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Polycrisis

A situation where multiple problems like financial crashes, pandemics, climate change, and political conflicts occur simultaneously and exacerbate each other.

Global finance trinity

A concept that posits that free capital flow, fixed exchange rates, and independent monetary policy cannot all happen simultaneously.

Internationalization

The process by which countries become more interconnected through trade, collaboration, and mutual reliance.

Liberalization

The act of making it easier for people, money, and goods to move across borders by reducing restrictions like tariffs and trade barriers.

Recapitalization

Significant changes in the organization of societies and economies, including how people work, trade, and engage financially.

Universalization/modernization

The trend towards cultural, ideological, and lifestyle similarities across the world, often driven by global brands and technology.

Onshoring

The practice of bringing business operations back to the home country after having moved them overseas.

Outsourcing

When a company hires another company, often in a different country, to perform part of its work.

Foreign direct investment (FDI)

Investment where a company moves part of its operations to another country to reduce costs or access new markets.

Functions of money

Money serves as a medium of exchange, unit of account, and store of value.

Monetary sovereignty

The ability of a country's central bank to control its monetary policy without being undermined by the use of cryptocurrencies and digital payment systems.

Globalization (according to Scholte, 2008)

Globalization involves not just increased country interactions, but also a deeper interconnection that challenges traditional concepts of borders and nations.

Critique of Globalization (Birch, 2023)

The belief that globalization is inevitable and inherently beneficial should be challenged; its outcomes depend on context and policies.

Fraser's perspective (2014)

A new way of thinking is needed that examines the connections between labor, nature, and money, recognizes power dynamics, and supports social movements.

Changing nature of globalization (Paul TV, 2023)

Globalization is evolving beyond free trade and democracy; new forms are emerging due to political and economic changes.

Thun's view on globalization (2022)

Globalization is not ending but becoming more fragmented and regionalized, despite the continuing importance of global interdependence.

Challenges facing WTO (Hopewell, 2021)

The WTO struggles due to US-China rivalry and issues related to China's economic practices, including state-owned enterprises and intellectual property concerns.

Global production systems (Linsis, 2021)

Global production is increasingly splitting into two competing systems, one centered around the US and another around China.

Factors influencing supply chains (Thun, 2021)

To understand global supply chains, it's important to study governance and localization decisions of companies.

Impact of US financial sanctions (Mcdowell, 2021)

While sanctions may push countries to explore alternative currencies, the US dollar remains the preferred currency due to its reliability.

Consequences of economic sanctions (Gordan, 2019)

Economic sanctions significantly impact the general population of targeted countries, often more than the intended governments.

Unintended effects of economic sanctions (Bull and Rosales, 2023)

Economic sanctions may harm ordinary people rather than effect political change, as seen in the case of Venezuela.

Bitcoin and financial independence (Rosales, 2023)

Using bitcoin to promote financial independence in poorer countries often benefits corrupt governments and elites rather than the poor.

Bitcoin mining impact in Kazakhstan (Guest, 2023)

Bitcoin mining primarily benefits foreign investors and mirrors historical cases where local communities gain little from resource exploitation.