CONWOR NOTES HAUP LONG BOND PAPER.pdf

CONWOR NOTES Globalization, Globalism, Globality GLOBALIZATION Globalization- a process. Some would view globalization as a Globality- signifies a future social positive phenomenon, some wo...

CONWOR NOTES Globalization, Globalism, Globality GLOBALIZATION Globalization- a process. Some would view globalization as a Globality- signifies a future social positive phenomenon, some would see condition characterized by thick its detrimental effects on society which economic, political and cultural cannot be separated from issues of interconnections and global flows that global economic and cultural make currently existing political borders imperialism. and economic barriers irrelevant. Most account view it as an economic process. Integration of the national Globalism- as an ideology (idea) markets to a wider global market reflecting shared ideas, norms, values signified by the increased free trade. accepted as truth. Most account view it as an economic process. Integration of the national markets GLOBALISM to a wider global market signified by the increased free trade. Market globalism MANFRED STREGER advocates promise a consumerist, neoliberal, free-market world. This Globalization is the expansion and ideology is held by many powerful intensification of social relations and individuals, who claim it transmits consciousness across the world. democracy and benefits everyone. Expansion- creation of social Justice Globalism networks and connections (social media and NGO’s) that cut across envisages a global civil society with traditional political, economic, fairer relationships and cultural, and geographic boundaries. environmental safeguards. Intensification- expansion, Religious Globalism stretching, and acceleration of these networks. strives for a global religious community with superiority over - a set of social processes that appear secular structures. to transform our present social condition of weakening nationality MARKET GLOBALISM into one globality. Key Features of Market Globalism: DIMENSIONS 1. Emphasis on Free Trade Economic- explores how the way people have undertaken economic Reduction of Trade Barrier- supports the production has changed. elimination of tariffs, quotas, and other trade barriers to facilitate the free flow of Political- the political dimension of goods and services across borders. globalization’ looks at political arrangements beyond the nation- 2. Promotion of Deregulation state. Liberalization of Markets- reducing Cultural- the cultural dimension of government regulations that restrict globalization’ explores the economic activities. intensification and expansion of cultural flows across the globe. Privatization: There is a strong emphasis on privatizing state-owned enterprises and Ecological-the ecological dimension of services, believing that private globalization’ examines the effects of sector management is more efficient than global alliances on ecological issues. government control. 3. Financial Market Liberalization- of financial markets to foreign investors and the reduction of controls on cross-border dominance of corporations and financial transactions. unaccountable global institutions, advocating for decision-making processes 4. Economic Growth and Efficiency that are transparent, inclusive, and responsive to the needs of ordinary people. market globalism leads to increased competition, which drives innovation, RELIGIOUS GLOBALISM lowers prices, and improves the quality of goods and services. Contribute to overall the ways in which religious movements and economic growth by creating new markets ideologies interact with and influence for businesses and increasing access to global processes. global resources. Many religions have spread across the Increased Competition- drives innovation, world, establishing transnational lowers prices, and improves the quality of communities. For example, Islam and goods and services. Christianity have large followings in diverse countries, and their teachings influence global Economic Growth: creating new markets for cultures and political systems. businesses and increasing access to global resources. In secular societies, there can be conflicts between secular policies and religious 5. Emphasis on Individual Entrepreneurship practices or beliefs. For instance, secular laws may sometimes be at odds with Support for Entrepreneurs- emphasizes the religious norms, leading to debates over role of individual entrepreneurs in driving issues like religious dress codes, public economic growth. It supports policies that displays of religious symbols, or religious foster entrepreneurship and innovation. accommodations in the workplace. Global Business Expansion- encourages Secular structures refer to systems and businesses to expand their operations institutions that operate independently of internationally, taking advantage of global religious influence. markets to grow their operations. Arjun Appadurai JUSTICE GLOBALISM DIFFERENT KINDS OF GLOBALIZATION Social Justice and Equity: Justice globalism occur on multiple and intersecting dimensions emphasizes the redistribution of wealth and or “scapes”. resources to address global inequalities. It advocates for policies that reduce poverty, Ethnoscape- global movement