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Contemporary Reviewer for Midterm Examination (GE3)

REVIEWER FOR MIDTERM EXAMINATION (GE3)
Course

Abnormal Psychology (PSY 9)

15 Documents
Students shared 15 documents in this course
Academic year: 2023/2024
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Pamantasan ng Lungsod ng Valenzuela

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CONTEMPORARY REVIEWER for MIDTERM EXAMINATION (GE3) Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies, or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe. Six core claims of globalism 1. Globalization is about the liberalization and global integration of markets 2. Globalization is inevitable and irreversible 3. Nobody is in charge of globalization 4. Globalization benefits everyone (. .. in the long run) 5. Globalization furthers the spread of democracy in the world 6. Globalization requires a global war on terror PHILOSOPHIES ON GLOBALIZATION CAPITALISM NEOLIBERALISM How Do We Make Globalization More Just? Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective “just”.

The Structures of Globalization Global Economy Global economy or economic globalization is concerned with the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and labor. Economic Globalization ● While economic globalization has been expanding since the emergence of trans-national trade, it has grown at an increased rate due to an increase in communication and technological advances under the framework of General Agreement on Tariffs and Trade and World Trade Organization, which made countries gradually cut down trade barriers and open-up their economies. ● The recent boom has been largely supported by developed economies integrating with the majority world through foreign direct investment and lowering costs of doing business, the reduction of trade barriers, and in many cases cross border migration. Two major driving forces for economic globalization 1. The rapid development of science and Technology - Ex. Reduced cost to transportation and communication 2. Fast spreading market economic system - Reduced policy barriers to trade and investment on the part of the public sector. Market ● Markets are normally considered the essential feature of a capitalist system. ● Market is both a concrete local structure in which individuals or firms sell and buy goods, and a virtual institution across space where the same kind of exchange occurs. Market Integration ● When prices among different locations or related goods follow the same patterns over a long period of time, market integration exists. Similarly, when groups of prices often move proportionally to each other and when this relation is very clear among different markets it is said that the markets are integrated.

the world into: ➢ Core countries ➢ Semi-periphery countries ➢ Periphery countries Modern world-system has a multi-state political structure (interstate system). Thus, the division of labor are considered international/ global division of labor GLOBAL INTERSTATE SYSTEM – means: ✓ Multi-state political structure and ✓ the international or global division of labor of the core, semi-periphery, and periphery countries Economic Globalization Today ● Global per capita GDP rose over five-fold in the second half of the 20th century ● Created large Asian economies like Japan, China, Korea, Hong Kong, and Singapore ● Economic globalization remains an uneven process ● Developed world countries are often protectionists ● Beneficiaries of global commerce have been mainly transnational corporations and not governments International Economic Integration is a central tenet of globalization. Much of globalization is anchored on changes in the economy (i. global culture)

International Trading Systems

  1. Silk Route. The oldest known international trade route was the Silk Road- a network of pathways in the ancient world that spanned from China to what is now the Middle East and to Europe. Traders used the Silk road regularly from 130 BCE when the Chinese Han dynasty opened trade to the West until 1453 BCE when the Ottoman Empire closed it. However, while the Silk Road was international, it was not truly “global” because it had no ocean routes that could reach the American continent.

  2. Galleon Trade. According to historians Dennis O. Flynn and Arturo Giraldez, the age of globalization began when “all important populated continents began to exchange products continuously both with each other directly and indirectly via other continents-and in values sufficient to generate crucial impacts on all trading partners. When did full economic globalization begin? To defend their products from competitors who sold goods more cheaply, these regimes (mainly monarchies) imposed high tariffs, forbade colonies to trade with other nations, restricted trade routes, and subsidized its exports. Mercantilism was thus also a system of global trade with multiple restrictions.

  3. Gold Standard A more open trade system emerged in 1867 when, following the lead of the United Kingdom, the United States and other Europeans nations adopted the gold standard at an international monetary conference in Paris. Broadly, its goal was to create a common system that would allow for more efficient trade and prevent the isolationism of the mercantilist era. The countries thus established a common basis for currency prices and a fixed exchanged rate system- all based on the value of gold. Bretton Woods System The Bretton Woods system was inaugurated in 1944 during the United Nations Monetary and Financial conference to prevent the catastrophes of the early decades of the century from reoccurring and affecting international ties. The Bretton Woods system was largely influenced by the ideas of British economist John Maynard Keynes who believed that economic crises occur not when a country does not have enough money, but when money is not being spent and thereby not moving. When economies slow down, according to Keynes, governments have to reinvigorate markets with infusions of capital. This active role of governments in managing spending served as the anchor for what would be called a system of global Keynesianism.

  4. Establishment of economic and political integrations.

  5. The growth of international law and universal principles

  6. The rise of transnational activism

  7. Creation a new communication network Intergovernmental organizations (IGOs) To facilitate international connections, intergovernmental organizations (IGOs) were established. Their aim is to bind nation-states and to create strong economic, political, cultural, educational, and technical relationships. World Trade Organization (WTO) The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. The United Nations The United Nations is an intergovernmental organization tasked to promote international cooperation and to create and maintain international order. North Atlantic Treaty Organization The North Atlantic Treaty Organization, also called the North Atlantic Alliance, is an intergovernmental military alliance between several North American and European states based on the North Atlantic Treaty. The Association of Southeast Asian Nations The Association of Southeast Asian Nations is a regional intergovernmental organization comprising ten Southeast Asian states which promotes Pan-Asianism and intergovernmental cooperation. The Organization of the Petroleum Exporting Countries The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations. European Union A supranational union is a type of multinational political union where negotiated power is delegated to an authority by governments of member states. The Commonwealth of Nations, also known as simply the Commonwealth, is an intergovernmental organization of 52 member states that are mostly former territories of the British Empire. Commonwealth of Nations The Commonwealth of Nations, also known as simply the Commonwealth, is an intergovernmental organization of 52 member states that are mostly former territories of the British Empire. International Criminal Court The International Criminal Court is an intergovernmental organization and international tribunal that sits in The Hague in the Netherlands.

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Contemporary Reviewer for Midterm Examination (GE3)

Course: Abnormal Psychology (PSY 9)

15 Documents
Students shared 15 documents in this course

University: Pamantasan ng Lungsod ng Valenzuela

Was this document helpful?
CONTEMPORARY REVIEWER for MIDTERM EXAMINATION (GE3)
Globalization means the speedup of movements and exchanges (of human beings, goods, and
services, capital, technologies, or cultural practices) all over the planet. One of the effects of
globalization is that it promotes and increases interactions between different regions and
populations around the globe.
Six core claims of globalism
1. Globalization is about the
liberalization and global integration of
markets
2. Globalization is inevitable and
irreversible
3. Nobody is in charge of
globalization
4. Globalization benefits everyone (.
. . in the long run)
5. Globalization furthers the spread of democracy in the world
6. Globalization requires a global war on terror
PHILOSOPHIES ON GLOBALIZATION
CAPITALISM NEOLIBERALISM
How Do We Make Globalization More Just?
Globalization is deeply connected with economic systems and markets, which, on their turn,
impact and are impacted by social issues, cultural factors that are hard to overcome, regional
specificities, timings of action and collaborative networks. All of this requires, on one hand,
global consensus and cooperation, and on the other, country-specific solutions, apart from a good
definition of the adjective “just”.

Students also viewed

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