Contemp 3

• Nobody is in charge of globalization, it is a "self-regulating" market
• September 11 attacks or 9/11 attacks were airline hijacking and suicide attacks by Al-Qaeda led by Osama bin Laden
• Consumerism


  • The theory that the more you spend, the more better off the economy is
• Globalization is a product of the ever-increasing innovativeness of human spirit
• The term "Market globalism" was used to define the imperial activities of industrialized countries
• Globalization benefits everyone in the long run and has brought improvements on how people live
• George Ritzer stated that "McDonaldization is a global phenomenon, driven by Western corporations, the economic power and cultural dominance of the West, leading to a global homogenization of economic and social life"
• Globalization furthers the spread of democracy in the world
• Five core claims of globalism

  • Globalization is about the liberalization and global integration of markets
  • Globalization is inevitable and irreversible
  • Nobody is in charge of globalization
  • Globalization benefits everyone in the long run
  • Globalization furthers the spread of democracy in the world
• Market globalism

  • Creation of a global free market and the spread of consumerist values
  • Hegemonic system of ideas that makes normative claims about globalization
  • Same as neoliberalism (privatization, liberalization, regulation of markets)
• Tax holidays offer tax reduction or elimination to businesses and are used to attract foreign investors
• Other Megacorporations in the world

  • Barclays PLC
  • JPMorgan Chase & Co.
  • Comedy Central
  • Saudi Aramco
  • PetroChina
• Cultural dominance of the West leads to worldwide homogenization
• Market regulation

  • Free from government intervention
• US Megacorporations

  • Chevron
  • Bank of America
  • General Electric Company
  • Wells Fargo & Company
  • Walmart
• Global corporations

  • International Companies
  • Multinational Companies
  • Global companies
  • Transnational companies
• Global corporations significantly contribute to the increasing economic integration of countries
• The vast influence and domination of Western culture, known as McDonaldization, shaped the lives of people
• In the 1990s, globalization took center stage to cater to the agenda of the global social elites
• The movement of globalization aimed to shrink the world and spread consumerist values globally
• Learning Objectives

  • Define the concept of market globalism and global corporations
  • Explain the five core claims of market globalism
  • Recognize the challenges of market globalism and integration
• After the collapse of the Soviet Union in the early 1990s, power social elites in industrialized countries pushed for their version of globalization
• The challenges of market globalism include terrorism and the deterioration of indigenous cultures
• Speaker: 'Quote'
• Market globalism assumes the positive effects of globalization on the world's economy
• Market globalism is a hegemonic system of ideas that makes normative claims about a set of social processes called globalization
• Defining Market Globalism

  • Globalization is about the liberalization and global integration of markets
  • Globalization is inevitable and irreversible
  • Nobody is in charge of globalization
  • Globalization benefits everyone in the long run
  • Globalization furthers the spread of democracy in the world
• Advancement of science and technology facilitated globalization's encroachment into many aspects of people's lives
• Globalization is inevitable and irreversible
• Corporate social responsibility is important in the context of globalization
• Globalization is a product of the ever increasing innovativeness of human spirit
• Globalization could also lead to exploitation of poorer nations and citizens by breaking protective barriers on trade and commerce
• Regina Paz "Gina" Lopez: '"This is the only country in the world that gives tax holidays to large mining companies for seven years. Our government allows them to exploit our water for free. When we drink, we pay for our water. But those mining companies are freely using our water."'
• Globalization furthers the spread of democracy in the world by discrediting traditionalism and socialism and equating freedom, free markets, and democracy
• Tax holiday is a government incentive program that offers a tax reduction or elimination to businesses
• Nobody is in charge of globalization
• Globalization benefits everyone in the long run by bringing improvements in the way people live and economic growth
• After the September 11th attacks

  The power elites saw a legitimate challenge to globalization – terrorism
• The contemporary global corporation is simultaneously and commonly referred to as a multinational corporation (MNC), a transnational corporation (TNC), an international company, or a global company
• Some proclaimed the imminent ‘collapse of globalism’, worrying that the terrorist attacks would usher in a new age of cultural particularism and economic protectionism