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Lecture 4

SOC203 week 4.docx

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SOC 203
Tonya Davidson

SOC203 – WEEK 4 Early international trade & Colonization: Colonialism earliest form of globalization, it wasn’t about trade as much as it was extraction. Ex. lumber, beaver and human beings (the slave trade) 20th century: Challenges to global capitalism and imperialism  Russian revolution 1917 – A large part of the world said no to capitalism  1940s -1960s – Emergence of Fordism – Henry Ford paid his workers enough so they can afford the products of their labour. So they lived comfortably. It was a moment in which the logic of exploitation was gone. Keynesian economics (1930s -1980s) Capitalism would work better if workers are not constantly worried about their survival. This led to the idea of a welfare state. So they are rest assured that they would have healthcare and that their kids would have a proper education. The state took care of things like healthcare, employee insurance etc..  Independence movements in Africa, India and Asia (1950s – 1970s) All countries became independent from colonial colonists. This was a challenge to the earliest moments of globalization. This set the stage for our current global economic condition. The new world order post WW2. (Bretton Woods, 1944)  International Monetary Fund – 185 countries that were designed to promote internal economic stability by offering short term loans to countries.  World Bank – established to fund development projects in newly independent countries in global south  World Trade organization – supports the idea of free trade, opening global economic trade 1973 Oil Crisis  War between Egypt and Israel  U.S. took Israel’s side  So Egypt made oil super expensive for Western countries  Oil embargo led to increased inflation and high interest rates  Governments globally accrued huge national debts  International financial crisis happened There were conditions attached to the loans granted by IMF (Structural Adjustment Programs) Stop spending money on schools, open your markets to global trade Don’t understand Neoliberalism Neoliberalism is : a set of ideas = ideology. Which includes the 3 following things: ( This is in the slides too) 1.That in a country public services should be privatised (for example, the TTC is a government owned company that provides a public service which is transportation, if we are to apply the idea of neoliberalism we would sell the TTC company to a private company and let the private company provide transportation) 2. Austerity measures: means to cut welfare expenses. So, neoliberals don't like to spend a lot of money on welfare. They want to spend AS LESS MONEY as possible for the welfare of citizens. 3. Libarlizing market: means that neoliberalism encourages OPENING markets and economies and making a lot of Free Trade Agreements with other countries. 1989-1991 Fall of Communism in Eastern Europe Transnational Corporations – have businesses in 2 or more countries  Global health – in 1980s major American cigarette company went to south and gave cigarettes to teenagers.  Nestle – 1980s – they made infant formula, went to southern countries and dressed salespeople as nurses and tried to convince new mothers that they needed it. Immune system problems, they became independent on it, only had unsafe water, wasting their money on a luxury, something that wasn’t necessary. Infant health went down  Ford dismantled public transportation to increase businesses. Was bad because it disabled accessibility. There are three theories for Globalization: 1. Modernization Theory 2.World Systems Theory 3. Dependency Theory 1.Modernization Theory: Idea that economic globalization if good because the global north is exporting, because there is also a trade of modern western ideas a
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