Social Science ( Structure of Globalization)

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Accounting

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24 Terms

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Economic Globalization

growing scale of cross- boarder trade in commodities/ services.

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Global Economic Integration

Separate production operations are functionally related to each other

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Modern world system

Immanuel Wallerstein (1974) expounded on how the core came to dominate the periphery areas particularly in the Economic world system as a basis of his analysis

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Globalism

Free flow of people, goods and informational national borders

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Internationalism

Promotes political, economic, and cultural cooperation

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Interstate System

Farmer displacement and impacting agricultural output, as multinational firms seek lower income wages and tax rates

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Global Interstate System

Institutional arrangement that solves regional or globalized issues and include more than just the state of a country

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Market Integration

When different markers become more connected, allowing goods, services, and resources to move more freely with fewer trade barriers

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2 Kinds or Market Integration

Horizontal

Vertical

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Horizontal market integration

When a firm gains control of other firms

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Vertical market integration

When one company owns the operations and products from one stage to another

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2 Kinds of Corporation

Transnational Corporation (TNCs)

Multinational Corporation ( MNCs)

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Transnational Corporation (TNCs)

When each foreign subsidiary is given some freedom to develop its own product

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International Financial Institution ( IFIs)

Support through loans or grants

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Role of international financial institution ( IFIs)

Providing Financial stability, supporting economic development, and fostering international cooperation

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Contemporary Global Governace

Coordinates global activities through international institutions and agreements

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Positive effects of globalization

People exchange knowledge, connections, experiences, and innovation

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Negative effects of globalization

Doesn't help to reduce the level of poverty

Leads to higher level of unemployment

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4 Benefits

ā€¢Greater synchronisation in price movements

ā€¢Wider range of suppliers and commodities

ā€¢Improved marker efficiency

ā€¢Reduction of cost and increase in overall wealth

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4 Challenges

ā€¢economic disparities

ā€¢regulatory difference

ā€¢targeting the wrong company

ā€¢overall lack of communication and transparency

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7 Institutions that govern globalization

  1. United Nations

  2. Commissions

  3. The World Bank ( WB)

  4. International Monetary Fund ( IMF)

  5. World TradeOrganization ( WTO)

  6. World Health Organization ( WHO)

  7. Organization for Economic cooperation and development ( OECD)

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9 Factors that Facilitate Economic Globalization

  1. International Monetary Fund

  2. World Bank

  3. Economic cooperation and development

  4. ESEAN (Association of Southeast Asian Nations)

  5. NAFTA ( North American Free Trade Agreement)

  6. The group of 8 and g8 and g20

  7. Multinational Companies ( MNCs)

  8. Central Banks

  9. Global Civil Society

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Immanuel Wallerstein ( 1974)

He expounded on how the core came to dominate the periphery areas particularly in the Economic world system as a basis of his analysis

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Netherlands

World's most globally connected country