SE 27 Flashcards
(18 cards)
globalization
••
There are many definitions and approaches
As a field of study, it is not restricted to one discipline (i.e. cultural studies, sociology, economics, linguistics, and political science are common areas of study which look at globalization)
What it means is always in dispute
The “popular” understanding of globalization concerns economic issues, including c_________m, n____________m, money, big business, and the expansion of
large corporations
globalization
••
There are many definitions and approaches
As a field of study, it is not restricted to one discipline (i.e. cultural studies, sociology, economics, linguistics, and political science are common areas of study which look at globalization)
What it means is always in dispute
The “popular” understanding of globalization concerns economic issues, including capitalism, neoliberalism, money, big business, and the expansion of
large corporations
Globalism
••
The view that the world market eliminates or supplants political action — that is,
the ideology of n__________m
Sees everything as economically determined
Any political, social or cultural matters are subsumed under economic
paradigms
Globalism
••
The view that the world market eliminates or supplants political action — that is,
the ideology of neoliberalism
Sees everything as economically determined
Any political, social or cultural matters are subsumed under economic
paradigms
Economic liberalization
(Neoliberalism)
Refers to a comprehensive program of e______c policies designed to d________e
national economies Marks a move away from high levels of government involvement and regulation
of the economy
• Strategies to liberalize economies include: reducing the fiscal d______t; labor market deregulation; and broadening of the tax base
It is a means to bring about global markets as it pulls down i___________l barriers to free trade Used to push for reforms to drastically cut public spending on social welfare,
••
health and education.
Economic liberalization
(Neoliberalism)
Refers to a comprehensive program of economic policies designed to deregulate
national economies Marks a move away from high levels of government involvement and regulation
of the economy
• Strategies to liberalize economies include: reducing the fiscal deficit; labor market deregulation; and broadening of the tax base
It is a means to bring about global markets as it pulls down institutional barriers to free trade Used to push for reforms to drastically cut public spending on social welfare,
••
health and education.
Economic liberalization
(Neoliberalism)
Refers to a comprehensive program of economic policies designed to deregulate
national economies Marks a move away from high levels of government involvement and regulation
of the economy
Economic liberalization
(Neoliberalism)
Refers to a comprehensive program of economic policies designed to deregulate
national economies Marks a move away from high levels of government involvement and regulation
of the economy
Economic liberalization
(Neoliberalism)
• Strategies to liberalize economies include: reducing the fiscal deficit; labor market deregulation; and broadening of the tax base
It is a means to bring about global markets as it pulls down institutional barriers to free trade Used to push for reforms to drastically cut public spending on social welfare,
••
health and education.
Economic liberalization
(Neoliberalism)
• Strategies to liberalize economies include: reducing the fiscal deficit; labor market deregulation; and broadening of the tax base
It is a means to bring about global markets as it pulls down institutional barriers to free trade Used to push for reforms to drastically cut public spending on social welfare,
••
health and education.
Globalism
The view that the world market eliminates or supplants p_______l action — that is,
the ideology of neoliberalism
Sees everything as economically determined
Any political, social or cultural matters are subsumed under e______c paradigms
Globalism
The view that the world market eliminates or supplants political action — that is,
the ideology of neoliberalism
Sees everything as economically determined
Any political, social or cultural matters are subsumed under economic
paradigms
Economic liberalization
(Neoliberalism)
Is usually associated with trade, capital and the state regulation of these Characterized by a move to open markets, low state i_________n, free movement of
capital and goods and privatization of previously nationalized industries
Economic liberalization
(Neoliberalism)
Is usually associated with trade, capital and the state regulation of these Characterized by a move to open markets, low state intervention, free movement of
capital and goods and privatization of previously nationalized industries
Economic liberalization
(Neoliberalism)
The state still has a role to play in providing defense and financial infrastructure, but it is more laissez-faire than interventionist
Neoliberal values are at the core of economic g___________n and have become more
prominent since the turn away from welfare state models towards trust in the rule of the market and emphasis on individual responsibility (rather than state
responsibility) Economic action and reform are seen as optimal pathways to development
Economic liberalization
(Neoliberalism)
The state still has a role to play in providing defense and financial infrastructure, but
it is more laissez-faire than interventionist
Neoliberal values are at the core of economic globalization and have become more
prominent since the turn away from welfare state models towards trust in the rule
of the market and emphasis on individual responsibility (rather than state
responsibility)
Economic action and reform are seen as optimal pathways to development
Welfare State
The practice of the state in providing some kind of assistance or s______y net for those less able to provide for themselves Most commonly takes the form of i_____e provision in the event of unemployment, but may also include nationalized health services, tax policies and income regulation In globalization, the welfare state is most usually represented as being threatened by the values of n__________m
Welfare State
The practice of the state in providing some kind of assistance or safety net for those less able to provide for themselves Most commonly takes the form of income provision in the event of unemployment, but may also include nationalized health services, tax policies and income regulation In globalization, the welfare state is most usually represented as being threatened by the values of neoliberalism
Capitalism
Capitalism is an economic system based on ownership of the factors of p________n. The production and pricing of goods and services are determined by the _____ market, or the supply and demand A free market system is an economic system based solely on demand and supply, and there is little or no government regulation The fundamental basis of capitalism is the existence of p______e property rights and
