SOC 101 Lecture Notes - International Monetary Fund, Gross Domestic Product, Bretton Woods Conference
16 Oct 2011
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Document Summary
Globalisation: the worldwide exchange of money, goods, and services as well as the socio-cultural changes that occur as a result: entanglement of diverse cultures and economies, responsible for severing social arrangements based on location. Wallerstein: early empires spent most of their resources on military and could not afford to become global empires. Economic integration became possible with the rise of capitalism. 16th century western europe: nations developed economic system based on market principles, goods and services produced and exchanged for profit. Feudal system replaced by commercial enterprise: shift in land ownership primary inspiration behind emergence of capitalism. Colonisation: the political, economic and cultural domination of countries in asia, africa and the. Americas by european countries starting in the 16th century. Giddens: globalisation since 1970s different than in previous times: pre 1970s national economies defined by exchange of goods. Individual nation states losing the power to determine their own economic, political and cultural destinies.
