Globalization: Contemporary Overview PDF

## Advantages of Globalization - Eliminate poverty - Faster diffusion of productive ideas - Global education - Prices generally tend to be cheaper - Communication becomes faster - Foreign investments - More employment opportunities ## Disadvantages of Globalization - Dependent on richer nations -...

## Advantages of Globalization - Eliminate poverty - Faster diffusion of productive ideas - Global education - Prices generally tend to be cheaper - Communication becomes faster - Foreign investments - More employment opportunities ## Disadvantages of Globalization - Dependent on richer nations - Natives' products will become obsolete - Infringement of sovereignty - Environment degradation ## Reasons for Studying Globalization - To cure parochialism and extreme nationalism - To develop critical thinking - To know thyself - To cure xenocentrism and ethnocentrism - To become a global citizen ## Divisions of History - **Prehistoric**: Not yet invented the system of writing. - **Pre-modern**: 350 B.C - 500 A.D. Age of Empires. Barter trade or token system. - **Early Modern**: 1500 A.D - 1800 A.D. Age of Colonization. Age of kingdoms. Metal currency. - **Modern**: Industrial Revolution. - **Contemporary**: WWI / Gold Standard / Fiat currency. ## History of Globalization - **Bimetallism**: International monetary system in which the currency of exchange used is through gold and silver - **Primitive Communism**: Economy of hunter gatherers. Countries used silver and gold as a method of payment. - **Gold Standard (1867)**: Monetary system in which countries exchanged their currencies and settled payments using gold. - **Agricultural Revolution**: Discovery of farming. Designed by David Hume. Great Britain was the first country to implement the gold standard. - **Pre-modern Period**: The economy was a barter trade and token system. - **Economic Globalization**: During this period was barter trade and token system. - **Modern Period**: Economic Globalization - **Bretton Woods**: Exchange rates were standardized across the globe to revitalize international trade. Agreed to reserve US dollars. - **Bretton Woods**: International agreement on which countries agreed to reserve US dollars. ## Empires - **Ur**: First city - **Sumer**: First empire - **Persian Empire**: First superpower, controlling 3 continents. - **Roman Empire**: First Republic, ... - **Byzantine**: Christianity. - **Spanish**: Age of Colonization. - **British**: Largest Sea Empire. - **Ottoman**: Last empire. ## Definitions - **Globalization**: Interconnectedness of the world: Emergence of international network of economic systems. Encompassing the world, invented by Theodore Levitt. - **Economic Globalization**: Integration of markets of the world. - **Political Globalization**: Interaction of nation states. - **Socio-Cultural Globalization**: Intermingling of people of the world. - **Global Citizen**: Someone who is aware and understands the outer world. - **Parochial Person**: Narrow-minded; focused on a small group of people or local area. - **Xenocentrism**: Belief that one’s culture is inferior to others. - **Ethnocentrism**: Belief that one’s culture is superior to others.