TCW Midterm flashcards

Globalization

The process of increased interconnectedness among countries, affecting economic, political, and cultural dimensions.

Economic Dimension of Globalization

Characterized by fast trade, multinational corporations (MNCs), free trade policies, privatization, and reduced tariffs.

Cultural Globalization - Shrinking World Concept

The idea that increased cultural interconnectivity makes the world feel smaller.

Liberalization of Markets

The removal of restrictions, tariffs, and barriers to allow for free trade and investment.

Globalization - Inevitable and Irreversible

The concept that globalization cannot be reversed and will continue to progress.

Globalization and Democracy

Globalization promotes democracy by spreading democratic values and practices worldwide.

Indicators of Economic Globalization

Key indicators include trade & development, foreign direct investment, and global institutions such as the IMF and WTO.

TNCs (Transnational Corporations)

Companies that operate in multiple countries, significantly influencing global economic patterns.

WTO

World Trade Organization; it regulates international trade and aims to ensure trade flows as smoothly and predictably as possible.

Primary Function of the UN

To maintain international peace and security, promote human rights, and uphold international law.

Difference between ASEAN and WTO

ASEAN focuses on regional economic and political integration, whereas WTO deals with global trade regulations.

Challenge of Global Governance

Veto power of the UN Security Council can hinder effective decision-making.

C-S-P Model

Core, Semi-periphery, and Periphery model explaining the socioeconomic hierarchy in the world economy.

Core Group Countries

Wealthy and developed nations such as the USA, Germany, and Japan with advanced technology and industries.

Role of Periphery Countries

Provide raw materials and cheap labor for the global economy.

Regionalization

A process that focuses on establishing ties within a specific area, such as ASEAN.

Example of Regional Economic Cooperation

ASEAN +3, which includes China, Japan, and South Korea.

Global North

Developed and industrialized nations, including the USA, Canada, and EU member states.

Global South

Developing nations with lower GDP and various social and economic challenges.

Income Distribution - Global North

Controls approximately 80% of the world’s income but comprises only 25% of the global population.

E-P-C

Acronym representing Economic, Political, and Cultural dimensions of globalization.

L.I.B.D.D.T

A mnemonic for the six core claims of globalization.

C-S-P

Acronym for Core, Semi-periphery, and Periphery in World System Theory.

I-B-T-W

Stands for Economic Globalization Actors, including International Chamber of Commerce, Bilderberg Group, Trilateral Commission, and World Economic Forum.

Globalization's Effect on National Sovereignty

Globalization often challenges traditional notions of national sovereignty by enhancing the influence of international organizations.

Cultural Exchange in Globalization

Globalization facilitates cultural exchange, blending traditions and norms across borders.