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Global Transformation.pdf

4 Pages

Social Science
Course Code
SOSC 1130
Rebecca Jubis

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Global Transformation: Neoliberalism & Contemporary Policy Directions Introduction Globalization: • Working definition o Elites ▯ globalization means business opportunities for the corporate world (Neoliberal approach to globalization) ▯ Focuses on markets and profits o Grassroots forces ▯ globalization means business opportunities for the global solidarity (Grassroots globalization or glob from below) ▯ Citizens to organize and challenge the present situation ▯ Focus more on people and their well being and less on markets and profits • Globalization has possibilities to connect us in one big village and also has a side that is not very bright • Globalization has uneven effects o There are winners as well as losers o The global world system has created greater inequalities between and within regions o Includes economic, social, and political dimensions o Has different consequences globally (some win and most lose) • Notation of power is left out in the definition of globalization o Power relations become invisible when people talk about globalization o Power needs to be addressed • Definition: “the integration of globally dispersed economic activities into a highly integrated world economic system under the hegemony if transnational capital” • Transnational Capital (TNC): o Production is geographically dispersed but organized globally o Assembly lines are global ▯ Inputs from different countries ▯ Management ▯ centralized under TNCs • Determine location, production, labour costs, political conditions o Corporate power is at the very core of the system o Integrate various sectors of the market with products and services ▯ Ex. President’s Choice, Loblaw’s, products, banking o Investment depends on prime conditions ▯ Economic activity is not evenly distributed • Manipulate to make greater benefits • Tend to investment in places where return is guaranteed o Greater inequality between north and south ▯ Wealth and poverty in all regions • Technology • Trade liberalization policies • Origins of the global system: post-WWII international restructuring o Institutions: o Originated after second world war o World Bank ▯ Development of projects • Ex. roads, damps o International Monetary Fund (IMF) ▯ International bank that lends money for balance of payment problems ▯ Policy of conditionality o World Trade Organization (WTO) 1. Multilateralism (intern “cooperation”) • Achieve better efficiency • Countries should open up borders for trades 2. Conservative Macroeconomic policies (fiscal restraint) • Eliminate the deficit Neoliberal policies for a borderless world: • Structural adjustment policies: the trilogy (liberalization, deregulation, privatization) • Borderless world is achieved through neo-liberalism • Stress free market and free trade • It applies liberalism, which was a political philosophy with the industrial revolution and stressed individual freedom and minimal role for the state • Neoliberalism applies that reality to capitalism o Economically, individual’s freedom to engage in market transactions without government interference ▯ Adam Smith ▯ invisible hand
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