GEC103 The Contemporary World - Globalization Concepts

These flashcards cover key concepts and definitions related to globalization and its various dimensions as discussed in the lecture notes.

What is globalization often referred to as by scholars who argue it lacks an analytical framework?

Globaloney

What perspective highlights the economic dimension of globalization as the growth of interdependence due to transactional processes?

Globalization as Economic Process

What term describes globalization as a complex process including cultural, political, and geological dimensions?

Globalization as Multifaceted Process

Who are the scholars that completely reject the notion of globalization as new and phenomenal?

Rejectionists

What term describes scholars who acknowledge changes brought by globalization but remain skeptical about its transformative power?

Skeptics

What do modifiers believe about globalization?

They accept that globalization has brought changes but argue it is not an unstoppable or uniform process.

What is the state or condition where the world is fully interconnected called?

Globality

What ideology supports and promotes globalization, believing it to be universally beneficial?

Globalism

What phrase refers to currency flows that occur globally, affecting financial markets, according to Zygmunt Bauman?

Liquid phenomena

According to Bauman, what does globalization do to solid structures like borders and nations?

Makes them more porous and liquid.

What trend illustrates the shift from heavy, physical goods to lighter, easily movable digital content?

Weightlessness

What does Karin Knorr Cetina mean by 'global microstructures'?

Networks of global connections that are light and flexible.

What is the term for the historical process that employs methods to gain power over areas for control?

Imperialism

How does David Harvey define the contemporary form of imperialism?

Capitalist imperialism, a fusion of economics and politics.

What is the critique of the development project related to globalization?

It primarily benefits the North while exacerbating dependencies in the South.

What is neo-liberalism?

An economic idea advocating for free markets and minimal government intervention.

What do critics argue about the impact of neo-liberalism on inequality?

It tends to increase inequality and harm those in need of social support.

What concept describes the global spread of American products and culture?

Americanization.

What term refers to the technological gap between the global North and South hindering connectivity?

Digital Divide.

What worst-case scenario is highlighted with neo-liberal policies during the 2008 financial crisis?

The lack of financial regulation led to a major economic collapse.

Which global class operates across national boundaries and controls significant portions of the global economy?

Transnational capitalist class (TCC).

How do Hardt and Negri characterize the decentralized form of global power?

Empire.