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Market Globalism

Idea that free markets internationally is inevitable and irreversible, that it benefits everyone, and that it furthers the spread of democracy. More open economy = more interconnected world.

Neoliberalism

Market twist on liberalism. Political philosophy about free markets, let businesses compete without government intervention which will benefit everyone.

Liberalism

Political philosophy about individual rights, freedom of speech, freedom of religion, democracy. Classical capitalism (free market, private property, limited government).

Justice Globalism

Intentional action from people can solve problems and market-driven globalization produces profit at the expense of people, increases disparities in wealth and wellbeing.

Religious Globalism

Global religious force/community trying to shape society, faith-based authority over regular government, resists westernization, resists consumerism, and may be violent.

Reactionary Globalism

Resist globalism because they want to keep traditional social structures intact. Globalism = threat to national identity.

Micklethwait and Wooldridge on Globalism

Yay! Improves economic, intellectual and political life. Hope for individual liberty.

Marxism

Economic and political theories of Karl Marx that suffering is driven by class divisions. Capitalism creates an unequal system.

Socialism

Economic system built on the ideas of Karl Marx in which government owns and operates major businesses, emphasizes public services and equity.

Robert Owen

Welsh social reformer who fought for worker rights, education, and individual dignity. Founded New Harmony in the US. Socialism.

Friedrich Engels

Socialist who wrote the Communist Manifesto with Karl Marx in 1848. Socialism.

End of History

Idea in Francis Fukuyama’s book that the spread of liberal democracy had brought peace among nations and now free market capitalism prevails.

Clash of Civilizations (Huntington)

After the Cold War, differences between cultures would divide the world, especially Western Europe and the U.S. vs Islam and China.

Sen on Globalism

Yay! Don’t reject globalization. Bring attention to problems and new solutions for inequality of the Global South. Defend globalization with better institutions.

Rivoli on Globalism

Yay! Global companies and those that protest them are co-conspirators. “In the unintentional conspiracy between the two sides there is promise.”

Robinson on Globalism

Nay! Systemic structural violence against poor/global south, women, and racially/ethnically oppressed people. Rich get richer at the expense of the rest.

Barber on Globalism

Nay! Against neoliberalism and market globalism. Global markets don’t consider everyday people and lead to local people losing connection and fracturing societies (bad for democracy). Need regional democratic structures for globalism.

Populism

Political approach of pitting the normal people against the elites. Us vs them.

Left-Wing Populism

Reducing economic inequality. Regular people need more support. Everyday people vs elites.

Right-Wing Populism

Protect national identity. Resist changes in culture (immigration, globalization). Everyday people vs outsiders.

Illiberal Populism

Reject democratic systems of checks and balances. Will of the majority but weaken the rest of the system. Everyday people for themselves, direct control.

Neoliberalism

More open economy = more interconnected world. Market driven. Current. Market globalism.

Media Logic

Large media spins the narrative to fit an opinion or sell to a consumer.

Infotainment

Headlining the biggest stories that cause the most emotions in media. Example: disasters headline more than smaller stories.

The Triad

World Bank, IMF, World Trade Organization.

State

Political entity with identifiable components.

Treaty of Westphalia

Ended a big European war and started the idea that countries are in charge of their own land and borders.

Value in Use (Smith)

Water, soap, food.

Value in Exchange (Smith)

Gold, diamonds, art.

Main Idea of The Theory of Moral Sentiments (Smith)

Morality and trust are essential in trade, and the government must protect people and provide public goods so markets can work fairly.

Paradox of Thrift

Saving is good for one person, but if everyone saves too much at once it can make the economy worse.

Keynesianism

Government intervention is necessary for the best functioning economy. Government has always played a role in the economy, self-regulating economies are a myth.

Market Society (Polanyi)

A society where markets and buying/selling shape daily life and decisions.

Polanyi

Argued that markets are created by society, not natural, and leaving them completely free can harm people and communities.

Embedded Markets

Society is shaped by the economy because markets have become so big and important.

“Laissez-faire was planned” (Polanyi)

The idea that free markets actually had to be created and supported by government policies.

Fictitious Commodities (Polanyi)

Treating land, people, and money as normal market goods can harm society and the environment.

Double Movement (Polanyi)

As markets expand freely, society pushes back with protections such as laws, regulations, and social safety nets to limit harm.

Truman’s Point Four

U.S. plan to give economic aid to poor countries to help them develop and modernize, improve living standards, and prevent the spread of communism