2_Market Globalism.pdf

Market Globalism Prepared By: Ken M. Villamartin, MPA Edited by: Felix B. Cordero, LPT, Ed.D. Ideologies of Globalization 1. Market Globalism 2. Justice Globalism 3. Religious Globalism 4. Anti-Globalization 5. Alter-Globalization 6. Technological Globalism 7. C...

Market Globalism Prepared By: Ken M. Villamartin, MPA Edited by: Felix B. Cordero, LPT, Ed.D. Ideologies of Globalization 1. Market Globalism 2. Justice Globalism 3. Religious Globalism 4. Anti-Globalization 5. Alter-Globalization 6. Technological Globalism 7. Cultural Globalism 8. Economic Globalism 9. Political Globalism  Ideologies of Globalization 1. Market Globalism ✓Advocates for free markets and free trade, arguing that globalization leads to economic growth, efficiency, and prosperity. ✓Supports deregulation, privatization, and minimal government intervention in the economy. ✓Emphasizes the benefits of economic integration, competition, and the global spread of technology and innovation. https://www.tandfonline.com/doi/full/10.1080/1356931052000310263 Ideologies of Globalization 2. Justice Globalism ✓Focuses on social justice, equity, and environmental sustainability. ✓Criticizes the unequal benefits of globalization and advocates for fair trade, human rights, and stronger regulations to protect workers and the environment. ✓Promotes global solidarity and cooperation to address issues such as poverty, inequality, and climate change. https://www.tandfonline.com/doi/full/10.1080/1356931052000310263 Ideologies of Globalization 3. Religious Globalism ✓Seeks to spread religious values and beliefs globally. ✓Can be inclusive, promoting interfaith dialogue and understanding, or exclusive, aiming to expand a particular religious doctrine. ✓Influences cultural globalization and often intersects with political and social movements. https://www.tandfonline.com/doi/full/10.1080/135693105200031026 3 Ideologies of Globalization 4. Anti-Globalization ✓Opposes the rapid pace and unequal benefits of globalization, often highlighting the negative effects on local economies, cultures, and environments. ✓Advocates for more protectionist and localized economic policies. ✓Criticizes the dominance of multinational corporations and international financial institutions, arguing for greater local control and self-sufficiency. https://www.tandfonline.com/doi/full/10.1080/135693105200031026 3 Ideologies of Globalization 5. Alter-Globalization ✓Supports globalization but seeks to reform it to be more equitable, sustainable, and democratic. ✓Emphasizes the need for global cooperation to address issues like environmental degradation and social injustice. ✓Advocates for global governance reforms, fair trade, and policies that prioritize human well-being over profit. https://www.tandfonline.com/doi/full/10.1080/135693105200031026 3 Ideologies of Globalization 6. Technological Globalism ✓Highlights the role of technology in driving globalization, connecting people, and transforming economies. ✓Supports the global spread of technological innovations and digital connectivity. ✓Emphasizes the benefits of technological advancement for economic growth, education, and communication while addressing challenges like the digital divide and cybersecurity. https://www.tandfonline.com/doi/full/10.1080/135693105200031026 3 Ideologies of Globalization 7. Cultural Globalism ✓Focuses on the exchange and blending of cultures across borders. ✓Advocates for cultural diversity, understanding, and the global dissemination of cultural products and practices. ✓Emphasizes the positive aspects of cultural exchange but also recognizes concerns about cultural homogenization and the loss of local traditions. https://www.tandfonline.com/doi/full/10.1080/1356931052000310263 Ideologies of Globalization 8. Economic Globalism ✓Centers on the integration of national economies through trade, investment, and capital flows. ✓Supports policies that facilitate global economic interdependence and cooperation. ✓Promotes the benefits of economic globalization for growth and development but acknowledges the need to address issues like inequality and financial instability. https://www.tandfonline.com/doi/full/10.1080/1356931052000310263 Ideologies of Globalization 9. Political Globalism ✓Advocates for global political cooperation and governance to address transnational issues such as climate change, security, and human rights. ✓Supports the strengthening of international institutions and agreements. ✓Emphasizes the importance of collective action and global governance in tackling global challenges while balancing concerns about national sovereignty. https://www.tandfonline.com/doi/full/10.1080/1356931052000310263 The Globalization of Markets How Globalization affects Market ✓Increased access to Market ✓Diversified supply chains ✓Advancements in communication technology ✓Challenges to domestic markets ✓Controversial labor and environmental practices in some countries can create ethical dilemmas for companies operating in the global market. https://www.globalizationofmarkets.com/the-globalization-of-markets The Globalization of Markets How Globalization affects Market ✓Competition has also brought significant benefits to consumers who can now enjoy a wider range of products and services at lower prices. ✓Increased international trade ✓Job creation ✓Economic growth https://www.globalizationofmarkets.com/the-globalization-of-markets The Globalization of Markets Negative impact of globalization on markets ✓Increased competition that has arisen from globalization, contributing to job losses and reduced wages in some industries. ✓Global Supply Chains can result in poor working conditions and unfair labor practices, especially in developing countries that lack the legal framework to regulate multinationals’ activities adequately. ✓Globalization has led to an increase in greenhouse gas emissions and other environmental concerns such as deforestation. ✓Small businesses in local economies also suffer from globalization, as they struggle to compete with larger and more established companies that have the capital and resources to expand their operations globally. https://www.globalizationofmarkets.com/the-globalization-of-markets The IMF and World Bank IMF - focuses on macroeconomic and financial stability. World Bank - concentrates on long-term economic development and poverty