatically undermined the principles established in Westphalia.  The European colonization of Asia and Africa in the 19th century and two global wars in the 20th century dramatically undermined the principles established in Westphalia. This Photo by Unknown Author is licensed under CC BY-SA THE INTERSTATE SYSTEM  Interstate System – a system of unequally powerful and competing states in which no single state is capable of imposing control on all other. These states are in interaction with one another in a set of shifting alliance and wars and changes in relative power of states upsets any temporary set of alliances, leading to restructuring of balance of power – Chase Dunn 1981  Thus, an interstate system is the form of governance for a globalization.  Global Interstate System – is an institutional arrangement of governance that addresses regional or globalized issues that go beyond the scope of nation-state( Chase-Dunn 1981) THE CONCEPT OF INTERNATIONALISM  Internationalism is a principle that espouses increased cooperation between nations across political, economic, and cultural exchanges. Proponents of internationalist policies typically endorse the idea that people around the world are best served by multilateral collaboration between countries and the promotion of global comity.  A system of heightened interaction between various sovereign states, particularly  The belief that countries can achieve more advantages by working together and trying to understand each other than by arguing and fighting wars with each other. LIBERAL INTERNATIONALISM I. The first major thinker of liberal internationalism was the late 18th century German Philosopher Immanuel Kant. Kant likened states in a global system of people living in a given territory. If people living together require a government to prevent lawlessness, shouldn’t that same principle be applied to states? Without a form of government, he argued, the international system be chaotic. Therefore, states, like citizens of countries, must give up some freedom and "establish a continuously growing state consisting of various nations which will ultimately include the nations of the world”. In short, he imagined a form of Global Government. It emphasized the need to form common international principles. II. In the late 18th Century Jeremy Bentham, who coined the word “international” advocated the creation of “International Law” that would govern the inter-state relations. Bentham believed that objective global legislators should aim to propose legislations that would create "The greatest happiness of all nations taken together” LIBERAL INTERNATIONALISM Would not a world government, in effect, become supreme? Would not its laws overwhelm the sovereignty of individual states? LIBERAL INTERNATIONALISM  The first thinker to reconcile nationalism with liberal internationalism was the 19th Century Italian patriot Giuseppe Mazzini. He believed in a Republican Government ( no monarchs and hereditary successions) and proposed a system of free nations that cooperated with each other to create an international system. He was a nationalist internationalist “who believes that free, unified nation-states should be the basis of global cooperation”. He enshrined the principle of cooperation and respect among nation-states.  Mazzini’s worked influence the 20th century President who became one of the most prominent internationalist. Pres. Woodrow Wilson saw nationalism as a prerequisites for internationalism. Because of his faith in nationalism, he forwarded the principle of self-determination – the belief that the world’s nations had a right to a free, and sovereign government. He hoped that these free nations would become democracies, because only by being such would they be able to build a free system of international law and cooperation. Wilson became the most notable advocate for the creation of league of nations. SOCIALIST INTERNATIONALIST  Within this strand of nationalism, the nation is less important than class. People can find greater solidarity with persons of the same class than the nation.  Socialist internationalism has its roots in the early theories of Karl Marx and Friedrich Engels. They were also internationalist but they do not believed in nationalism This Photo by Unknown Author is licensed under CC BY-SA  He believed that any true form of internationalism should deliberately reject nationalism, which rooted people in domestic concerns instead of global ones.  Marx placed a premium on economic equality; he did not divide the world into countries but into classes: 1. CAPITALIST CLASS – referred to the owners of factories, companies , and other “means of production” 2. PROLETARIAT CLASS – included those who did not own the means of production but instead worked for the capitalist. SOCIALIST INTERNATIONALIST  Marx and Engels, believed that in a socialist revolution seeking to overthrow the state and alter the economy, the proletariat “had no nation”. Hence, their now famous battle cry “Workers of the World Unite!, You have nothing to lose but your chains.” They opposed nationalism because they believed it prevented the unification of the world’s workers. Instead of identifying with other workers, nationalism could make workers in individual countries identify with the capitalist of their countries.  Although Short-lived the SI was able to established declaration of May 1 as LABOR DAY and the creation of INTERNATIONAL WOMEN’s DAY. CAPITALISM  Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.  The essential feature of capitalism is the motive to make a profit. As Adam Smith, the 18th century philosopher and father of modern economics, said: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” Both parties to a voluntary exchange transaction have their own interest in the outcome, but neither can obtain what he or she wants without addressing what the other wants. It is this rational self-interest that can lead to economic prosperity.  