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• Globalization


  The intensification of social relations
• Globalization


  The reflection of a capitalist world economy
• Globalization


  A product of colonization
• Globalization


  The interconnectedness of countries through international organizations
• Globalization


  The intensification of economic, social and social relations
• Globalization


  Comparing to a global shopping mall
• Globalization


  Includes social processes that transform a weak country into a stronger one
• Globalization


  The process by which the people of the world are incorporated into a single world society
• Globalization


  The compression of the world and the intensification of the consciousness of the world as a whole
• Globalization


  The transformation in the spatial organization of social relations and transactions—assessed in terms of their extensity, intensity, Velocity and impact—generating transcontinental or inter-regional flows
• Globalization


  The extension of social relations through changing world-time
• Globalization


  More people across large distances becoming connected in more and different ways
• Globalization


  A process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world
• Globalization


  The process of world shrinkage, of distances getting shorter, things moving closer, the increasing ease with which somebody on one side of the world can interact, to mutual benefit, with somebody on the other side of the world
• Nature of Globalization


  • Liberalization
  • Free trade
  • Globalization of Economic Activity
  • Liberalization of Import-Export System
  • Privatization
  • Increased Collaborations
  • Economic Reforms
• Kinds of Globalization


  • Cultural globalization
  • Economic globalization
  • Industrial Globalization
  • Financial Globalization
  • Social Globalization
  • Ecological Globalization
  • Political Globalization
  • Technological Globalization
  • Geographic Globalization
• Globalization as a process

  Relates to changes in technology as well as in many aspects of human existence ranging from cultural, economic and political systems that have brought a multi-dimensional set of social processes that escalate deepening connections, worldwide interdependence and social exchanges among people from all different parts of the world
• Globalization as a condition


  About the creation of linkages between people located at different corners of the planet characterized by cultural, economic, and political interconnections and global flows, which make any kind of barrier (be it political or economic) insignificant
• Approaches to the Study of Globalization

  • World Systems Theory
  • Global Capitalism
  • Information Society
• World Systems Theory


  • Developed by sociologists Immanuel Wallerstein
  • Suggests there is a world economic system in which some countries benefit while others are exploited
• Components of World Systems Theory

  • Core Countries
  • Periphery Countries
  • Semi-Periphery Countries
  • External Areas
• Global Capitalism


  • Backed by international policies that support the free movement and trade of goods
  • Production takes place on the global stage
  • Labor can be sourced around the world
  • The financial system operates globally
  • Power relations are transnational
  • Global system of governance
• Information Society


  • A major shift in the society; whereby the circulation and production of information is key in social and economic activity
  • Information is a key economic resource
  • Consumers are key
  • The economy has a specific infrastructure meant for the circulation and distribution of information
• Economic Globalization


  The economic mixing and interdependence of economies across the world through an escalation of cross-cultural movement of goods, Services, technologies, and wealth
• Capital Flight


  The large-scale departure of companies, assets, and wealth from a country due to economic instability or the opportunity for cheaper production
• Major Drivers of Globalization


  • Technological innovation
  • Transport system
  • Social and political reforms
• Market globalization


  The decline in barriers to selling in countries other than the home country
• Production globalization


  The sourcing of materials and services from other countries to gain advantage from price differences in different nations
• Globalization of Business


  Obvious change in businesses
• Economic Integration


  Agreements between countries to permit, to varying degrees, the flow of capital, labor, goods, and Services across their respective international borders
• Types of Economic Integration


  • Free Trade Agreements
  • Free Trade Area
  • Customs Union
  • Common Market
  • Economic Union
• Free Trade Agreements


  Agreements entered into between countries regarding specific trade issues, such as reduction of tariffs and quotas that limit imports
• Free Trade Area


  Eliminates barriers to trade among the members such as tariffs and quotas
• Customs Union


  Countries eliminate trade barriers between the members and have a unified trade policy with countries outside of the union
• Common Market


  Has all of the characteristics of a customs union but also eliminates barriers to the movement of capital, labor, and technology
• Economic Union


  The highest level of economic integration. Members must be able to maintain consistency with monetary policy, fiscal policy, and tax policy. Also uses a common currency. Requires member states to give up a significant amount of their independent sovereignty
• Bretton Woods System


  Established after WWII to restructure the world economy and ensure global financial stability through the reduction of barriers to trade and free flow of money among nations
• General Agreement on Tariffs and Trade


  An international treaty and organization established in the aftermath of World War II with the primary goal of promoting international trade by reducing trade barriers and tariffs
• World Trade Organization


  An independent multilateral organization responsible for trade in services, non-tariff-related barriers to trade, and other broader areas of trade liberalization
• International Monetary Fund


  A cooperative institution that 182 countries have voluntarily joined to maintain a stable system of buying and selling their currencies