Lecture 7 Notes

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University of Toronto Scarborough
International Development Studies
Anne- Emanuelle Birn

IDSB04- Lecture 7 Chp. 9 November 162010 What is globalization? - See Table 9-1 p.424 Key - Not new generally: an old historical process - Migration and diffusion of people, ideas and resources, goods, capital, technology etc. - Increasing interconnection and interdependence via particular political- economic relations that compress time, space and cognition - Process of greater integration within world economy through movements of goods and services, capital, technology and labour, which lead increasingly to economic decisions being influenced by global conditions The New globalization. - Pace at which it occurs Much faster now - Underwritten by hegemonic ie dominant and largely unquestioned ideology: neoliberalism - Globalization good or bad? depends on circumstance, generally good Neoliberal economic model - re-read p164-170 - 1960s serioes of global energy and financial crisis leas to recession, higher interesst rates, higher interest rates, higher price of oil and other commodities - Countries forced (irresponsibly?) to borrow heavily to pay for imports leading to massive debt - Several countries began to default on their loans 1980s? To stabalize these countries and to entice them to pay back loans, IFIs step in promoting, in effect, neoliberalism Neoliberal economic model - Belief in infallibility of market - Deregulation of economy market self-regulated - Liberation and expansion of trade and global markets - Inflation control - Tax cuts and government downsizing - Reductioon in spending and privatization of social services - Stricter controls on organic labour - Abandonment of public health and safety protections www.notesolution.com
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