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Lecture 12

Lecture 12. 5 - Globalization.docx

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Willow Scobie

Lecture 12.5 Globalization – Guest Lecture, Dr. Salter Thursday, October 31, 2013 Logic of Market - Invisible hand: individuals making self-interested decisions with full information and freedom of consumption – will make the most efficient choice, which leads to overall efficient o Greed is good, greed works o Everybody looks out for their own best interest Real Change - Transport and communications costs declined since 1920 o Sea freight declined by 66% o Air travel declined by 84% o Transatlantic phone call by 99% - Global growth of 5.5% (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 produces 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, the product with the lower price will most likely be selected o Most efficient for the market o Worth determining through price - Spread of technology - Comparative advantage o What do you do better than any other country on Earth? o Those with money are those able to make the decisions Half Empty - Debt owned by the worlds’ 47 poorest country o Equal to Western military budgets - Yearly interest payments by African countries 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 - Political culture of individual liberty o Is Liberalism of this kind of universal good? o Is Liberalism trans-cultural or 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 and the 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 products o The moral argument about whether something is just, is based on whether or not there is customer for it - 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 the 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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