TCW Chapter Quiz on Globalization PDF

TCW CHAPTER QUIZ INTRODUCTION OF GLOBALIZATION Six core claims of Globalization Dimensions of Globalization 1. Globalization is about the liberalization 1. Globalizati...

TCW CHAPTER QUIZ INTRODUCTION OF GLOBALIZATION Six core claims of Globalization Dimensions of Globalization 1. Globalization is about the liberalization 1. Globalization as a Economic Process and global integration of Markets 2. Globalization as Political Process 2. Globalization is inevitable and 3. Globalization as a Cultural Process irreversible Economic Process- phenomenon involves the 3. Nobody is in charge of globalization increasing linkage of national economies. 4. Globalization benefits everyone (in the Political Process- Subset of issues pertaining to long run) the principle of state sovereignty, the growing impact of intergovernmental organizations, and 5. Globalization furthers the spread of the prospects for global governance. democracy in the world Cultural Process- Growing network of complex 6. Globalization requires a global war on cultural interconnections and terror interdependencies that modern social life. Globalization as Globaloney Definitions of Globalization is used to criticize the concept of globalization. Based on Economics Expert It suggests that claims about globalization are fast speed of trade often inaccurate, exaggerated, or misleading. global economic organizations multinational and transnational corporations Three categories for the arguments of trade blocs Globaloney free trade privatization 1. Rejectionist less tariffs refers to individuals who dispute the usefulness of globalization as a precise analytical concept. Based on Political Expert They argue that the term "globalization" is too Globalization is a challenge to the vague and can be used to refer to a wide range nation-state of phenomena, making it difficult to conduct Strength of regional blocs meaningful analysis. Emergence of global political norms Multilateral and bilateral relations among nation-states 2. Sceptics Emergence of corporations International laws Emphasizes limited nature of current World governance globalizing processes. The world economy is not global but one Based on Culture Expert centered on Europe, eastern Asia, and North America. Establishment “global village” “Shrinking world” Majority of economic activity around the Cultural imperialism world still remains primarily on financial flows Borderless world Adoption of other cultures 3. Modifiers Attributes of Globalization Disputes the novelty of the process and proofs A. Various forms of connectivity B. Expansion & stretching of social Acknowledges the existence of moderate relations globalizing tendencies. C. Intensification & acceleration of social Implying that globalization has often been exchanges and activities applied in a historically imprecise manner. D. Occurs objectively Definitions of Globalizations Transnational corporations have become some of the largest economic entities in the world, Immanuel Wallerstein surpassing many states. Triumph of a capitalist world economy tied by a global division of labor Foreign Direct Investment An investment to a business in a given nation David Harvey state in the form of controlling its ownership. The compression of time and space World Trade Organization Martin Albrow The intergovernmental organization sets and Processes by which the peoples of the world are enforces the rules of international trade incorporated into a single world society between the nations and states. Anthony Giddens World Bank Intensification of worldwide social relations that Its function is to eradicate poverty by loaning link distant localities. poor countries money for economic development, but these loans often come with Arjun Appadurai demands of economic liberalization. Global cultural process and a product of the infinitely varied mutual contest of sameness International Monetary Fund and difference Intergovernmental organization that envisions as a lender of last resort for countries Peter Dicken experiencing economic crises. Form of internalization that implies integration between internationally dispersed economic Global Taxes activities. To implement global taxes the need for democratic oversight and control, the policy shaping effects, and distributive effects. STRUCTURES OF GLOBALIZATION Actors of Economic Globalization Definition of the Economic Globalization International Chamber of Commerce Economic globalization as a dimension that Historically functioned as the most derives partly from its historical development. comprehensive business forum committed to Evolution of international markets and liberalization. Refers to itself as the World corporations led to an intensified form of global business association interdependence. Bilderberg Group The indicators and manifestations of Economic The group provided a context for more globalization comprehensive international capitalist General analysis on globalization of the coordination and Planning.Assembled in the economy spirit of corporate liberalism, representatives of Represents the manifestation of international Right and Left, capital and organized labor. trade, financial transfers, and foreign direct investment, the increasing internationally Trilateral Commission interconnected economy. Forum to foster effective collaborative leadership in the international system and International Trade and Development closer cooperation among the core capitalist Trade agreements like FTAA, NAFTA, CAFTA regions of Northern Europe, North America and facilitate international trade, thereby strongly Japan – the triad impacting people at all levels of the economy. World Economic Forum Multilateral agreement on investment and Convened Europe’s CEOs to an informal related initiatives gather in Switzerland to discuss European MAI is an agreement or treaty given with the strategy in an international marketplace. terms and conditions discussed and undertaken by three or more sovereign parties namely the World Business Council for Sustainable participating nations or private entities Development (1995) Formed in a merger of the Geneva-based Transnational Corporations Business Council for Sustainable Development and the Paris-based World Industry Council for the realization of common interests among the the Environment (ICC branch). latter. Neo-Marxism Role of international financial institutions Wallerstein’s perspective supports the idea 1. Macroeconomic and microeconomic that capitalism is more negative than positive in policy nature for those under its constraints. The goal of policies is to restore market His ideas on the treatment of core to the confidence. peripheral are not too unlike the bourgeoisie and proletariat in Marx’s theories. 