GE4 – The Contemporary World: Globalization Basics

Vocabulary flashcards covering key terms, perspectives, claims, dimensions, and debates surrounding globalization as presented in the lecture notes.

Globalization

A process of interaction and integration among people, companies, and governments worldwide, producing increasing interdependence across borders.

Globalization of Economies

Growing interdependence between national economies through cross-border trade, investment, and finance.

Globalization of Industries

The dispersion or concentration of value-adding activities around the globe as firms seek locational advantages.

Globalization of Markets

Rising homogenization of consumer tastes and product preferences in certain markets worldwide.

Globalization of Strategy

The extent to which an international business configures and coordinates its strategy on a global rather than local basis.

Economic Liberalism

A political-economic ideology that promotes individual self-interest, free markets, minimal government intervention, and unrestricted movement of goods, services, people, and capital.

Mercantilism

A perspective that stresses state efforts to accumulate wealth and power to protect society from physical threats or foreign influence.

Structuralism

An approach that examines how dominant economic structures shape different social classes and their relations.

Six Core Claims of Globalization

Widely cited assertions: (1) markets are being liberalized and integrated; (2) globalization is inevitable and irreversible; (3) no single actor controls it; (4) it benefits everyone; (5) it spreads democracy; (6) it necessitates a global war on terror.

Claim 1 – Liberalization & Integration

Globalization centers on opening and merging markets across countries.

Claim 2 – Inevitable & Irreversible

Globalization is portrayed as a historical force that cannot be stopped or rolled back.

Claim 3 – Nobody in Charge

No single state, corporation, or institution fully directs the globalization process.

Claim 4 – Benefits Everyone

Globalization is said to raise living standards and opportunities for all participants.

Claim 5 – Spreads Democracy

Increased global interconnectedness is thought to foster democratic norms worldwide.

Claim 6 – Requires Global War on Terror

Proponents argue that defending globalization means combating terrorism everywhere.

Financial Globalization

Rising global linkages created through cross-border financial flows such as investment, loans, and securities.

Economic Globalization (Process)

Spread of economic activities, opportunities, and challenges among countries around the world.

Technological Globalization

Acceleration of worldwide connections through the diffusion of technologies across borders.

Political Globalization

Expansion of political cooperation and governance among states and international institutions.

Cultural Globalization

Standardization of cultural expressions worldwide as commodities and ideas diffuse globally.

Sociological Globalization

Study of global structures, institutions, relationships, and ideologies shaping a globalized society.

Ecological Globalization

Examination of how global alliances and activities impact environmental issues and ecosystems.

Geographical Globalization

Expansion and intensification of social relations and consciousness across world-time and world-space.

Blessings of Globalization

Benefits such as wider product choices at lower prices, wealth creation, low-cost production for firms, and job/wage growth in developing countries.

Curse of Globalization

Downsides including deeper poverty in some nations, child labor, job losses for unskilled workers in rich countries, cultural dilution, corporate dominance over weak states, and environmental damage.