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Lecture 7

IDSB04H3 Lecture Notes - Lecture 7: Lesson Learned, Debt Relief, World Trade Organization


Department
International Development Studies
Course Code
IDSB04H3
Professor
Anne- Emanuelle Birn
Lecture
7

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Lecture 7: Chapter 9 Globalization, Trade, Work and Health
*What are the differences b/w global health and international health?*
Globalization t the process whereby people (and the world at large) are becoming more interconnected
+ independent via particular political t economic relations that work to compress time, space, and
cognition (awareness of world as a whole)
Table 9.1: Key Definitions Relating to Globalization, Trade, and Work
Free trade zones/export processing zones t areas of a country where tariffs + quotas are eliminated and
regulations + labor protections are lowered
- In hopes to attract new business + foreign direct investment
- Most free trade zones are labor intensive manufacturing centers that involve the import of raw
materials and the export factory products
Deregulation t reduction of the role of state in goods, service and labor market
Informal sector t work carried out outside the official legal and social institutions of society
Multinational and transnational corporation t enterprises that own, manage, or oversee production and
deliver goods and services in at least two countries
Capital t owners, investors, and financial and physical resources
Labor t work or workers and the sum total of the goods and services they produce
GNP - A measure of national income and output that estimates the value of all goods and services
produced in an economy. GNP included personal and governmental expenditures, private domestic
investment, exports minus imports, as well as net income from assets abroad. Gross domestic
product (GDP) by contrast does not include income from abroad, which for some countries can be
substantial
Protectionism t an economic policy of restraining trade between nations thru tariffs on imported goods,
restrictive quotas, and other governmental regulations that discourage imports
Free trade t a market model in which trade in goods and services between and within countries flow
unhindered by government-imposed restrictions. In reality most ^free trade_ is not truly free, as the
government creates regulations and loopholes that favor large enterprises at the expense of smaller
businesses
Currency devaluation t a reduction in the value of a currency with respect to other monetary units, as
opposed to inflation, which implies a reduction in the value of a currency in terms of ability to obtain
goods and services
Foreign exchange market t a market that exists when one currency is traded for another by large banks,
central banks, currency speculators, transnational corporations, governments and other financial
institutions
Foreign direct investment t investment made to acquire lasting interest in enterprises operating outside
of the home country economy of the investor
Liberalization t policy that allows prices to be determined by market forces, including exchange rates,
interest rates, real wages; lifts barriers to trade and investment such as tariffs and non-tariff
barriers; ^opens_ economies; reduces the subsides that keep prices of some essential goods
artificially low so that the ^price is right_ and reflects the actual value of the good in the market
Subsidiary/foreign affiliate t a business entity that is controlled by another (often foreign) entity
Privatization t selling of government assets and state-owned enterprises
Progressive taxation t a rate of taxation in which the effective tax rate increases as the amount to which
the rate is applied increases. With regard to income taxes, people with a higher income would pay a
higher percentage of that income in taxes
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Tariffs and duties t a tax on foreign goods on importation, tariffs can be a set amount or a percent of
the total value of imports, or be set according to weight or volume
Foreign reserves - foreign currency deposits held by central banks and monetary authorizes to safeguard
against recession
Subsidies t governmental financial assistance, usually in the form of grants, tax breaks, or trade barriers,
in order to encourage the production or purchase of goods
Angles on health and globalization: p418
- Impact on health of neoliberal globalization
o ^free_ trade and financial liberalization: Privatization and deregulations
o Debt crisises and imposed conditionalities of IFIs to abandon welfare state
o Environmental change
o Restructuring of labor processes
o Creation of free trade zones
o Occupational (work-related) health and disease
- Health problems also understood as manifestation of globalization
o Spread of infectious diseases (ex: SARS, HIV, TB, West Nile)
o Spread of political, social and cultural conditions that underpin health and disease (ex:
mental illness, diabetes)
- International Health reshaped as ^global Health_
Globalization did it all start at UofT?
- Marshall McLuhan t Medium is the Massage t changes in the way people function
o Coined the term mass communication: electronic media; cultural interconnected
Globalization defined p418
- Any system of transcontinental trade and travel
- Integration of economies into global market
- Communication accelerated: transportation, electronic media
- International flow of capital, labor knowledge
- Cultural importation/invasion/hegemony
Neoliberal Globalization p420-1
- Promotion of ^free markets_/ removal of trade barriers resulting in:
o Reduction of subsides for the poor
o Cost recovery/user fees for essetnail services
o Privatization of public assets
o Weaken role of government
o Growing dominance of western-based transnational capital
o High military expenditures t obtain oil, Iraq war, control over a country[s goods,
Political order dominated by the logical of the market
What[s old/ongoing and what[s new in globalization
Old ongoing:
- Promotion of free trade 17th-18th century
- Appalling factory conditions 19th cent t child labor
- Communications/transportation revolution 19th cent
- Transnationalism (colonialism)
- ^cocacolisation_ t cultural and corporate
New:
- Internationalization of finance (mostly speculative)
- Rate of increase in social inequalities
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