GLOBALIZATION

Refer to the process of increasing interconnectedness and interdependence

Globalization

Globalization increases interconnectedness and interdependence among the countries through:

Trade, technology, culture, and communication

• connects economies and cultures

• Affects daily life through technology, trade, and social interactions

Importance of globalization

Trade routes like the silk road, age of exploration

Early globalization

Factories, global markets, and colonial trade

Industrial revolution

Digital era, multinational companies, free trade

Modern globalization

• economic growth and job creation

• Access to new technology and knowledge

• Cultural exchange and diversity

• Improved international relations

Advantages

• loss of local industries and traditions

• Economic inequality (rich vs poor nations)

• Environmental damage from industrializations

• Political & economic dependence on global markets

Disadvantage

A particular way of thinking, typically one disputed by the speaker, certain set of opinions about the concept of globalization

Schools of thought

Believes in the idea that the contemporary world we live in is a truly globalized world

Hyperglobalists

Believes that the activities from all across the globe is linked to globalization

Hyperglobalist

Believes that eventually we will have no political borders and the idea of a nation-state will be diminished

Hyperglobalist

2 concepts under hyperglobalist:

• migration and cross-border movement

• Growth of digital economy

Views globalization as a new process but an ongoing form of internationalization or oppression

Sceptical

Believe that globalization is something imposed on them in aspects like culture, way of thinking, and political class

Sceptical

2 concepts under sceptical:

Colonialism and slavery

Looks at globalization as multidimensional

Transformationalist

• have positive and negative effects on our world

• Believes in a two-way exchange in globalization, especially in the economic, cultural and political aspects

Transformationalist

Approach to world history and social change that suggests there is a world economic system in which some countries benefit (Core) and others are exploited (periphery)

World-systems approach

3 distinctions according to the world systems approach:

• core

• Semiperipheral

• Peripheral

• They are the dominant political countries

• Exploit peripheral countries for labor and raw materials

• Ex: UK, USA, Japan

Core countries

• countries are dependent upon core countries for capital

• Export raw materials to core

• Low skill, labor intensive production

Peripheral countries

• countries that share the characteristics of both

• Median standards of living

• Have diverse economic activities but significant gaps between rich and poor

Semi-peripheral countries

Transmission of ideas, meanings, and values around the word

Cultural globalization

Spread of mass media

Global village

Shared meanings are similar and little variation exists

Homogeneity

Many sets of shared meanings; numerous population groups have specific and distinct values

Heterogeneity

• global village

• The rise of a homogenizing mass media culture

• Cultural homogeneity and heterogeneity

Global culture approach

• a unified social community that encompasses the entire world

• Increases interdependence among nations and cultures

Global society approach

• global pandemic

• Global climate change

• Global economy

Global society approach

• dominated by globalizing corporations and those who own and control them

Global capitalism

• group of dominant capitalists comprising those who own and/or control major corporations

Transnational capitalist class (TCC)

7 types of globalization

1. Social

2. Economic

3. Technological

4. Financial

5. Political

6. Cultural

7. Ecological

Increasing interconnectedness of societies through exchange of ideas, information, and lifestyles

Social G.

Growing interdependence of economies worldwide through the expansion of trade, investment

Economic

Rapid spread and integration of technology, innovation and communication

Technological

Integration of financial markets across countries

Financial

Increasing influence of international organizations

Political

Spread and blending of cultural elements such as language, music, fashion, etc.

Cultural

Recognition and management of global environmental challenges

Ecological

Claims of globalization

• involves liberalizing and integrating markets

• Inevitable and irreversible

• No single entity controls it

• Benefits everyone in the long run

• Spreads democracy