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Lecture 4

globalization and the new economy lecture 4.docx

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Communication Studies
Harry John

Globalization and the new economy  Globalization o What is it?  Globalization is the latest stage in a process characterized by the spread and intensification of free market capitalism across the globe  Globalization is mobility. Mobility of labor, ideas, capital, technology and profits can move across borders with minimal governmental interference. This process has also gone by the name of neo-liberalism  The main points of neo-liberalism include  The rule of market or private enterprise is the most efficient way to do business. This means de-unionizing workers, no co-ops etc.  Cutting public expenditures for social services such as education and health, reducing safety net for the poor, cutting back on maintenance of roads, bridges and water while encouraging corporate subsidies and tax cuts  Privatization means selling state-owned enterprises to private investors. This includes electricity (such as Ontario hydro), toll high ways (407), school, health care facilities and even fresh water  Eliminating the idea of the public good or community and replacing it with individual responsibility. This means blaming those who fail on themselves. There is an absence of moral or social responsibility as a condition of citizenship  The main issues o Supporters of globalization argue  1. Organizations such as the world bank, the IMF, and the general agreement on trade and tariffs (GATT) pressure countries to open borders so that capital goods and services can move freely  2. Poor countries and their citizens benefit economically by increased employment opportunities and rising living standards for everyone thereby  3. Decreasing worldwide inequalities of wealth and poverty o Opponents of globalization argue  1. Economic benefits go to transnational corporations such as timewarner, Exxon Mobil, at and t, Wal-Mart and so on at the expense of local enterprises, local cultures and their physical environments  2. Instead of leveling the playing field, these transnational companies increase inequalities of wealth, power and privilege between the developed rich part of the world and the less developed poorer regions of the world  3. Democracy, human rights, human physical well-being and labour rights are undermined by globalization and its neo-liberal philosophy  Globalization, inequality and development o How did the globe become divided into such distinct worlds of development? o 1. Imperialism and colonialism (binary model of world development)
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