GE03 - The Contemporary World

Structures of Globalization

Economy

The needs and wants of the people, where consumption requires creation.

Government Role

When excess production occurs, the government may trade/export to sustain economic growth.

Trading Considerations

Standards for trade, target countries for selling, and maintaining good international relationships.

Economic-Political Relationship

Economic systems depend on the functioning of political laws.

Globalization

A complex, uneven phenomenon affecting individuals differently, with both positive and negative impacts.

Winners and Losers

Globalization creates disparities, often leaving the lower class in poor living conditions.

Import

A situation where a country faces a severe deficiency in meeting certain demands.

Globalization Effects

Global events, like wars, can influence local economies and demand for resources.

Globalization Definition

The integration of national markets into global markets through increased free trade.

Interdisciplinary

The multiple theories and perspectives used to understand globalization.

Disciplines Explaining Globalization

Economics, Culture, Environment, Politics, Ideology, Technology.

Economics

The study of production, resources, and consumption of goods and services.

Politics

Governance is necessary for facilitating trade.

Culture

Understanding cultural similarities is essential for international relations.

Ideology

Concepts of right and wrong that influence global interactions.

Environment

The impact of resource development on environmental degradation.

Technology

Communication advancements significantly contribute to globalization.

Engines of Globalization

Technological, economic, and political factors driving global integration.

Capitalism

A trade system controlled by private owners for profit.

IMF

International Monetary Fund, supporting countries with economic policies for stability and cooperation.

World Bank

Provides loans for rebuilding and construction to countries in need.

Globalization by Steger

The expansion of social relations across time and space, creating networks beyond traditional boundaries.

Expansion Examples

The automobile industry supply chain involving multiple Southeast Asian countries.