of people social exclusion, and income disparities, Mediascape- flow of culture. ensuring that globalization benefits Technoscape- global circulation of money and marginalized communities and not just the software. wealthy elite Financescape- global circulation of money. Ideoscape- movement of political ideas. Environmental Sustainability: A key feature of justice globalism is its focus on ecological balance. It promotes sustainable development practices that protect the environment and prioritize long-term ecological health over short- term economic gains. Human Rights and Labor Standards: Justice globalism supports the protection and promotion of human rights, including labor rights, gender equality, and the rights of indigenous peoples. It demands that globalization processes respect and uphold these rights across all countries. Democratic Governance: Justice globalism calls for greater democratic accountability in global governance. It challenges the GLOBALIZATION OF WORLD ECONOMIES GLOBAL TRADE WITH MULTIPLE RESTRICTIONS Economic globalization refers to the increasing interdependence of world From 16 to 18 century, countries, primarily, economies as a result of the growing scale Europeans are competing of cross-border trade of commodities and services, flow of international capital, and The benefits of colonial powers. wide and rapid spread of technologies Sell more goods as means to boosts (United Nations, as cited in Shangquan 2000). their country’s economy. A trade system is a framework that Globalization started when all important regulates the exchange of goods and populated continents began to exchange services between entities such as individuals, products continuously (Flynn and Giraldez). businesses, or countries. It includes the rules, agreements, and institutions that facilitate and Galleon Trade- 1571 the trade between the govern trade activities. Philippines and Acapulco Mexico (The first time Asia was connected with Americas) Aspect International Economic Trade Globalization Two different types of economies Definition Exchange of Increasing associated with economic globalization. goods and interconnectedness services and 1. Protectionism between interdependence of a policy of systematic government countries global economies intervention in foreign trade with the Scope Focuses on Includes trade, objective of encouraging domestic imports and capital flows, labor production. exports of movement, policies and practices where a products technology government restricts imports and foreign transfer, and more competition to protect domestic industries. INTERNATIONAL TRADE Tariffs: Taxes levied on imported is the process and system when goods, goods, making them more expensive commodities, services cross national and less competitive compared to economy, and boundaries in exchange domestic products. for money or goods of another country Tariffs are one of the most common (Balaam and Veseth, 2008). forms of protectionism (Krugman et al., 2018). International Trading Systems Quotas: Limits on the amount of a 1. SILK ROAD particular good that can be imported. This helps prevent foreign products from a network of pathway in the ancient flooding the domestic market and word that spanned from China to Middle undermining local producers (Hill, 2020). east and Europe. a trade route opened by the Han from Subsidies: Financial support provided 130 BCE UNTIL 1453 BCE when the by the government to domestic Ottoman Empire closed it. industries to reduce their production Not global because it did not reach costs, allowing them to compete with Americas. cheaper foreign imports (Salvatore, 2019) 2. AGE OF MERCATILISM Import Licenses: Requiring MERCANTILISM businesses to obtain permission to - An economic system of trade that spanned import certain goods, which can be from the 16th century to the 18th century and used to restrict the quantity of goods was based on the idea that a nation’s wealth entering the country (Mankiw, 2021). and power were best served by increasing exports and trade. Regulations and Standards: Imposing strict product standards on foreign goods, which can act as a barrier to entry by making it more difficult for  foreign companies to comply MARKET INTEGRATION (Feenstra & Taylor, 2017). Aspect Economic Market 2. Trade Liberalization Globalization Integration Definition The process of The process is the removal or reduction of increasing of reducing restrictions or barriers on the free interconnectedness barriers and exchange of goods between nations. and increasing the These barriers include tariffs, such as interdependence of efficiency of duties and surcharges, and nontariff global economies markets barriers, such as licensing rules and within and quotas. between countries Scope Encompasses Focuses on global trade, capital alignment and flows, technology, harmonization labor, and or market information regulations, exchange standards and practices Primary Overall global Efficiency and Focus economic systems functioning of and interaction specific markets and regions Market integration refers to the process through which different markets, typically geographically distinct, become more interconnected and unified. Key Aspects of Market Integration: 1. Price Convergence: Prices of similar goods and services tend to equalize across integrated markets due to the free flow of goods, services, and information. 