SY101 Study Guide - Midterm Guide: International Monetary Fund, World Trade Organization, Free-Trade Zone
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SY101 Full Course Notes
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Document Summary
Globalization is the latest stage in a process characterized by the spread and intensification of capitalism across the globe. Involves the interaction and integration of increasing numbers of people through international trade and investment, travel and tourism, and information technology and the mass media. The growth of tourism is one indicator of the spread of international contract between people, caused by cheap air travel, global communications and the internet. Export processing zones tax free factory cities young girls are lured here. Often leads to disappearance of local enterprises, restaurants, etc. in favour of foreign competition. Transnational corporations like time warner benefit at the expense of local culture, and ordinary people. Model consisting of first, second and third worlds are used to depict global stratification. Third world any nation that doesn"t fit in these two. Imperialism taking over other countries so companies can expand their markets and access cheap raw materials. Colonization - powerful nations made colonies out of weaker nations.