2. Financial restructuring The challenges of restructuring the banking World System Theory system are While many people continue to believe that (1) there is less technical, legal, and there exists a third world economy, this argues institutional capacity for task that there is instead only one world economy, (2) the fraction of the banking system. There comprised of core, semiperiphery and periphery are fewer healthy banks to take over the weak economies. banks. (3) The banking systems may be more The Multiple Crises of Global Capitalism complex, with a mixture of state and private 1. The crisis of Over Production banks. The overcapacity that could portend more than an ordinary recession. Tied to an 3. Corporate governance increasingly integrated global production Governments should correct the tax, system and market and the manufacturing regulatory, and banking practices that sector of the world’s economy. encouraged the high debt-equity ratios. 2. A crisis of Legitimacy 4. Preventing Crises by Controlling Capital This refers to the increasing inability of the Flows neoliberal ideology underpinning today’s global Creating a robust policy regime that minimizes capitalism to persuade people of its necessity the long-term consequences of the inevitable and viability as a system of production, fluctuations in economic activity, including exchange and distribution. preventing crises and setting up mechanisms for orderly workouts when they do occur. 3. The crisis of liberal Democracy In both the North and South liberal 5. The importance and limitations of democracy has served as the political cocoon information for the stable reproduction of capitalism, so the In a world where private-to-private capital importance of its legitimacy and stability cannot flows are increasingly important, institutions be understated. need to recognize that monitoring and surveillance are going to be especially 4. Overextension (Imperial overstretch) challenging. The recent expansion of US military influence into Afghanistan, Philippines, Central and south 6. The Role of the World Bank Asia may communicate strength, yet, despite all It focuses on project lending and structural this movement, the US has not been able to reforms that enhance long-run development consolidate victory anywhere and poverty alleviation. 5. The Rise of the Anti-corporate Three periods of Global Corporation Globalization Movement 1. Trade and exchanges (17th Century) These crises are unfolding even as the East India Company (English East India movement against corporate globalization, neo- Company - 1600–1708) liberalists, free trades and other policies. 2. Colonialism and Imperialism (19th 6. The world social forum and the Century) construction of a Global community. The economic & political media used for first The inability of a system to deliver its time “Imperialism” terminology for period of promises – is its revelation of opposing interests U.S. and Spanish war (1898). between the elites and the vast majority, and  3. American, Japanese and European International Court of Justice Corporations Secretariat The international company’s birth from 1900 Trusteeship Council especially after Security and Exchange organization (SEC) was founded in 1933 and law General Assembly of establishment investing companies in 1940 in Main deliberative body, policymaking and United States. representative organ of 193 member states. Each year, in September, the full UN Types of Corporations membership meets in the General Assembly 1. International companies Hall in New York for the annual General Importers and exporters but no investment Assembly session, and general debate, which outside home country many heads of state attend and address 2. Global Companies Security Council Invested in and present in many companies. responsible for the maintenance of peace and Market products and Services to each individual security. local market. takes the lead in determining the existence of a threat to the peace or act of aggression. 3. Multinational Companies It calls upon the parties to a dispute to settle They have investment in other countries, but it by peaceful means and recommends methods do not have coordinated product offerings in of adjustment or terms of settlement. each country. They are more focused on adapting their products and services to each Economic and Social Council individual local market principal body for coordination, policy review, policy dialogue, and recommendations on 4. Transnational Companies economic, social and environmental issues. They are more complex organizations which have invested in foreign operations, have a International Court of Justice central corporate facility but give decision UN’s principal judicial organ. making, research and development, and The Court’s role is to settle, in accordance marketing powers to each individual market. with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized Internationalism and Globalism United Nations organs and specialized agencies. 1. Internationalism The Intensification of relations among Secretariat nationstates. It is the theory and practice of The Secretariat comprises the Secretary General transnational cooperation. and tens of thousands of international UN staff members who carry out the day-to-day work of 2. Globalism the UN as mandated by the General Assembly An attitude that seeks to understand all the and the Organization's other principal organs. interconnections of modern world and to highlight the patterns that underlie them. It Trusteeship Council pursues to describe and explain more than a - provides international supervision for 11 Trust world that is characterized by network of Territories and ensure that adequate steps are connections. taken for self-government and independence. It suspended its operation on November 1, 1994. Global governance is a process of managing international relations B. Role of the UN and cooperation. It involves institutions, ACTOR policies, and initiatives that aim to create Confronts the 21st century challenges stability and order in the face of global challenges. To be effective, global governance VENUE requires cooperation among nations. A space for members to manifest their opinions and perspectives UN Organs General Assembly Functions of the UN Security Council 1. To maintain international peace and security. Economic and Social Council 2. To protect human rights. 3. To deliver humanitarian aid. 4. To promote sustainable development 5. To uphold international law. Challenges of global governance in the 21st century 1. Veto power of the five permanent members of the Security Council. 2. Police power to regulate actions of the member states and enforce orders and decisions.