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nov 6

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SOC 360
Darrell Mc Laughlin

Socioloth 360 November 6 2012 1 Chapter 27 Global informational capitalism -- Castells • Information economy is global; • World economy vs global economy (working in real time; • Everything is not global: domestic production and investment important and significant but influenced by the globalized core (financial markets, international trade, trans-national production, science, technology, and specialize labour. Definition of global economy • An economy whose core components have the institutional, organizational, and technological capacity to work as a unit in real time, or in chosen time, on a planetary scale. Global Financial Markets • Capital markets interdependent: working in real time and staggering volumes (1998: 1.5 trillion US daily); • Speculative nature of currency exchanges; • A number of factors affect financial markets – particular the crowd psychology; • Globalization of financial markets backbone of the new global economy. Globalization of markets for goods and services • Major trends ◦ Sectoral changes (goods and services); ◦ Diversification and shifting to developing countries (knowledge component and unequal exchange); ◦ Interaction of liberalization of global trade and regionalization (high tech in the North); ◦ Network of trade relations between firms (firms concentrated in the North with a few in developing countries, with China as an exception). Globalization vs regionalization? • Tension between liberalization and trading blocs formed by nation-states; • But regionalization complements global trade; • WTO and trade-related intellectual property right (TRIPS) – a new stage of the information economy; • Unit of trading: intra firm trading (1/3 of international trade), the state remains a major provider of services (supporting economic players). Internationalization of production • FDI: Most from OECD countries but US is declining, concentration is growing, and increasing diversification of production; Socioloth 360 November 6 2012 2 • The role MNC: account for 2
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