SOC101 Lecture Notes - Lecture 11: Northern Hemisphere, Worldwide Exchange, Planned Economy
26 Feb 2015
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Document Summary
Globalization: describes the worldwide exchange of money, goods, and service as well as the socio-cultural changes that occur with increasing trade and human contact. Globalization today: economies are more interdependent and integrated, advances in communication technologies have made the world an increasingly smaller place, global development has creates vast divides between rich and poor. These socialist countries existed within a command economy as originally forged by stalin, since the collapse of state socialism; the term second world has been used rarely. The majority of these former socialist countries are poorer and less industrialised than many countries in the global north. A command economy is one in which the state manages the production and distribution of goods: the terminology associated with development has also come under criticism. Rich, industrialized countries are known as developed. Poor countries have been class undeveloped, underdeveloped or developing: sociologists prefer to use the term global north rather than first world, and global.
