ALL GGRC45 LECTURE Notes Complete Set.pdf

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Min- Jung Kwak

Lecture 1 Globalization Overview110410 1118 PM TA seitzdgeogutorontocaBV448 THURS 11 am12 pm Key Questions What is GlobalizationGlobalization is the act of globalizing from the nouns global meaning pertaining to or involving the whole worldworldwide or universal World Bank the growing integration of economies and societies around the world The focus of globalization is economicUN while the definition of globalization varies with the context of analysis it generally refers to an increasing interaction across national boundaries that affects many aspects of life economic social cultural and political Globalization affects many different aspectseconomics media and communication etc look at slide I sit at a mahogany table from Honduras The carpet on which it stands has been manufactured at Kidderminster in England from wool brought by a sailor from the River Plate or New South Wales The tea in a Berlin porcelain cup came from China or Assam the coffee from Java the sugar from Lower Saxony Brazil or Cuba I smoke Puerto Rican tobacco in my pipe whose stem grew in Hungary the material fro its Meerschaum bowl carved in Thuringia was dug in Asia minor the amber mouth piece came from the Baltic Sea and the silver for the rim from the silver mines of the Erzgebirge Harz or perhaps from Potosi Peru Karl Andree German economic Geographer 1867Globalization is difficult to define Globalization scholars regularly debate what is actually meant by the term However most agree on two thingsGlobalization is happeningGlobalization is a process of increasing interconnectedness Globalization is nothing new it is just in a number of waves and we are in a crucial wave right now The map shows the trading routesbetween central Asia and Iraq This is not newin fact the current wave of globalization resembles those prevailing before the outbreak of the First World War in 1914 o For example mass migration went on from European counties We have more immigrants coming from tharound the world but number wise we have more coming in at the end of the 19 century Then why does globalization matter o The policy responses at national and international level o Improvement of information technology o Advancement of transportation technology omuch intensified processes and outcomes Between the Old and the New WorldColumbine Exchange Before hunting and squash tomatoes didnt exist in European soils but those things are exported The slave trade 18 million people are shipped from Africa to North America and other countries Mass migration of labour Measuring GlobalizationTrade openness FDIforeign direct investments Capital Account RestrictionsBarriers to tradeo All these are economically focused Economic Globalization focusedDrawbacks of previous attempts to measure globalizationMost studies focus on economic dimension onlyAd hoc detriments of weightsTradecapital restrictions missingLack of time dimensioncomparability Definition of GlobalizationGlobalization includes social political as well as economic factors It may be defined as the intensification of crossnational economic political cultural social and technological interactions that lead to the establishment of transnational structures and the integration of economic political and social processes on a global scaleKOF Index Globalization The index not only looks at economic it also looks at social and political globalization Broad focus Much wider sample Weights determined by objective statistical method Trade Capital restrictions included Comparability over time Variables transformed on 1100 scale where higher values represent more globalization Results in data for 122 countries 19702007 Measuring Globalization Multi Dimensionseconomic globalization characterized as long distance flows of goods capital and services as well as information and perceptions that accompany market exchanges social globalization expressed as the spread of ideas information images and people political globalization characterized by a diffusion of government policiesPolitical Economic Dimension Ohmae K 1993Many critics critized him for his work A well known business manager guru The borderless world as a result of irresistible globalizations processes o Transnational flow of financial capital o Open trade and more regional integrated industrial production o Footless TNCs o homogenizing consumer tastein the borderless economy the less state interventions in these regions the better of they will be
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