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POLS 1090 (12)

Globalization project

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York University
Political Science
POLS 1090
Bruce Smardon

Pols 25 march • Three dimensions of the globalization project- global production, global trade and global finance. • Global production- TNC- organizing supply chains, epz- maquiladoras, exports- organizing growth and development. • International division of labor- exports of global south sent to the consumers in global north. • Global finance- transnational banks, integrated global financial markets. Based on speculative trading- major massive capital flows on a daily basis among economies. Major destructions- 1955 Mexican peso crisis. 2008-9 sub-prime mortgage crisis. Mexican economy was restructured in the after math of the Peso crisis- IMF as the key body which demanded conditions from the Mexican state in order to receive loans- conditionality. • Number of consequences to this interconnected structure. • 1. It has provided a restored basis for corporate profitability. Fordist golden age- general decline in profitability in the larger part of 60s and early 70s arose from several sources.- labor was in strengthened position because of low unemployment, increasing need to restructure production in the face of excess capacity. How in the face of these conditions the necessary adjustments could not occur because of the way in which Keynesian welfare state supported higher levels of employment in national economies and supported wage increases in male dominated sectors of high unionization. • Inconsistent with the need for capital to restore the rate of profitability • A set of social conditions which was placing obstacles in thr ability of capital to move through the stages of production and attain sufficient need of return or adequately convert M in to M’. • 1. Neoliberal globalization – in the 1970s- Global production- undermining strength of national labor movements are increasingly undermined- outsourcing Outsourcing- in both the public and private sectors which undercuts unions and the ability of workers to resist conceptions. Concessionary bargaining by unions- agreeing to lower wages and benefits in order to maintain cos
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