2. Interconnected Supply Chains: The linking of supply chains across regions allows for the smooth movement of goods and services, enhancing market efficiency. 3. Trade and Investment Liberalization: The reduction or elimination of trade barriers, such as tariffs and quotas, promotes increased cross-border trade and investment. 4. Technological Advancements: Improvements in technology, transportation, and communication facilitate easier and more efficient cross- border trade, furthering market integration. 5. Harmonization of Policies: Governments may align their economic policies, standards, and regulations to support and sustain market integration. 3. THE GOLD STANDARD Setting up financial institutions to promote Adopted by the United States, United economic interdependence and prosperity. Kingdom, and other European nations in 1867. International Bank for Reconstruction and More efficient trade and prevent Development (IBRD, or World Bank) isolationism of the mercantilist era. reconstruction projects The gold standard is a monetary system in which the value of a country's International Monetary Fund- global lender currency is directly linked to gold. The International Trade Organization (ITO), (VISA CARD, CHEQUE) which was not ratified by the US Congress and consequently did not become a reality. Representative currency- money is a However, its primary function of liberalizing portable currency that is backed by a physical world trade was given to the General commodity. Agreement on Tariffs and Trade (GATT). Countries depleted their Gold in World War 1 Keynesian Theory (Contemporary Thinking) many were forced to abandon the gold standard and adopted floating currencies. John Maynard Keynes When the economy slows down the The Floating Currency government must reinvigorate markets with infusions of capital. is a type of money whose value Global Keynesianism- active role of changes based on how much people government in managing spending want to buy or sell it. the currency's value is determined by Government or the Central bank require to global trade, economic news, and hold large amount of both domestic currency investor actions. and foreign currency If more people or businesses want to buy USD using PHP, the value of USD EXAMPLE ONLY: relative to PHP will increase. Exchange rate is the rate at which one 1JOD= 0.7090 per currency can be exchanged for another (IMF, 2023). 1 JOD= 0.8090 A rising pressure needs to fall in value. Sell PHP or domestic currency to buy HISTORY OF MARKET INTEGRATION foreign currency (USD). THE BRETTON WOOD SYSTEM 1 JOD= 60.70 A falling pressure needs to fall in value. 1944- End Of World War Sell USD or foreign currency to buy Allied powers decide to again to PHP. attempt building a new world order Meeting at the Mount Washington EXAMPLE: Hotel in Bretton Woods, Meeting at the Mount Washington Hotel in Suppose the Federal Reserve wants to Bretton Woods stabilize the US Dollar (USD) and has Exchange of world currencies was decided to intervene by selling foreign based on the US Dollar and the dollar currency reserves. was equated to gold. 35 dollar is equivalent to ounce of Direct Sales: the Federal Reserve contacts gold. brokers or financial institutions to execute the A fixed exchange rate or pegged sale. For instance, the Fed might sell EUR currency is a currency system where a directly to major banks or through country's currency value is set at a forex trading platforms. specific rate relative to another currency or a basket of currencies. Trade Execution: the transaction involves This rate does not fluctuate with market selling EUR and receiving USD. The Fed conditions but remains stable provides the EUR to the buyer, who transfers USD to the Fed. The end of the Britton Wood System WORLD CURRENCIES 1970’s- oil embargo 1. KUWAIT o trade embargo is a government- imposed restriction on the trading Kuwaiti Dinar (KWD) of certain products, goods or services ü highest currency in terms of currency Response to United States and other value. countries for helping Israel during Yom ü country earns much of its wealth as a Kippur. leading global exporter of oil. Response of Arab-member countries who are members of the Organization of 2. BAHRAIN Petroleum Exporting Countries OPEC) 1971 US president Richard Nixon Bahraini Dinar (BHD) announced the end of exchange of US dollars to gold. ü Country earns much of its wealth from oil and gas exports. WASHINGTON CONSENSUS 3. OMAN Milton Friedman used the economic turmoil to challenges Keyne’s ideas. Omani Rial (OMR) NEOLIBRALISM- economic thinking free ü Oman is a major exporter of oil and gas. market can produce. 