AY23-24_TCW_PRELIMINARY-EXAM-REVIEWER

Globalization

The intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa.

Compression of the world

The concept of globalization referring to the shrinking of distances and the intensification of consciousness of the world as a whole.

Deterritorialization

The process in which life experiences and social relations become disconnected from specific geographic locations.

Economic expansionism

The driving force behind globalization, characterized by the expansion of economic activities across borders.

Technological advance

A factor that has shaped globalization at different times, referring to the development and advancement of technologies that facilitate global interactions.

Political ambition

Another factor that has influenced globalization, referring to the aspirations and actions of governments and political entities to expand their influence and power globally.

International trade and investment

The driving forces behind the process of interaction and integration among the people, companies, and governments of different nations.

Incursion of the global on the local

The impact of globalization on local communities and societies, where global influences and dynamics penetrate and shape local contexts.

Social relations and consciousness

The expansion and intensification of connections and awareness across the world, both in terms of time and space.1. Expansion:The creation of new social networks and the multiplication of existing connections that cut across traditional boundaries.

Intensification

The expansion, stretching, and acceleration of social networks.

Globalism

An ideology that believes in the global order.

Globality

A social condition characterized by tight economic, political, cultural, and environmental interconnections and flows, making borders and boundaries irrelevant.

Globalization

A set of social processes that transform the weakening of nationality into a global condition, redefining sociopolitical processes and the study of these mechanisms.

Global Imaginary

The growing consciousness of belonging to a global community.

Globalization as a Process

Multidimensional social processes that generate worldwide interdependencies and exchanges, fostering a growing awareness of connections between the local and the distant.

Globalization as a Condition

The state of globality and the establishment of social links between people located in different places, rendering borders and barriers irrelevant.

Globalization as an Ideology

Ideas and beliefs about the global order that exist in people's consciousness.

World Systems Paradigm

A theoretical paradigm associated with globalization that views it as synonymous with the birth and spread of capitalism.

Core

Powerful and developed centers in the capitalist world system.

Periphery

Regions forcibly subordinated to the core through colonization.

Semi-periphery

States and regions that were in the core and are moving down or those in the periphery and are moving up.

Global Capitalism Paradigm

A theoretical paradigm that sees globalization as a novel stage in the evolving system of world capitalism.

Transnational Practices

Practices at the core of the global system, involving transnational capitalist class and transnational production.

TCW (The Contemporary World)

One of the planks of the theory of global capitalism, involving transnational production.1. Transnational capitalists:Individuals or companies that operate across national borders and have significant economic power.

Transnational state

A concept that refers to the idea that the power and influence of the state extends beyond its national borders.

Network Society

A term coined by Manuel Castells to describe a society that is shaped by advances in technology and characterized by global networks of production, culture, and power.

New economy

An economy that is characterized by being informational and knowledge-based, organized on a global scale, and reliant on global networks for productivity.

Time-space distanciation

A concept introduced by Anthony Giddens that refers to the intensification of worldwide relations, where local events are shaped by events occurring far away and vice versa.

Time-space compression

A concept introduced by David Harvey that refers to the shrinking of time and space due to the dynamics of capitalist development.

The Global City

A concept introduced by Saskia Sassen that refers to cities like London, New York, and Tokyo, which serve as hubs for specialized services for transnationally mobile capital.

Glocalization

A concept introduced by Robert Robertson that refers to the spread of ideas about home, locality, and community around the world.

Transnationalism

An umbrella concept that encompasses various transformative processes, practices, and developments that occur simultaneously at local and global levels.

Global culture

The rapid growth of mass media and global cultural flows and images in recent decades, leading to the homogenization of culture, politics, economy, and laws.

Misconceptions about globalization

Various misconceptions about globalization, including the confusion between globalization and internationalization, liberalization, universalization, and Westernization.1. Westernization:The process of adopting or imitating Western culture, values, and practices.

Globalization

The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas.

Multiple globalizations

The idea that globalization is not a singular process, but rather occurs in different forms and dimensions, such as ethnoscapes, mediascapes, technoscapes, financescapes, and ideoscapes.

Ethnoscapes

The global movement of people and the mixing of different cultures and identities.

Mediascapes

The flow of culture and information through various media channels, such as television, film, and the internet.

Technoscapes

The circulation of mechanical goods and software across borders, facilitated by advancements in technology.

Financescapes

The global circulation of money and financial transactions, including investments, banking, and currency exchange.

Galleon trade

A trade route between Manila (Philippines) and Acapulco (Mexico) during the 16th and 17th centuries, which connected Asia and the Americas.

New World

Refers to the Americas, which were newly discovered by Europeans during the Age of Exploration.

Capitalist economic system

An economic system based on private ownership of resources and the pursuit of profit through market competition.

Slavery

The system of forced labor, particularly of African people, for the benefit of European colonial powers.

Christianity

The religion based on the life and teachings of Jesus Christ, which was spread by European colonizers to the indigenous peoples of the New World.

International economy

The global system of trade, finance, and economic interactions between countries.

Colonial masters

Refers to the European powers that established and controlled colonies in various parts of the world.

Raw materials

Natural resources that are used in the production of goods and commodities.1. Age of Mercantilism:A period in history (16th to 18th century) where countries primarily in Europe competed with each other to sell more goods and accumulate bullion through restrictions on trade and subsidies on exports.

