Globalizatîon
Globalization, Internationalization, Transnationalization
Globalization, Internationalization, Transnationalization
Set of flashcards Details
| Flashcards | 28 |
|---|---|
| Language | English |
| Category | Micro-Economics |
| Level | University |
| Created / Updated | 25.09.2017 / 25.09.2017 |
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What are the 3 eras of globalization?
1st Era -> Colonization (main agent state/country)
2nd Era --> ressources/labor (main agent companies
3rd Era --> own content (main agent individuals)
what does hybridization mean?
mixing local culture with global objects
what are the dimensions of globalization?
Historical
economic
political
cultural
ideologica
what are the 2 main drivers of globalization historically?
1. Declining trade and investment barriers --> free flow of goods/sercvices/capital
2.Technological innovations --> communication/information processing/ transportation technologies
what are the 3 main drivers of globalization techonoligally?
1. increased speed (distance irrelevant)
2. International standardization (compatible, same software)
3. Mass distribution through user-friendliness and affordability.
what are the 5 main drivers for globalization economically?
1. global capital movement
2. global trade
3. globalization of production
4. transnational corporations
5. international economic institutions.
what does free international trade allow countries to do?
specialize --> do what they do best and import the rest (columbia grows bananas instead of apples)
when and why did the first wave of globalization end?
beginning of the First World War --> liberalism declined and nationalism rose.
what was the most important international trade before the 19th. century?
Transoceanic flows of goods between empires and colonies
what made the world wide expansion of trade after the Second World War possible?
Reduction in transaction costs stemming from technological advances (civil aviation, improvement of productivity in the merchant marine, democratisation of the telephone as the main mode of communication)
What does interindustry trade mean and when did it take place?
It means that countries exported goods that were very differtent to what they imported ( england exchanged machines for Indian tea). This was tipical for the first wave of globalization.
what does intra-industry trade mean and when did it take place?
It means countries exported goods that were similaer to the goods and services they imported. (france now both imports and exports cars to and form Germany). This started in the second wave of globaliziation
Why is intra-industry trade important?
it allowed countries to specialise because they could exchange intermediate goods (e.g. auto parts) for related final goods (e.g. cars):
what are the majority of trading relationships?
Bilateral --> most countries export goods to a country they also import from
what is the difference between South-South / South-Nord / North-North trade?
South-South : trade between emerging economies
South-North: trade between advanced and emerging economies
North-North: trade between advanced economies
what factors affect trade negativly?
- less evolved financial institutions
-geographic distance (distance imposes cost on trade)
-war
-currency
what made standarization possible?
mass consumption, speed, user friendliness
3 phenomenons economic dimension?
- trade
-capital
-production
-
actor economic dimension
companies
what' the framework of the economic dimension?
economic institutions
International: WTO, IMF
Regional: EU, NAFTA, ASEAN, APEC
3 major trends (cultural dimension)
-universalization of culure (sneakers, mcdonalds)
-hybridization of culture
-back to the roots/revival of tradition
What are the 2 trends of the political dimension:
- Deterritorialization of politics --> opening of borders (you import political issues) you can't conrol everything (climate) Political problems become international
- Internationalization of politics --> to establish security you need the support of other countries or climate change, migration, sickness
Positive side of globalization
- more productivity/efficiency
-more jobs
- global wealth increases
Example for Hybridity:
fashion, music, food, film, dance
sushi, british breakfast, speak english at work, etc.
(mixed cultural identities)
Negative side of globalization
- environment
-human rights
-increased social inequalities and injustice
-destruction of one's own culture
how did every industrialization start?
textile industry
what is the difference between universal protectionism and particular protectionism?
universal --> wants equality for everyone (trade, protection international labor laws
Particular --> fears losing self-determination / culture / identity
3 trends cultural globalization
-homogenization
-hybridization
-back to the roots
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