Contemporary World

David Harvey (1989)

time-space compression where technological speed reduces the important of physical distance

Anthony Giddens (1990)

intensification of worldwide social relations, where events in one place shade events in another

Ronald Robertson (1992)

growing awareness of the world as a whole compression of the world

Manfred Steger (2005)

process of interaction and integration driven by trade, investment and information technology

shrinking of the world

it refers to how advances in technology, transportation, and communication

Global connectivity

increasing interdependent of the countries and people through communication and trade

economic integration

exchange of goods, services and capital across borders

cultural exchange

spread and mixing of ideas, values, food, music and lifestyle

political cooperation

countries working together to address global issues

technological spread

rapid sharing of innovation worldwide

labor mobility

movement of people across borders for work

environmental impact

global activities affecting the planet

global economy

refers to worldwide economic system of trade, investment, and finance that connects into single interdependent economic network

global economy

it also involves the globalization of production, markets, technology, corporations and labors; has expanded rapidly due to advances in communication and digital technology

finance

refers to the global system of financial markets and institutions

investment

involves of capital across national borders to generate profit or expand production

trade

it is the exchange of goods and services between countries through imports and exports

Finance, Investment, and Trade

What are the three components of global economy?

World trade organization (WTO)

promotes fair trade and reduces trade barriers

international monetary fund (IMF)

they provide financial assistance and policy advice during economic crises

world bank

funs development projects aimed at poverty reduction

global interstate system

it refers to the political structure composed of sovereign stated that interact through diplomacy alliances, conflict, and cooperation

states

Who remain the primary political actor?

sovereignty

each state has authority over its territory

diplomacy

negotiation and dialogue between states

power inequality

some states have more influence than others

conflict and cooperation

states compete but also collaborate

global governance

refers to the collective efforts of states, international, organizations, NGOs, and other actors to manage global issues.

World health organization (WHO) and United Nations (UN)

Major actors in Global Governance; They are the International Organizations

WTO, IMF, and World Bank

Major actors in Global Governance; Economic Institutions

Red cross, Amnesty International

Major actors in Global Governance; Non-Governmental Organizations