The Contemporary World - M1

Module 1

Ethnoscape

Refers to the aspect of globalization that pertains to the movement of people

Technoscape

Refers to the aspect of globalization that talks about the flow of technology and information across borders

Mediascape

Refers to the aspect of globalization that pertains to the movement of images and messages across borders

Ideoscape

Refers to the aspect of globalization that pertains to the moment of ideas and ideologies

Financescape

Refers to the aspect of globalization that pertains to the movement of money and capital

Five (5) “SCAPE” of Globalization

• Ethnoscape

• Financescape

• Ideoscape

• Mediascape

• Technoscape

Globalization

Process of modifying an introduced globalized product or service to accommodate local taste or culture practice

Globalization is a COMPLEX phenomenon

• Socially

• Culturally

• Politically

• Legally

Three (3) Major Dimensions of Globalization

• Economic Globalization

• Political Globalization

• Cultural Globalization

Language

Essential medium in communicating across different cultures

ADVANTAGES of Globalization

• Increases economic growth

• Makes production more affordable

• Promotes working together

• Brings opportunities to poorer countries

DISADVANTAGES of Globalization

• Unequal economic growth

• Lack of local businesses

• Increases potential global recessions

• Exploits cheaper labor markets

• Causes job displacement

Horizontal Integration

Happens when one firm acquires another firm operating in the same industry or the at the very least producing the same line of product

Vertical Integration

Business strategy that allows a company to control the supply chain from manufacturing to sale

Conglomeration

A large company consisting of several smaller companies or divisions that supply varied products or services

Backward Integration

Occurs when a company expands backward to take control of production further back in its supply chain

Forward Integration

A company at the beginning of the supply chain controls stages farther down the chain

Market Integration

Refers to the relationship of firms, enterprises, or companies and their products released in the global market

Types of Market Integration

• Conglomerate

• Horizontal Integration

• Vertical Integration

International Trade

Exchange of goods and services between different country

International Finance

System of monetary interaction between different country

Global Economy

Ecosystem wherein different countries interact with one another under the pretense of economic activities

Global Investment

Microeconomics

Branch of economics that deals with the behavior of the basic elements of society (individuals, household, firms etc.)

Macroeconomics

Branch of economics that studies the economy as a whole

Economies of Scale

Occurs when a company is efficient with its production output that result into reduction of businesses costs

Job Displacement

Result of redistribution of jobs by moving production from high-cost countries to lower-cost countries

Monopoly

Market structure wherein a single producer dominates a given market

Exploitation

Drawback brought by Globalization when businesses take advantages of developing countries

Containerisation

Bulk shipping of products through ocean freight transport that has helped in reducing costs

Quota

Base limit on the amount of a particular good that can be imported into a country

Tariff

Taxes that are bestowed upon imported goods that increase their base price

Embargo

Complete ban on import and export of a particular good or service

Scarcity

The demand for a good or service is greater than the availability of the good or service

Surplus

The state where there are more goods and services available in an economy than consumers purchase or use

Refers to the movement towards a Free Market

Refers to a business strategy that is not constrained by geographical boundaries