Mercantilism

A system of economic policy that advocates for a nation to export more than it imports and accumulate bullion, often through imposing high tariffs and restricting trade routes.

Four Waves of Globalization

Four distinct periods in history characterized by changes in global trade, capital flows, and migration.

First Wave (1870-1914)

A period of increased international integration and economic growth, marked by reduced protectionist tariffs, improved transportation and communication technologies, and mechanization leading to increased agricultural and industrial productivity.

Second Wave (1914-1945)

A period of globalization retreat due to the impact of World Wars and the Great Depression, characterized by plummeting trade and migration, strict controls on capital flows, and high tariff barriers.

Third Wave (1945-1980)

A period of renewed globalization as trade and investment flows resumed, transportation costs continued to fall, and barriers to the trade of manufactured goods were dismantled.

Capital flows

The movement of money and investments between countries.

Protectionism

The policy of imposing restrictions on imports to protect domestic industries from foreign competition.

Globalization

The process of increasing interconnectedness and integration of economies, cultures, and societies worldwide.

Telecommunication technologies

Technologies such as the telegraph and telephone that improved communication over long distances.

Mechanization

The introduction of machinery and automation to increase productivity in agriculture and industry.

Integration

The process of becoming more interconnected and interdependent.

Commodity suppliers

Countries that primarily export raw materials and commodities.

Liberalized international economy

An international economic system characterized by reduced trade barriers and increased economic freedom.

Migration

The movement of people from one country or region to another.

Capital

Money or assets used for investment or production.1. GATT:The General Agreement on Tariffs and Trade, an international trade agreement that aimed to reduce trade barriers between member countries.

Primary goods exporter

A country that primarily exports raw materials or agricultural products.

International capital flows

The movement of money between countries for investment purposes.

Integration of markets

The process of connecting and harmonizing different markets to facilitate trade and economic cooperation.

Technological advancement

Progress in technology that leads to lower costs and increased speed of international communication and transportation.

Liberalization of trade

The removal or reduction of trade barriers, such as tariffs and quotas, to promote free trade.

Brazil, China, and India

Developing countries that have experienced significant economic growth and liberalization of trade and capital markets.

International economic interactions

The exchange of goods, services, and capital between countries on a global scale.

World exports

The total value of goods and services exported by all countries in the world.

Entrepreneurial initiative

The willingness and ability of individuals to take risks and start new businesses.

Consolidation of global production and distribution

The concentration of production and distribution activities in the hands of a few multinational corporations.

Deregulation and liberalization

The removal or reduction of government regulations and restrictions on economic activities.

The Gold Standard

A fixed exchange rate system where currencies were pegged to the value of gold.

Reserve asset

An asset held by a central bank or government to support the value of its currency.

Great Depression

A severe worldwide economic downturn that lasted from 1929 to the late 1930s.

Demand and consumption

The desire and ability of consumers to purchase goods and services.1. Gold standard:A monetary system where the value of a country's currency is directly linked to a specific amount of gold.

Fiat currencies

Currencies that are not backed by precious metals and whose value is determined by their cost relative to other currencies.

Bretton Woods Conference

A conference held in 1944 to establish a global economic system and create financial institutions to promote economic interdependence and prosperity.

John Maynard Keynes

A British economist whose ideas influenced the Bretton Woods system, advocating for government intervention in managing spending to stimulate economic growth.

International Bank for Reconstruction and Development (IBRD)

A financial institution established at Bretton Woods, responsible for funding postwar reconstruction projects.

International Monetary Fund (IMF)

A global lender of last resort, created at Bretton Woods to prevent individual countries from spiraling into credit crises.

General Agreement on Tariffs and Trade (GATT)

An agreement established in 1947 to reduce tariffs and other hindrances to free trade.

World Trade Organization (WTO)

An organization established in 1995 to further global economic integration, covering trade in goods, services, and intellectual property.

Global Keynesianism

A system of economic management based on the ideas of John Maynard Keynes, where governments actively manage spending to stimulate economic growth.

OPEC

Organization of Petroleum Exporting Countries, a group of oil-producing nations that imposed an oil embargo in response to political events, leading to a sharp rise in oil prices.1. Yom Kippur War:A war fought between Israel and a coalition of Arab states in 1973.

Embargo

A ban or restriction on trade or commerce.

Stagflation

A combination of stagnant economic growth and high inflation.

Keynesian orthodoxy

The economic theory that advocates for government intervention in the economy to stimulate demand.

Friedrich Hayek

An economist who argued against government intervention in the economy and advocated for free-market principles.

Neoliberalism

An economic philosophy that supports free-market principles and the removal of restrictions on business and trade.

Washington Consensus

A set of economic policy prescriptions promoted by institutions such as the IMF, World Bank, and US Treasury Department for developing countries.

Fiscal discipline

Keeping government budgets small and limiting the operating deficit to no more than 2% of GDP.

Deregulation

The abolition of regulations that impede the entry of new firms or hinder market competition.1. Restrict competition:The act of limiting or controlling competition in a market.

Regulations

Rules or laws set by a governing body to control certain activities or industries.

Safety

Measures taken to protect individuals or the public from harm or danger.

Environmental protection

Actions taken to preserve and protect the natural environment.

Prudential supervision

Oversight and regulation of financial institutions to ensure their stability and soundness.

Foreign direct investment

Investment made by a foreign entity into a country's businesses or assets.