4. JORDAN o Minimal government spending. o Privatization of government services. Jordanian (JOD) o Reduce tariffs and open economies. ü The Jordanian dinar is pegged to the Neoliberalism became a codified dollar. strategy of the US Treasury Dept., the ü 1JOD= 0.7090 per World Bank, IMF, and the 5. GREAT BRITAIN World Trade Organization- to continue tariff reduction under GATT. British Pound (GBP) Washington Consensus usually refers to ü It is free-floating, not pegged to other the level of agreement between the currencies. International Monetary Fund (IMF), World Bank, and U.S. Department of 6. SWITZERLAND the Treasury on those policy recommendations. Swiss Franc (CHF) Fiat money is a government-issued currency ü The Swiss franc was introduced in 1850 that's not backed by a physical commodity and was later briefly pegged to the euro such as gold or silver. It's backed by the before moving to a free-float. government that issues it. 7. GERMANY A reserve currency is a large quantity of currency maintained by central banks and EURO (EUR) other major financial institutions to prepare for investments, transactions, and ü member of the European Union international debt obligations, or to ü The exchange rate for the euro is a influence their domestic exchange rate. floating or flexible rate. 8. UNITED ARAB EMIRATES The US dollar has been the world’s principal reserve currency since the Emirati Dirham (AED) end of World War II and is the most widely used currency for ü The United Arab Emirate uses a fixed international trade. exchange rate regime in which the the most redeemable currency for dirham is anchored to the US dollar. facilitating world commerce.  ü 3.6725 AED= 1usd ACTORS OF GLOBALIZATION 9. SINGAPORE Actors of globalization refer to the various entities and groups that actively participate in Singapore Dollar (SGD) and influence the process of globalization. These actors play critical roles in shaping the ü pegged to a basket of currencies known as global economic, cultural, political, and social a trade-weighted exchange rate index landscapes. (TWI). The TWI is made up of the currencies of Singapore's main trading 1. INTERNATIONAL GOVERMENTAL partners. ORGANIZATIONS 10. CHINA It refers to an entity created by treaty, involving two or more nations, CHINESE YUAN (CNY) to work in good faith, on issues of common interest ü operates under a managed floating exchange rate system. While it is not strictly founded on October 24, 1945 pegged to another currency, it is also not primarily to prevent future conflicts fully free- floating. The People's Bank of and promote peace and cooperation China (PBOC) manages the Yuan's value among nations by setting a daily reference rate and allowing the currency to fluctuate within a initially had 51 member states. limited range around this rate. o the founding members were countries that participated in 11. INDIA the San Francisco Conference, where the UN INDIAN RUPEE (INR) Charter was negotiated. ü Rupee is a freely floating currency, and its Some of the key founding members include: exchange rate is market-determined United States 12. JAPAN United Kingdom Soviet Union (now Russia) Japanese Yen (JPY) China France ü a floating rate regime was adopted for the Japanese yen. Today, UN has 193 members UN INITIAL MEMBERS ❑ Afghanistan ❑ Argentina ❑ Australia ❑ Belgium ❑ Bolivia ❑ Brazil ❑ Byelorussian SSR (now Belarus) ❑ Canada ❑ Chile ❑ China ❑ Colombia ❑ Costa Rica ❑ Cuba ❑ Czechoslovakia ❑ (now Czech Republic and Slovakia) ❑ Denmark ❑ Dominican Republic ❑ Ecuador ❑ Egypt ❑ El Salvador ❑ Ethiopia 8. Northern Cyprus - Recognized only by ❑ France Turkey, considered part of Cyprus. ❑ Greece ❑ Guatemala 9. Somaliland - Self-declared independent ❑ Honduras region, considered part of Somalia. ❑ Hungary ❑ India 10. Palestine - Observer state with limited ❑ Iran international recognition, not a full ❑ Iraq member. ❑ Ireland ❑ Italy ❑ Lebanon PURPOSE ❑ Liberia ❑ Luxembourg The primary purposes of the United Nations, as ❑ Mexico outlined in its Charter, ❑ Netherlands are: ❑ New Zealand 1. Maintaining International Peace and ❑ Nicaragua Security: Preventing and resolving ❑ Norway conflicts through diplomatic means, ❑ Panama peacekeeping missions, and enforcing ❑ Paraguay sanctions. ❑ Peru 2. Developing Friendly Relations ❑ Philippines Among Nations: Promoting respect for ❑ Poland human rights, self-determination, and ❑ Portugal cooperation between countries. ❑ Saudi Arabia ❑ South Africa 3. Promoting Social Progress and ❑ Soviet Union Better Living Standards: Addressing ❑ (now Russia and other former Soviet states) global issues like poverty, health, ❑ Syria education, and environmental ❑ Turkey protection. ❑ United Kingdom ❑ United States 4. Providing a Forum for Harmonizing Actions: Offering a platform for States Not Members of the United Nations dialogue and decision-making among member states. 1. Taiwan (Republic of China) – Claims sovereignty but is not a UN member due to RULES AND IMPLEMENTATION the One-China policy. Security Council 2. Western Sahara - Disputed territory with deployment of UN peacekeeping forces limited recognition. to conflict areas use of force by member states to maintain or restore 3. Kosovo - Recognized by many countries international peace and security. but not a UN member due to lack of universal recognition. International Court of Justice (ICJ) settles legal disputes between states 4. Vatican City (Holy See) - Observer state and gives advisory opinions on but not a full member. international legal issues. 5. South Ossetia - Recognized by a few These permanent members have the unique countries, largely considered part of power of veto, allowing any one of them to Georgia. block the adoption of any substantive Security Council resolution. 