reduction. https://www.imf.org/en/About/Factsheets/Sheets/2022/IMF-World-Bank-New Comparative Economic System Three Major Types of Economic System 1. Planned Economies 2. Market Economies 3. Mixed Economies Comparative Economic System Three Major Types of Economic System 1. Planned Economies – (planned economic system) power is held, and important economic decisions are made through a centralized authority. In pre-industrial societies, this authority might be the chief of a tribe. A planned system also has the capacity to focus on meeting societal needs, and act strategically for the public good. https://www.bu.edu/eci/files/2021/08/Comparative-Economic-Systems.pdf Comparative Economic System Three Major Types of Economic System 2. Market Economies – (market economic system) where individual actors such as firms, households, and individuals, as opposed to a central authority, determine what is produced, how it is produced, and how the products are distributed in the economy https://www.bu.edu/eci/files/2021/08/Comparative-Economic-Systems.pdf Comparative Economic System Three Major Types of Economic System 3. Mixed Economies – (mixed economic system) Combines elements of market and planned economies. Private Ownership Social Ownership - owned and managed by public institutions, by workers, or through other cooperative or collective ownership arrangements. State Ownership - the means of production belong to the state. Classification of Economic Systems https://www.bu.edu/eci/files/2021/08/Comparative-Economic-Systems.pdf  Private Capitalism Capitalist Property Rights Collectively- Socialism Socialist owned production https://www.bu.edu/eci/files/2021/08/Comparative-Economic-Systems.pdf The International Economic Environment The international economic environment - refers to the external factors that affect a country's economy, businesses, and financial systems, stemming from the global marketplace. ✓This environment encompasses various elements, including economic policies, conditions, and trends that influence international trade, investment, and economic development. https://epgp.inflibnet.ac.in/epgpdata/uploads/epgp_content/S000006CO/P000395/M010460/ET/s000006co- p000395-m010460-et-v1.pdf The International Economic Environment Some of the key players that shape the international economic environment include: 1.Nation-states 2.International organizations 3.Multinational corporations 4.Central banks 5.Financial markets 6.Global economic forums 7.Non-governmental organizations 8.International trade agreements The International Economic Environment Some of the key players that shape the international economic environment include: 1.Nation-states Governments of countries have a significant impact on the international economic environment through their a. economic policies b. trade agreements c. regulatory frameworks The International Economic Environment Some of the key players that shape the international economic environment include: 2. International organizations Institutions like the: a. International Monetary Fund (IMF) b. World Bank c. World Trade Organization (WTO) d. United Nations (UN) Play a crucial role in shaping global economic policies, providing financial assistance, and promoting international cooperation. The International Economic Environment Some of the key players that shape the international economic environment include: 3. Multinational corporations Large corporations with operations in multiple countries can influence a. global trade b. Investment c. economic trends through their business decisions and strategies. The International Economic Environment Some of the key players that shape the international economic environment include: 4. Central banks such as: a. Federal Reserve in the United States, b. European Central Bank c. People's Bank of China have a significant impact on the global economy through their monetary policies, interest rates, and currency management. The International Economic Environment Some of the key players that shape the international economic environment include: 5. Financial markets Global financial markets including: a. stock exchanges b. bond markets c. currency markets can influence the international economic environment through their fluctuations and trends. The International Economic Environment Some of the key players that shape the international economic environment include: 6. Global economic forums Forums like: a. G20 b. G7 c. BRICS (Brazil, Russia, India, China, and South Africa) bring together leaders from major economies to discuss and shape global economic policies and agendas. The International Economic Environment Some of the key players that shape the international economic environment include: 7. Non-governmental organizations NGOs, such as: a. Oxfam b. Amnesty International c. World Wildlife Fund can influence global economic policies and practices through their advocacy and activism on issues like poverty, human rights, and environmental sustainability. The International Economic Environment Some of the key players that shape the international economic environment include: 8. International trade agreements Agreements like: a. North American Free Trade Agreement (NAFTA) b. Trans-Pacific Partnership (TPP) c. European Union's (EU) single market can shape the international economic environment by facilitating or restricting trade and investment flows. Key Components of the International Economic Environment 1. Global Economic Conditions 2. Trade Policies and Agreement Key Components of International Economic Environment 1. Global Economic Conditions a. Economic Cycles These cycles affect international trade, investment flows, and economic stability. b. Economic Growth Rates Different countries grow at different rates, influencing global demand for goods and services. Key Components of International Economic Environment 2. Trade Policies and Agreement a. Tariffs and Quotas Taxes on imports and limits on the quantity of goods that can be imported affect trade flows and market access. b. Trade Agreements Bilateral and multilateral agreements, such as NAFTA, the European Union, and the World Trade Organization (WTO), set the rules for international trade and reduce trade barriers. https://epgp.inflibnet.ac.in/epgpdata/uploads/epgp_content/S000006CO/P000395/M010460/ET/s000006co-p000395-m010460-et-v1.pdf  Activity Reflection Paper