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SOCIOL 1A06 Study Guide - Quiz Guide: Glass Ceiling, Subvertising, Sweatshop

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Sandra Colavecchia
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Quiz 5
February 24, 2016
World cultures are becoming more alike
Space-time compression (technology allows us to connect to vast demographic distances
Top-Down Globalization:
-more cars than customers can buy
-global commodity chains, culture has become a commodity
-American ideas, images and values are being exported around the world (ex. what is
!Financial Capital
-includes money used for investments on the market
-Casino Capitalism: reflects the criticism that it has allowed people to make a lot of money by
doing nothing at all
!Neo-liberalism economic policy
-little to no regulation of the market
-less government spending, shifting responsibly from government to the people, less
protection of government regulations over the environment
-Critique: subprime mortgage crisis in US sets off global recession
!Subprime Mortgage Crisis
-housing values have declined, interest rates increased leading to an increase in mortgage
delinquencies and foreclosures
-decline in capital, global recession resulted
-2006, housing prices started to go down at the same time as interest rates started to go up
Top-Down Globalization:
Free trade agreements and export processing zones or free trade zones
-reducing barriers for importing/exporting
-located in various nations
-provides jobs for residents in the area (labour is intense and low wages)
-huge tax breaks
Political and economic establishments
-making rules for others
-making a consumer familiar with a product
-selling a lifestyle
-brand recognition
!bottom-up globalization, alternative globalization, global social justice movement
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