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Bridget O' Shaughnessy

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Globalization 01/30/2014 Barry Lynn. Pg. 464, New Society “ 1. Globalization is good because it spreads what is good in America, such as liberal approach to business, and McDonald’s. 2. Globalization is bad because it spreads what is worst about America, such as liberal approach to business, and McDonald’s” Globalization Shrinking of the world More connected Countries are interconnected politically, economically, culturally Allow money, capital to spread Profound connection Ex. How American economy impact Canadian economy Travel and migration Communication Time-space compression Technology allows us to connect fast Allow ideas to spread Economic Interconnectedness World Trade Organization International Monetary Fund World Bank “Three sisters” Top-down Globalization Capitalism(overcapacity, taxes, global commodity chains, cultural imperialism) Multi-national companies are large, powerful Problem: over-capacity These companies are making more products than those people who have the abilities to buy the products Ex. More cars than consumers who can buy them Taxes: These big companies do not pay their fair taxes Also avoid paying taxes by shifting their assets to other place Decline in corporate taxes Commodity chains: Products are made all around the world Culture is also commodity The largest export of US is culture Cultural imperialism American images, ideas, etc. Shaping our views. US culture too focus on sex, violence, feminist. Many alternatives have appeared. Ex. Hollywood Bollywood Financial Capital (casino capitalism) Money to invest Growth of financial capital Casino capitalism: people use electric market, but not so safe selling and buying quickly, like a gambling to the world financial market we need our market to be stable Neo-liberal economic policy Little to know regulation from govern to the market Need to step out(for govern) Includes: less govern spending, less govern regulation, emphasis on people taking responsibility for their welfare by themselves than govern, less protection for workers like wages, worse restriction on working conditions, less protection for environment, etc. Responsible for big financial crisis Critique of new-liberal economics: Subprime mortgage crisis in US sets off global recession Subprime(:::) Mortgage Crisis Housing values declined, interest rates increased leading to an increase in mortgage delinquencies and foreclosure Historical loose The bank
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