TCW

• Globalization is a phenomenon used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
• • Glocalization. This term is used to describe a product or service that is developed and distributed globally but is also adjusted to accommodate the user or consumer in a local market.
• • Liberalization. This refers to the removal of barriers and restrictions imposed by national governments to create an open and borderless world economy.
• • Internationalization. This refers to activities by entities such as corporations, states, international organizations, private organizations and even individuals with reference to national boarders and national governments.
• • Universalization. Denotes a process of spreading various objects, practices and experiences to the different parts of the world. If Western modernity spreads and destroys local cultures, this variant of universalization is called Westernization, Americanization or Mcdonaldization.
• Core Nations, are those most modernized nations, having diversified economies and stable internal politics. Regarded as powerful and developed centers of the system
• The Peripheral Nations referring to those nations in the world system that are forced to specialized in the export of unprocessed raw materials and food to the core nations. This also refers to regions that have been forcibly subordinated to the core through colonialism or other means.
• Semi-peripheral, these are nations that fall in between the core and peripheral nations, being most industrialized than the peripheral but less industrialized in than of the core. states and regions that were previously in the core and are moving down the hierarchy, or those that were previously in the periphery and are moving up.
• CORE NATION - JAPAN,WEST EUROPE,NORTH AMERICA
• The Peripheral Nations - Latin America, Africa, Asia, the Middle East, and Eastern Europe.
• Semi-peripheral - , Argentina, China India, Brazil, Mexico, Indonesia, and Iran.
• history - modern phenomenon
• economics - unequal distribution of wealth
• politics - forces of the government
• process- multidementional
• economic globalization is a process of making the world economy an organic system by extending transnational economic processes and economic relations to more and more countries and by deepening the economic interdependencies among them.
• International Monetary Fund -

  • Facilitate the cooperation of countries on monetary policy,
  • Help stabilize exchange rates between countries.
  • Provide a safeguard to members of the IMF against balance of payments crises.
• World Bank

  • Aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development, through loans, guarantees, and non-lending-including analytical and advisory-services.
  • Tries to foster social reforms to promote economic development, such the empowerment of women, building schools and health centers, provision of clean water and electricity, fighting disease, and protecting the environment.
• General Agreements on Tariffs and Trade 

  
  

  • Avoid trade wars by raising protectionist barriers.
  • Aid economic recovery through reconstructing and liberalizing global trade.
• World Trade Organization

  • Providing forum for trade negotiations
  • Handling trade disputes
  • Monitoring Members’ trade policies
  • Providing technical assistance and training to developing and least developed economies
•  International Economic System (IES)  - t involves reducing the government regulation in order to extend the role of the private sector in the market and the society. 
• Capitalism is an economic system in which private individuals or business owns capital goods.
• socialism - where private ownership is not allowed and the decision in allocating resources in the hands of the government
• Adam Smith - Father of Modern Capitalism
• John Maynard Keynes - shaping economic policy
• Neo- liberalism - strong emphasis on free market capitalism
• market integration - common ground among nations which involves an attempt to combine separate national economies into a larger economic regions.
• Free trade- remove barriers in trading
• The United Nations (UN) was created in 1945 by the Allied Powers,
• UN - organization is to maintain international peace and security and to foster international cooperation in addressing humanitarian and, social, economic and cultural issues. This is the only organization that can authorize the use of force against aggression.
• Security Council is considered as the most potent organ with the power to make legally binding resolutions and comprises of the strongest military states.
• Regionalization refers to "societal integration and the often undirected process of social and economic interaction."
• Regionalism refers to the formal process of intergovernmental collaboration between two or more states.
• Asian regionalism is a product of societal integration brought by the undirected process of social and economic interaction. cuses on economic interaction, whereby the countries adopt the principle of free flow of goods and services which are coordinated with foreign economic policies between countries.