Contemporary World Notes PDF

CONTEMPORARY WORLD (NOTES) LESSON 1: GLOBALIZATION 2. Financial globalization - Development of worldwide financial markets and better access Globalization...

CONTEMPORARY WORLD (NOTES) LESSON 1: GLOBALIZATION 2. Financial globalization - Development of worldwide financial markets and better access Globalization to external financing borrowers (Paghiram ng pera) Derived from the word “globalize” which 3. Economic globalization - Establishment of refers to the emergence of an international global common market, based on the freedom network of economic system. of exchange of goods and capital In economic terms, it usually refers to the 4. Political globalization - Creation of integration of the national markets to a wider international organizations to regulate the global signified by the increased free trade relationships among governments and to It is the process y which goods, services, guarantee the rights arising from social and capital, people, information, and ideas flows economic globalization. across national borders. (Grewal/Levy) 5. Informational globalization - Increase in Expansion and intensification of social information flows between geographically relations and consciousness across world- remote locations. time and across world- space 6. Cultural globalization - Sharing ideas, attitudes and values across national borders. According to Arjun and Appadurai (Anthropologist) that globalization can divided into the Five Elements of Globalization “SCAPES” 1. Trade Agreements - bilateral, regional or ETHNOSCAPES – Refers to the global movement. multilateral economic arrangements designed e. g. Migrate, Studying abroad to reduce or eliminate trade barriers. MEDIASCAPES – About the flow of culture (print 2. Capital Flow - measurement of increase or media, magazine, etc.) decrease in a nation's domestic or foreign TECHNOSCAPES – Refers to the circulation of assets. mechanical goods and software. (Television, mobile 3. Information Transfer - communication phones) trend that helps mitigate the asymmetric FINANCESCAPES- Denotes the global circulation functioning of markets and economies. of money (through banks) 4. Migration Patterns - impact of labor market IDEOSCAPE- Realm where political ideas move fluidity on production costs through the loss around (emigration) or gain (immigration) of potential workers especially those with Globalization has various aspects which particular skills. affect the world in several different ways. 5. Spread Technology - rapid diversion of the means and methods of producing goods and These aspects include: services. 1. 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 LESSON 2: THE GLOBAL ECONOMY It is a system or formation of layers, 7-10%15, or Global Economy categories. It is a system or formation of layers, classes, or A system of trade and industry across the world that categories. has emerged due to globalization The origins of a global economy can be traced back to the expansion of long-distance trade during the TYPOLOGIES OF GLOBAL STRATIFICATION period of 1450-1640, which Wallerstein has I. First Typology labeled the "long sixteenth century". First World - The Western Capitalist democracies of North and Europe, and other certain nations Economic Globalization (Australia, New Zealand and Japan). Second World -Nations belonging to the Soviet It's a result of human innovation and technological union progress. It refers to the increasing integration of Third World - All the remaining nations, almost all economies around the world, the movement of of them from Central and South America, Africa goods, services, and capital across borders. and Asia. It may also refer to the movement of people (labor) and knowledge (technology) across international borders (IMF, 2008). II. Replacement Typology A. Developed B. Developing Economic Globalization Today C. Undeveloped Economic globalization remains an uneven process, with some countries, corporations, and individuals benefiting a lot more than others. The series trade talks III. Popular Typology under the WTO have led to unprecedented reductions in A. Wealthy (or high income) tariffs and other trade barriers, but these processes have B. Middle-income often been unfair C. Poor or low-income Economic Globalization THEORIES OF GLOBAL STRATIFICATION Commodity is a basic physical asset, often used as Modernization Theory According to this theory, a raw material in the production of goods or rich nations became wealthy because early on they services. were able to develop the correct beliefs, values, and To be traded on the markets, commodity must a be practices. interchangeable with another commodity of the Dependency Theory According to this view, the same type and grade. poor nations never got the chance to pursue economic growth because early on they were conquered and colonized by European ones. World Economic Globalization Today System Theory- This theory states that some nations Capital become modernized by exploiting other nations. Capital is identified with money, wealth. (W. Stafford) TYPES OF GLOBAL POVERTY Growth of wealth or surplus value formed by the labour (K. Marx) Accumulation of wealth with the help of wage 1. RELATIVE POVERTY - is the condition in labour (A. Smith) which people lack the minimum amount of income needed in order to maintain the average standard of living in the society in which they live. Labor Market 2. ABSOLUTE POVERTY - refers to a condition Refers to the supply of and Demand for labor, in where a person does not have the minimum amount which employees provide the supply and of income needed to meet the minimum employers provide the demand. requirements for one or more basic living needs over an extended period of time. 3. SUBJECTIVE POVERTY - it is subjectively Global stratification present when your actual income does not meet Refers to the hierarchical arrangement of your expectations and perceptions individuals and groups in societies around the world