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Lecture 48

GOVT 2225 Lecture Notes - Lecture 48: Arnold Schwarzenegger, World Health Organization, Yuppie

Course Code
GOVT 2225
Anna Haskins

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What is Globalization?
Cowen 2002: “A typical American yuppie drinks French wine, listens to Beethoven on a Japanese
audio system, uses the Internet to buy Persian textiles from a dealer in London, watches
Hollywood movies funded by foreign capital and filmed by a European director, and vacations in
Bali; an upper-middle-class Japanese may do much the same. A teenager in Bangkok may see
Hollywood movies starring Arnold Schwarzenegger (an Austrian), study Japanese, and listen to
pop music from Hong Kong and China, in addition to the Latino singer Ricky Martin. Iraq’s
Saddam Hussein selected Frank Sinatra’s “My way” as the theme song for his fifty-fourth
Narrower Definition of Globalization:
Bhagwati: “Economic globalization constitutes integration of national economics into the
international economy through trade, direct foreign investment (by corporations and
multinationals), short-term capital flows, international flows of workers and humanity
generally, and flows of technology”
Stiglitz 2000: Globalization “… is the closer integration of the countries and people of the world
which has been brought about by the enormous reduction of costs of transportation and
communication, and the breaking down of artificial barriers to the flows of goods, services,
capital, knowledge, and (to a lesser extent) people across borders.”
Stiglitz 2000
Why has globalization become so controversial?
How is it both vilified and praised?
Do/can its benefits outweigh its problems?
Proponents of Globalization
International trade helps economic development and increases life expectancy in
developing countries
It reduces the sense of isolation and provides developing countries increased access to
It has lead to the creation of important international institutions like the United Nations,
the International Labor Organization, and the World Health Organization
Bhagwati’s Basic Position
Bhagwati was an economic planner for India in the early 1960s assigned the task of
reducing poverty
He, along with others, identified economic growth as the primary means of reducing
Attracting foreign direct investment became a primary means of catalyzing growth
Globalization is the Solution
Trade promotes economic growth
Open capital markets allow for an efficient mobilization of capital
Multinational corporations provide better alternatives
Economic growth reduces poverty
World Bank 2001
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