6. Abkhazia - Recognized by a few countries, largely considered part of Georgia. General Assembly passes resolutions on a wide range of 7. Transnistria - Self-declared independent issues, including human rights and region, recognized by a few countries. international law Economic and Social Council (ECOSOC) A corporation is a type of business that the law treats like a single person. This passes resolutions on a wide range of means a corporation can do things like issues, including human rights and buy a car, sign a deal with a supplier, or international law borrow money to rent office space. Human Right Council 3. MULTINATIONAL CORPORATIONS monitors and addresses human rights are corporations which have overseas violations globally, conducting branches. investigations and establishing A multinational corporation (MNC) commissions of inquiry to promote and has business operations in at least two protect human rights. countries, often with headquarters in one country and subsidiaries, Treaties and Conventions manufacturing plants, and offices in other nations (Investopedia) facilitates the negotiation and adoption One of the many changes they have of international treaties and conventions. brought to developing countries is Member states that ratify these treaties increase in automation. are legally obligated to implement them Automation refers to the technology domestically. and processes used to perform tasks or operations with minimal human Mediation and Diplomacy intervention. engages in diplomacy and mediation to OPERATION resolve conflicts. MNCs typically consist of a parent Public Opinion and Advocacy company headquartered in one country, leverages global public opinion and with subsidiaries, branches. advocacy to encourage compliance with its rules through reports, campaigns, TYPE OF MUTINATIONAL CORPORATION and partnerships with civil society. Decentralized corporation- maintains The effectiveness of UN enforcement a presence in its home country and has depends on the political will of its member autonomous offices and other facilities states, particularly the permanent members globally. Each office manages the local of the Security Council, who can veto business itself, making its own decisions. The UN often relies on member decisions. states to implement and enforce its decisions, TRANSNATIONAL CORPORATION- leading to potential inconsistencies. parent-subsidiary structure in which the parent company oversees the 2. INTERNATIONAL NON-GOVERMENTAL operations of subsidiaries in foreign ORGANIZATION countries and the home country. Centralized global corporation- A work towards solutions that can benefit central headquarters is located in the undeveloped countries that face the home country. Executive officers and backlash of economic globalization. management manage the overseas backlash of economic globalization offices and operations, as well as refers to the negative reactions or domestic operations. The subsidiaries resistance to the increased global must get approval from headquarters for integration of economies, which has significant activities. been accelerating over the last few decades Apple Inc. non-profit, voluntary citizens’ group which is organized on a local, national, Apple Inc. is an American or international level. multinational technology company that revolutionized the technology sector through its innovation of computer A corporation is a type of business software, personal computers, mobile owned by shareholders and overseen tablets, smartphones, and computer by an elected board of directors. peripherals. Microsoft Corporation and sale of products in the health care field. It operates through the following Microsoft Corporation is an American segments: Consumer, Pharmaceutical, multinational technology company that and Medical Devices. The Consumer has been a key player in the computer segment includes products used in the industry since its founding in 1975. baby care, oral care, beauty, over-the- counter pharmaceutical, women's Amazon Inc. health, and wound care markets. Amazon.com Inc (Amazon) is a provider Visa Inc. of online retail platform. The company provides apparel, auto and industrial Visa Inc. operates a retail electronic items, beauty and health products, payments network and manages global electronics, grocery, games, jewelry, financial services. The Company also kids and baby products, music, sports offers global commerce through the goods, toys, and tools. transfer of value and information among financial institutions, merchants, Alphabet Inc. consumers, businesses, and government entities. Alphabet, Inc. is a holding company, which engages in the business of UNILEVER acquisition and operation of different companies. British-Dutch multinational Unilever is one of the world’s leading consumer Saudi Aramco goods firms, selling some of the best- known food, cleaning and personal care Saudi Aramco is the world's largest oil brands. producer. Officially known as Saudi Arabian Oil Company, the company is PROCTOR AND GAMBLE primarily state-owned and is based in Dhahran, Saudi Arabia. major American manufacturer with a diverse line of branded products. Berkshire Hathaway Inc. Headquarters are in Cincinnati, Ohio. Berkshire Hathaway, Inc. provides property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing, and services. Tesla, Inc. Tesla, Inc., American