GLOBL 2 Lecture 7: Week 7 Lecture

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Global Studies
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Theories of Economic Globalization Populist Revolution, Threat of Nuclear War The World as a Single Economic Unit Capitalism has always been global profit Rise and fall of great powers global dominance is not forever Systems thinking National economies must be understood by one another Hegemony Globalization is completely new CorePeriphery Hierarchy Core: strong states with dominant economies; draw wealth from weaker states; control world economy (poor economies); (US, Europe, Japan, Australia, New Zealand); sells consumption goods to periphery; takes profit and goods from semiperiphery Periphery: weak states with low levels of economic development difficulty mobilizing due to poverty; unequal relationship with powerful wealthy nations (most of Africa and Latin America) Semiperiphery: middle class; yields up wealth to core; extracts from periphery (China, India, Korea, Singapore..) > once might have been in the periphery = possibility of movement Capitalist World Economy Capitalist: requires consumers; endless accumulation of capital (foreverrenewed profit) Worldeconomy: exchange of goods, capital, and labor; many political units (interstate system) Interstate system system of government (international vs national) Governments have to be strong, but not too strong; strong enough to benefit from industries, but not too strong that they can stifle production World Empire: Single political authority for the worldsystem Not possible in the modern worldeconomy: stifles capitalism (markets are more efficient sources of power than control by emperors) Hegemony: The process by which a dominant culture maintains its dominant position Ideas of the hegemonic group in culturemedia Leadership: economic, political, cultural dominance of one state over another (including one set of ideas over another) Domination by consent rather than force Cycles of Global Capitalism: Hegemonic Powers
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