COTEMPORARY

• Globalization- Derived from the word 'GLOBALIZE' which refers to the emergence of an international network of economic system.
• Arjun Appadurai- Anthropologist said that globalization can be divided into five scapes
• Ethnocsape- refers to the global movement.
• Mediascape- about the flow of culture.
• Technoscape- refers to the circulation of mechanical goods and software.
• Finanscape- denotes the global circulation of money.
• Ideoscape- the realm where political ideas move around.
• Industrial Globalization- world wide production markets and broader access to arrange of foreign products for consumer and companies.
• Financial Globalization- Development of world-wide financial markets and better access to external financing borrowers.
• Economic Globalization- Establishments of global common market based on freedom of exchange of goods and capital
• Political Globalization- Creation of international organizations to regulate the relationships among governments.
• Information Globalization- Increase information flows between geographically remote locations.
• Cultural Globalization- sharing ides, attitudes, and values across national borders.
• Trade Agreements- bilateral, regional, or multilaterals economic arrangements designed or reduce or eliminate trade barriers
• Capital Flow- Measurements of increase or decrease in nations domestic of foreign assets.
• Migration patterns- impact of labor market fluidity on production costs.
• Information transfer- helps mitigate the asymmetric functioning of markets and economies.
• Spread Technology- Rapid diversion of the means and methods of producing goods and services.
• The Global economy- A system of trade and industry across the world that has emerged due to globalization.
• long sixteenth century- labeled by Waller Stein
• Economic Globalization- refers to the increasing integration of economies around the world.
• Economic Globalization Today- remains uneven process, with some countries, corporations, and individuals benefiting a lot more than others.
• Commodity- a basic physical asset, often used as a raw material in the production of goods or services.
• Capital- identified with money, wealth.( W. stafford)
• Labor Market- refers to the supply of and demand for labor, in which employees provide the supply and employees provide the demand.
• Global Sratification- refers to the hierarchical arrangement of individuals and groups in societies around the world.
• First world- the western capitalist democracies of north and europe, and other certain nations.
• Second world- Nations belonging to the soviet union.
• Third world- All the remaining nations, almost all of them from central and south america, africa, and asia.
• Replacement Typology- Developed, Developing, Undeveloped
• Popular Typology- Wealthy, middle, and poor or low income.
• Modernation Theory- rich nations become wealthy because early on they were able to develop the correct beliefs, values and practices.
• Dependency Theory- The poor nations never got the chance to pursue e conomic growth.
• World system Theory- stares that some nations become modernized by exploiting other nations.
• Types of Global Poverty- Relative Poverty, Absolute Poverty, and Subjective Poverty.
• Relative Poverty- people lack the minimum amount of income needed in order to maintain the average standard of living in the society in which they live.
• Absolute Poverty- refers to the condition where a person does not have the minimum amount of income needed to meet the minimum requirements for one or more basic living.
• Subjective Poverty- describes poverty that is composed of many dimensions. Subjectively present when your actual income does not meet your expectations and descriptions.