Contemporary

• ANTHONY GIDDENS: '“GLOBALIZATION” is the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa'
• Globalization


  Changes in societies and the world economy due to increased trade and cultural exchange
• Forms of Globalization

  • Embodied Globalization: movement or migration of people
  • Agency-Extended Globalization: dispersion and exchange of agents or representatives
  • Object-Extended Globalization: mobility of goods, commodities, and other objects of exchange
  • Disembodied Globalization: diffusion of ideas, knowledge, and information
• Sociocultural Globalization

  • Cultural Globalization: spread of ideas, values, and meanings across countries
  • Social Globalization: diffusion of beliefs, practices, and issues concerning population growth, media urbanization, tourism, and education
• Political Globalization


  • Involves institutions, public policies, and practices that cut across national borders to facilitate international agreements and transactions
• Economic Globalization


  • Refers primarily to international business covering all contracts and negotiations, involving economic resources including human power and capital
• The Global Economy is the interconnectedness of worldwide economic activities that takes place between numerous countries
• Natural Environment Globalization


  • Concerns the environment where the interaction of living species takes place
• Categories of Economy

  • Traditional Economy: affected by ritual, custom, or habit
  • Command Economy: organized around a central authority making major economic decisions
  • Market Economy: individuals depend on supply, demand, and prices to determine economic questions
  • Mixed Economy: a mixture of market and command economy
• Components of Economy

  • Goods: products made to be sold
  • Services: work done or duties performed by other people
  • Producer: person who makes products used by others
  • Consumer: person who buys goods and services
• Types of Industries

  • Primary: takes natural resources or raw materials from the earth
  • Secondary: processes raw materials into finished products
  • Tertiary: exchanges and markets products of primary and secondary industries
  • Quaternary: concerned with research, gathering and dissemination of information, and administration
• Types of Trade Barriers

  • Tariffs: taxes imposed on imported goods or services, sometimes referred to as duties, implemented to raise the cost of products to consumers
• Trade Barriers are restrictions on international trade imposed by the government to protect local industries
• Types of Trade Barriers

  1. Tariffs are taxes imposed by the government on imported goods or services, sometimes referred to as duties. They can be implemented to raise the cost of products to consumers to make them as expensive or more expensive than local goods and services

  2. Non-Tariffs are barriers that restrict trade through measures other than the direct imposition of tariffs. They may include measures such as quality and content requirements for imported goods or subsidies to local producers. By establishing quality and content requirements, the government can restrict imports, benefiting local producers. Governments grant subsidies to keep the price of their goods and services competitive

  3. Quotas are restrictions that limit the quantity or monetary value of specific goods and services that can be imported over a certain period of time. The idea is to reduce the quantity of competitive products in local markets, increasing demand for local goods and services. Governments issue licenses that allow companies or consumers to import a certain quantity of a good or service

  4. Voluntary Export Restraint (VER) is where countries agree to limit the number of imports
• Global Trade Benefits

  • Developing gains - goods become available especially in regions where they are hardly produced
  • Improves standard of living - with various goods and services from all parts of the world, people can enjoy a comfortable and convenient life
  • Accelerate Economic Development - particularly true for less developed countries needing better machines and technologies for development projects
  • Generate Foreign Exchange Earnings - vital for economic stability and growth, used for payments of foreign loans and industrial materials
• Global Trade Benefits
• Market Integration


  Market integration refers to the expansion of firms by consolidating additional marketing functions and activities under a single management. It occurs when prices among different locations or related goods follow similar patterns over a long period of time. Groups of goods often move proportionally to each other
• Global Governance
• Governance of Peace
• Governance of Security


  Refers to the strategies, actors, levels and dilemmas in governing contemporary security challenges. Authorities throughout the world increasingly govern security in partnerships and networks with other public and private actors at local, regional, national and global levels
• Global Governance

  Governing, without sovereign authority, relationships that transcend national frontiers
• Governance of Conflict Resolution


  Integrates conflict management into routine policies and practices. Involves developing committed governmental and civil society leaders, effective democratic institutional structures and procedures, fair judicial and other dispute resolution processes, and effective conflict management procedures to prevent, manage and resolve conflicts
• Conflict management systems


  Institutionalized approaches that provide routine and predictable procedures to manage differences and reach fair, equitable and broadly acceptable decisions on problems of mutual concern
• Governance of Peace, Security and Conflict Resolution


  Characterized by having inclusive means of operating, participatory systems that bring the governed into the process of decision making, systems for accountability that ensure transparent and equitable operations, and enough systemic capacity that they are able to provide physical security and public goods supporting human development
• The correlation in price of a commodity in any markets is unity under price integration
• Governance of Science

  Scientific research is a human activity governed by human choice. Governance is exercised at many levels, from the individual scientist to government bureaucrats and citizens lobbying to support or oppose research or technology
• Degree of correlation between two prices

  Index of the extent to which two markets are integrated
• Governance of Information


  Management of information at an organization. Information governance balances the use and security of information, helps with legal compliance, operational transparency, and reducing expenditures associated with legal discovery. It is a holistic approach to managing corporate information by implementing processes, roles, controls and metrics that treat information as a va
• Governance of Education


  Has a large impact on student and teacher success by defining and regulating relationships within and between schools and outside agencies. Institutional rules and policies determine how educators train and operate, and ultimately determine how students learn
• Global challenges like “Nuclear weapons” and “Climate change”

  Challenge politics to take over an additional role that is to become politics for the future, for the future generations’ survival under decent conditions
• Periphery Countries

  • Bolivia, Chad, Haiti, Kenya, Nepal, Nigeria, Philippines, Sierra Leone, Sudan, Zambia
• Periphery Countries

  Receive a disproportionately small share of global wealth
• Core countries

  • United States, Canada, most of Western Europe, Japan, Australia, New Zealand
• Core countries


  Control and benefit from the global market
• Only “Nuclear weapons” and “Climate change” deserve the name of global challenges, as they can hit everybody on earth and can be addressed only by universal cooperation
• Semi-Periphery Countries

  • South Korea, Taiwan, Mexico, Brazil, India, Nigeria, South Africa
• Information governance


  • Helps with legal compliance, operational transparency, and reducing expenditures associated with legal discovery
  • It is a holistic approach to managing corporate information by implementing processes, roles, controls, and metrics that treat information as a valuable business asset
• There cannot be any global governance without a strategy as to how to address the two global challenges
• Semi-Periphery Countries


  Positioned between the periphery and core countries, have organizational characteristics of both core and periphery countries
• Core countries in an economic sense

  Characterized by advanced technology, high profits, high wages, and diversified production