SOCI 1001 Lecture 1: Global Stratification
Document Summary
Net result of global business is the u. s. trade deficit, which tells us if we"re are exporting more goods to other countries than we are importing from other countries. Since the mid 1970s we have had a massive trade deficit because we are importing more than we are exporting. Bad in the long run for the u. s. economy, will lose lots of american jobs. Colonialism- political dominance (accompanied by social, economic, and cultural dominance) over a people by a foreign power (ex. Neocolonialism- economic domination and exploitation of poorer countries by stronger countries (ex. Multinational corporations (mncs)- huge business organizations headquartered in a rich country whose operations transcend national boundaries. Top 500 corporations generate of the gross world product. International financial institutions- control the flow of investment from rich to poor countries. Neoliberalism- economic practices that emphasize open markets, lack of government regulation, free trade, and globalization. Ed happens as a result of internal dynamics in a country.
