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SOC1101 – Guest Lecture.docx

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University of Ottawa
Willow Scobie

SOC1101 – Lecture 12 Guest Lecture – Dr. Salter Globalization Logic of Market  Invisible Hand: Individuals making self-interested decisions 0 with full information and freedom of consumption – will make the most efficient choice, which leads to overall efficiency. - Greed is good, greed works. Everybody looks out for their own best interest Real Change  Transport and communications costs declined since 1920 - Sea freight declined by 66% - Air travel declined by 84% - Transatlantic phone call by 99%  Global growth of 3.5% (1960-2000) A rising tide lifts all boats  “Globalization makes us richer – or makes enough of us richer to make the whole process worthwhile”  “Globalization benefits producers by giving them greater choice over their raw materials, production techniques, and human talent, not to mention over the markets where they sell their goods.”  Globalization benefits consumers by providing them with better goods at better prices.” Half Full - Specialization - Competition o If there are two options, I will choose the one with the lowest price o Most efficient for the market o Worth determined through price - Spread of Technology - Comparative Advantage o What do you do better than any other country on Earth? o Those with money = those able to make the decisions Half Empty  Debt owned by worlds 47 poorest country $422B o Equal to Western military budgets  Yearly interest payments by African countries $15B o Equal amount to counter AIDS **Globalization increases efficiency and thus prosperity. Dangers of Globalization  Limits power of Government o In view of power markets o Because capitalism requires small government, states around the world are less free to make choices surrounding what they want to do o The market has much more power than the state does  Political culture of individual liberty o Is liberalism of this kind a universal good? o Is liberalism trans-cultural? Multi-cultural? o Puts individual against individual o Is this a good system to be promoting? o If capitalist has an individual ideology, we have to consider the pros/cons  Market is self-regulating – consumers will police corporations o An underlying assumption that what stops corporations from being corrupt is people buying or not buying their produce o The moral argument about whether something is just, is based on whether or not there is a customer for its  Left Critique: change of master – from government to corporation  Tyranny of place: 3B limited to local Big gap in global incomes - Global inequalities between individuals is increasing due to differences between countries - Rich are getting richer IMF/WB (International Monetary Fund/World Bank)  Macro-economic balance o Domestic deficit spending off-set by international borrowing or “printing money” which causes inflation  “One size fits all”: developing states whic
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