manufacturer of electric automobiles, solar panels, and batteries for cars and home power storage. NVIDIA Corporation leading technology company known for pioneering the development of graphics processing units (GPUs). the company's innovations have significantly impacted various fields, including gaming, artificial intelligence, and high-performance computing. Johnson & Johnson Johnson & Johnson is a holding company, which engages in the research and development, manufacture DIGITAL CURRENCY participate in the process of securing and validating transactions on a refers to a form of currency that is blockchain network. available only in digital or electronic Consensus mechanism because form. users may double spending. only accessible with computers or mobile phones because they only exist 2. CENTRAL BANK DIGITAL CURRENCY in electronic form. do not require intermediaries and are Central bank digital currencies (CBDCs) often the cheapest method for trading are regulated digital currencies issued currencies. by the central bank of a country. electronic or digital wallets use among certain online communities, such as gaming sites, gambling portals, or social media networks. physical currencies such as banknotes and minted coins, are tangible, meaning they have definite physical attributes and characteristics. TYPES OF DIGITAL CURRENCY 1. VIRTUAL CURRENCY are unregulated digital currencies controlled by developers or a founding organization consisting of various stakeholders involved in the process. Example of virtual currency Prepaid credit refers to funds that are paid in advance and stored on a card or account Load represents a digital credit that is stored electronically and used for various mobile services, such as calls, texts, and data usage. Cryptocurrencies are digital currencies that use cryptography to secure and verify transactions in a network. network refers to a decentralized system of computers that work together to validateand record transactions cryptography to allow transactions to be anonymous, secure, and “trustless,” which means you don't need to know anything about a person to safely make transactions with them and you don't need bank, credit-card company, government, or any other third party in the middle. Crypto miners refer to individuals or entities that use computational power to GLOBAL GOVERNANCE CHALLENGES OF THE UNITED NATIONS ORIGIN Comprises a range of specialized agencies, programs and funds that work on Interdependence issues such as health, education, climate rapid technological advances change, and peace and security. Global governance can be understood as a World Health Organization is the United framework of institutions, rules, norms, and Nations agency that connects nations, procedures that facilitate collective action partners and people to promote health. and co-operation among countries and other actors. BRIEF HISTORY OF IMMUNODEFICIENCY VIRUS Status Quo (The existing state of affairs, especially regarding social and political issues) occurred in 1920 in Kinshasa, the capital and largest city in the Democratic The World Trade Organization (WTO) Republic of Congo. o Sets rules for international trade o red-capped mangabeys o greater spot-nosed monkeys The International Monetary Fund (IMF) o Simian immunodeficiency virus o Provides financial assistance to (SIV) countries facing economic crises o hunters in Africa ate infected and promotes international chimps, or the chimps’ infected monetary co-operation. blood got into the cuts or wounds of hunters. The United Nations (UN) o Comprises a range of specialized A disease outbreak is the occurrence of agencies, programs and funds disease cases more than normal that work on issues such as expectancy. health, education, climate change, and peace and security. Epidemic Event in which a disease is actively CHALLENGES OF GLOBAL GOVERNACE spreading Often used to describe problem that has 5 GAPS IN GLOBAL GOVERNANCE grown out of control Global governance gaps refer to the Pandemic areas where international institutions, Relates to geographic spread policies, or frameworks fall short in Describes disease that affects a whole addressing global challenges effectively. country or the entire world 1. Knowledge gaps refer to the lack of Stigma empirical information or theoretical explanations about the nature, causes, gravity a set of negative and unfair beliefs that and magnitude of a problem that could inform a society or group of people have about policymaking. something. 2. Normative gaps are common and result in Stereotype disputed knowledge that may stymie is a broad, often oversimplified consensus about universally acceptable norms assumption made about all members of a particular group. 3. Policies on an emerging issue can lead to inaction and pave the way for crises. 1981 In the US, reporting of unusually high rates of 4. Institutional gaps- if is not housed within an the rare forms of pneumonia and cancer in institution with the necessary resources and young gay men begins. The disease is initially autonomy called Gay-Related Immune Deficiency (GRID) because it is thought it only affects gay 5. Compliance gaps- the political will to men. implement an agreement or provide resources for established institutions may be absent