CONWORL

• Globalization


  The term used to describe how trade and technology have made the world into a more connected and interdependent place
• Globalization


  The growing interdependence of the world economies, cultures, and populations, brought about by cross border trade in goods and services, technology, and flows of investment, people, and information
• Globalization


  The process by which the everyday experience, characterized by the spread of goods and ideas, is becoming more uniform globally
• Examples of Globalization

  • Foreign manufacturers produce computer parts and accessories which are then sold in other nations
  • Popular fastfood chains are headquartered in the United States, but they have numerous locations worldwide
  • Automobile manufacturing use spare parts from multiple countries before being assembled in one country
• Immanuel M. Wallerstein


  His doctrine of the world system became an influential theory in the field. In 1974, he published the Modern World System I: Capitalist Agriculture and the Origins of the European World Economy in the Sixteenth century
• Immanuel M. Wallerstein


  He claimed that a global economic system had emerged with three zones: core, semi-periphery, and periphery
• Core Countries


  Mainly those in the west
• Utilized Peripheral Countries


  Primarily those in the global south
• Nations in the World System Theory

  • Core
  • Periphery
  • Semi-periphery
• Core


  Consists of those nations which are dominate and have a dominant economic relationship with the semi-periphery and periphery
• Core


  Own most of the world's capital and technology and have great control over world trade and economic agreements
• Periphery


  Are dependent on core countries for capital and have underdeveloped industry
• Periphery


  Produce labor intensive and/or low-skill products and are typically exploited as a source of cheap labor, raw materials, and agricultural production for core and semi- periphery countries
• Semi-periphery

  Both have dominating economic relationships with the periphery and less dominant ones with the core
• Semi-periphery


  Are less developed than core nations but more developed than peripheral nations
• Periphery


  • Indonesia
  • Nepal
  • Nigeria
  • Pakistan
  • Sri Lanka
• Semi-periphery


  • South Korea
  • Taiwan
  • Mexico
  • Brazil
  • Singapore
• Economics


  The study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society
• Study of Economics


  Primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited resources
• Adam Smith


  18'th century scottish economist philosopher, and author who is considered the Father of modern economics
• Land


  General term that refers to all natural resources found on land, including wood, water, vegetation, gold, and oil
• Labor


  As a factor of production refers to the effort that individuals when producing a good or service
• Capital


  It refers to the money that spent on items used in the production of goods and services
• Entrepreneurship


  As a factor of production is a composite of the other three
• Economic System


  The process by which societies or governments organize and distribute available resources, services, and goods across a geographical region or country
• Traditional Economic System


  Based on goods, services, and work, all of which follow certain established trends. Activities related to agriculture, hunting, fishing, gathering, and cattle rearing are examples
• Market Economy


  Free of all government control and regulation comes from the people and the relationship between supply and demand. An example is a tour company/agency
• Command System


  A large percentage of the economic structure is under the control of a dominant, centralized authority, typically the government. Example is North Korea
• Mixed Economic System


  Also known as dual systems, this protects private property and allows for some economic freedom in the use of capital while also allowing governments to intervene in economic activities to achieve social objectives
• The Philippines is built on a mixed economy. The economic structure of the nation blends aspects of the planned and market economies
• Media


  A means of conveying something, such as a channel of communication
• Media


  A term which covers all the means communication which have functions such as informing, raising awareness, education, socialization, entertainment, and agenda setting, including all kinds of oral, written, and visual images
• Types of Media

  • Print Media (books, magazines, and newspapers)
  • Broadcast Media (radio, film, and television)
  • Digital Media (internet and mobile mass communication)
• Internet Media


  • E-mail
  • Internet sites
  • Social media
  • Internet based video and audio
• Marshall McLuhan


  Canadian communication theorist and educator, whose aphorism "the medium is the message"
• Global Village


  The idea that people all over the world are connected through the use of new media technologies