In a capitalist economy, capital assets—such as factories, mines, and railroads—can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing use. PILLARS OF CAPITALISM  Capitalism is founded on the following pillars: a) Private Property - which allows people to own tangible assets such as land and houses and intangible assets such as stocks and bonds; b) Self-Interest , through which people act in pursuit of their own good, without regard for sociopolitical pressure. Nonetheless, these uncoordinated individuals end up benefiting society as if, in the words of Smith’s 1776 Wealth of Nations, they were guided by an invisible hand; c) competition, through firms’ freedom to enter and exit markets, maximizes social welfare, that is, the joint welfare of both producers and consumers; d) a Market Mechanism that determines prices in a decentralized manner through interactions between buyers and sellers—prices, in return, allocate resources, which naturally seek the highest reward, not only for goods and services but for wages as well; e) Freedom to choose with respect to consumption, production, and investment—dissatisfied customers can buy different products, investors can pursue more lucrative ventures, workers can leave their jobs for better pay; and f) limited role of government, to protect the rights of private citizens and maintain an orderly environment that facilitates proper functioning of markets. PILLARS OF CAPITALISM The extent to which these pillars operate distinguishes various forms of capitalism. In free markets, also called laissez-faire economies, markets operate with little or no regulation. In mixed economies, so called because of the blend of markets and government, markets play a dominant role, but are regulated to a greater extent by government to correct market failures, such as pollution and traffic congestion; promote social welfare; and for other reasons, such as defense and public safety. Mixed capitalist economies predominate today. SOCIALISM a) Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted through a democratic system of governance. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources. b) The rule of engagement in a socialistic system is that each person receives and contributes according to his ability. For this reason, individuals in a socialistic society tend to work very hard. Members of the community receive a share of the national pie once a percentage is taken off for the purpose of communal development. The areas into which resources are channeled include defense, education, and transportation. c) For the common good is a term that is interpreted to mean taking care of people who can’t contribute to social development, such as children, caretakers, and the elderly. ADVANTAGES OF SOCIALISM Absence of exploitation A socialistic system ensures that no worker is exploited. How? Well, each of the workers in the community has a say on how the resources are managed, and each person receives and contributes based on an individual’s potential. According to the socialistic system, each person is guaranteed access to basic goods, even those who are not able to contribute. As a result, the system helps to minimize poverty levels in the society. In addition, each person has the same right to access health care and other important social aspects, such as education. Rejection of discrimination The system disapproves discrimination, and each person does what he is good at or what he enjoys best. If there are jobs that should be done and there is no one to perform them, a higher remuneration is provided. Natural resources are protected for posterity. DISADVANTAGES OF SOCIALISM  1. Dependence on cooperative pooling Perhaps the greatest disadvantage of a socialistic system is its reliance on cooperative pooling to get things done. In addition, people who are competitive in the community are viewed in a negative light. The society expects cooperation and not competitiveness. According to socialism, competitive individuals tend to find ways to cause social unrest for personal gain.  2. Lack of competitiveness and innovation Socialism does not reward entrepreneurial ventures or competitiveness. Consequently, a socialistic system does not encourage innovation as much as capitalism. SOCIALISM VS CAPITALISM  Capitalism - also known as a free market system, and socialism differ based on their rational underpinning. In addition, they also differ based on implied or stated goals, as well as the framework of ownership, and the production process.  Structurally, a free market system and socialism can be distinguished based on rights to property, as well as control of the production process. Under a capitalistic economy, enterprises and private individuals control the means of production, together with all the profits. Under a socialistic structure, a central authority controls the resources used in the production process. Private property is unheard of, but where it exists, it is in the form of consumer products.  While a capitalistic system is dependent on the decisions of independent persons who influence the production process, a socialistic structure controls the production process by regulating the market system. CONCLUSION  Unlike capitalism, socialism is dependent on the efforts of each member of the community. Members of the community pool together to manipulate factors of production, and the proceeds are shared equally by all. Its key advantage is that no single member works more than the rest, and individuals who can’t participate are provided for as well. However, since the government controls everything, it is possible for it to abuse its authority. GLOBALIZATION AS A CULTURAL PROCESS  Held and McGrew might respond to these criticisms by arguing that one major strength of their approach lies in viewing globalization not as a one-dimensional phenomenon, but as a multidimensional process involving diverse domains of activity and interaction, including the cultural sphere. Indeed, any analytical account of globalization would be woefully inadequate without an examination of its cultural dimension. A number of prominent scholars have emphasized the centrality of culture to contemporary debates on globalization. As sociologist John Tomlinson (1999: 1) puts it, ‘Globalization lies at the heart of modern culture; cultural practices lie at the heart of globalization.’ The thematic landscape traversed by scholars of cultural globalization is vast, and the questions they raise are too numerous to be completely fleshed out in this short survey. Rather than presenting a long laundry list of relevant topics, this section focuses on two central questions raised by scholars of cultural globalization. REFERENCES  The Contemporary World; Prince Kennex R. Aldama  The Contemporary World; Lisandro Claudio et. al.  The Contemporary World; Jaime Guiterez Ang  The Sage Handbook of Globalization; Contributors: Manfred B. Steger  Edited by: Manfred B. Steger, Paul Battersby & Joseph M. Siracusa  Book Title: The SAGE Handbook of Globalization  Chapter Title: "Approaches to the Study of Globalization”  https://www.wto.org/english/docs_e/legal_e/gatt47_e.htm  https://www.law.cornell.edu/wex/general_agreement_on_tariffs_and_trade_(gatt )  https://www.wto.org/english/thewto_e/whatis_e/whatis_e.htm  https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm  https://plato.stanford.edu/entries/neoliberalism/  https://fastercapital.com/topics/introduction-to-keynesian-theory.html  https://www.imf.org/en/Publications/fandd/issues/Series/Back-to- Basics/Capitalism

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