The term "contemporary" refers to the present time, while "modern" is used to describe something that has been created recently.
Globalization
The sharing of certain ideas, experiences, products, technology, and culture that transcends borders
Harvard, Oman: 'According to Harvard, Oman'
Examples of globalization
Online jobs like virtual assistant
Globalization practices
Interdependence
Globalization practices
Interdependence
Concepts related to globalization
Import export
War in the Middle East affecting oil supply
Affects oil prices globally due to interdependence
We are dependent on international trade, international business, and international transactions, and are affected by global events
Capitalism in globalization according to Wallerstein
Development and progress shaped by a capitalist society
Capitalism in globalization
More profit leads to expansion of business and hiring more people, creating a progressive society
Examples of capitalism in globalization
Business people creating corporations to earn profit
Flow of goods and resources
Periphery
Semi-periphery
Core
Periphery is farthest from the core and provides resources needed for production, while the core benefits from development overflow
Examples of places in proximity to the core
Pavia
Robert Cox's view on globalization: Internationalizing production involves investing in technology or new machines for more efficient work
Examples of internationalizing production
Automation in factories for efficiency
Globalization is primarily economic
Merchants traveling vast distances to sell uncommon or luxury goods back in their homeland
American corporations and companies invest in the Philippines for outsourcing
Advancement of social justice and human rights can lead to the spread of ideas, allowing public policies to address creating a more inclusive and equal society
As the world progresses, new advancements, technologies, and innovations brought about by globalization can be used to change the world for the better
Disadvantages ofGlobalization
Domino effect of disruption
Concentration ofwealth
Concentration of wealth
Some businesses get richer while workers remain poor, poverty still remains in some countries
Homogenization of products and brands
Products are mass-produced, lack uniqueness and differentiation, homogenization kills creativity
International trade / International cooperation = Silk Roads
Basic commodities passing through the Silk Road
Silk
Spices
Luxury goods like porcelain
Importance of the Silk Road in studying globalization
Through the Silk Road, Europeans were able to purchase rare goods like spices and silk
Increase demand for spices led to the transition to the Spice Routes
The Spice Routes / Maritime Silk Road
Efficiency, safety, natural/geographical barriers, and cost-effectiveness are reasons for the Maritime Silk Roads
Banking system emerged during the Tang Dynasty
European colonialism and Western imperialism
Reasons why Europeans were motivated to push through with the Age of Discovery
The Ottoman Empire blocked the original Silk Road, leading to the start of the Age of Discovery and exploration
The world's oceans bridge the continents, established during the Age of Discovery and Exploration
Globalization involves the spread of goods, ideas, language, culture, beliefs, and jobs globally