the freedom to trade property rights Such rights can be held in respect of land, financial capital, natural resources, and one’s own labour Unfettered capitalism advocates for market
Capitalism
Capitalism is an economic system based on ownership of the factors of production. The production and pricing of goods and services are determined by the free market, or the supply and demand A free market system is an economic system based solely on demand and supply, and there is little or no government regulation The fundamental basis of capitalism is the existence of private property rights and
the freedom to trade property rights Such rights can be held in respect of land, financial capital, natural resources, and one’s own labour Unfettered capitalism advocates for market
Global Capitalism
The idea that the contemporary period is witnessing the emergence of a single integrated global economic system based on a c________t logic which is s_______g all other national and regional economies
Global Capitalism
The idea that the contemporary period is witnessing the emergence of a single integrated global economic system based on a capitalist logic which is subsuming all other national and regional economies
Global Capitalism
Capital is said to becoming increasing liberated from the constraints of n________l t________l boundaries Nation-states are said to have lost their place as the primary and sole legitimate a______s of governance of the world economy and have to continuously adjust to the conditions and dictates of global capitalist market forces Multinational c________s have become the key players within the global economic order
Global Capitalism
Capital is said to becoming increasing liberated from the constraints of national territorial boundaries Nation-states are said to have lost their place as the primary and sole legitimate agents of governance of the world economy and have to continuously adjust to the conditions and dictates of global capitalist market forces Multinational companies have become the key players within the global
economic order
Key International Players in
Global Capitalism
World Trade Organization
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between n______s. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
Key International Players in
Global Capitalism
World Trade Organization
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
Key International Players in
Global Capitalism
World Bank
The World Bank is an international organization dedicated to providing financing, advice and research to developing nations to aid their economic a_________t. The World Bank was created out of the B_______n Woods agreement as a result of many European and Asian countries needing financing to fund reconstruction efforts. As of 2016, the Bank predominantly acts as an organization that attempts to fight p_____y by offering developmental assistance to middle- and poor-income countries.
Key International Players in
Global Capitalism
World Bank
The World Bank is an international organization dedicated to providing financing, advice and research to developing nations to aid their economic advancement. The World Bank was created out of the Bretton Woods agreement as a result of many European and Asian countries needing financing to fund reconstruction efforts. As of 2016, the Bank predominantly acts as an organization that attempts to fight poverty by offering developmental assistance to middle- and poor-income countries.
Key International Players in
Global Capitalism
International Monetary Fund
The original goal of the IMF was to ensure economic stability post-WWII and post-Depression. When first
established, it was the lender of “last resort”, giving emergency loans to countries short of cash. It now as a
number of programs of poverty relief
Key International Players in
Global Capitalism
International Monetary Fund
The original goal of the IMF was to ensure economic stability post-WWII and post-Depression. When first
established, it was the lender of “last resort”, giving emergency loans to countries short of cash. It now as a
number of programs of poverty relief
Commodification
The process by which products, services or any form of human activity are transformed into c_________s. Once turned into commodities, they acquire an exchange value and can be sold on the market for profit. Commodification is an essential element through which c________m develops G___________n is said to have intensified the commodification process as the
logic of the market extends into every more spheres of life (e.g. privatization of services, which were previously supplied by governmental agencies)
Commodification
The process by which products, services or any form of human activity are transformed into commodities. Once turned into commodities, they acquire an exchange value and can be sold on the market for profit
Commodification is an essential element through which capitalism develops Globalization is said to have intensified the commodification process as the
logic of the market extends into every more spheres of life (e.g. privatization of services, which were previously supplied by governmental agencies)
The Great Recession
The Great Recession is a term that represents the sharp decline in economic activity during the late 2___s, which is generally considered the largest downturn since the Great Depression. The term “Great Recession” applies to both the U.S. recession, officially lasting
from December 2007 to June 2009, and the ensuing global recession in 2009. The economic slump began when the U.S. h_____g market went from boom to
bust and large amounts of mortgage-backed securities and derivatives lost
significant value.
The Great Recession
The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s, which is generally considered the largest downturn since the Great Depression. The term “Great Recession” applies to both the U.S. recession, officially lasting
from December 2007 to June 2009, and the ensuing global recession in 2009. The economic slump began when the U.S. housing market went from boom to
bust and large amounts of mortgage-backed securities and derivatives lost
significant value.
Fiscal Austerity
Refers to decisions by the government to reduce the amount of government b_______g over a period of years
Normally involves a combination of measures including increases in t_______n and/or cuts in government spending on state-provided goods and services
Fiscal Austerity
Refers to decisions by the government to reduce the amount of government borrowing over a period of years
Normally involves a combination of measures including increases in taxation and/or cuts in government spending on state-provided goods and services
