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POLS 1090 Study Guide - Final Guide: Global Governance, Neoliberalism, Financialization

Political Science
Course Code
POLS 1090
Bruce Smardon
Study Guide

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Tutorial 3 Terms
1. Neoliberalism: an approach to economics and social studies in which control of
economic factors is shifted from the public sector to the private sector
2. Globalization Project: an alternative form of organizing economic growth with scale
and power of transnational banks and corporations
3. Privatization: Privatization is when the government owned businesses or land, is
transferred over to be managed by private firms and corporations. This is often done to
increase efficiency of the business.
4. EPZs: export processing zones, these are zones that are typically set up by governments
and offer sort of incentives in the form of tax reduction and a few regulations on trade
which attract direct foreign investment
5. Colonization: Colonization is an ongoing process of control by which a central system of
power dominates the surrounding land and its components.
6. Debt Crisis: The debt crisis is the general term for a proliferation of massive public debt
relative to tax revenues. It instituted a new era of global governance. And, it spawned the
debt regime – external rule0based procedures that strengthened grip of the First World on
the Third World through international financial institutions.
7. Imports/ exports
8. Development project: An organized strategy of national economic growth, including an
international system of alliances and assistance established within the competitive and
militarized framework of the Cold War.
9. Legitimacy crisis: Crisis of legitimacy occurring between US led global governance and
so called new players in the global capitalism such as the BRICs and expanded
membership of the G20. Shifts in global governance as a result of the emergence of new
consensus for world order.
10. Financialization (237): Dominance of financial assets particularly derivatives. Large rise
over time in the size and importance of financial trans actions as portion of economy.
Debt instruments are becoming more important. (McMichael 237).
11. Outsourcing: relocates goods and services production as a cost-reduction strategy and a
means to increase operational flexibility of an organization. It includes offshoring, as
firms shift production overseas. Outsourcing has become significant for two reasons: (1)
the hypermobility of capital in an era of deregulation and expanding access to cheap/
flexible labour and (2) the privatization of states (McMichael 153).
12. Post-Washington consensus: The legitimacy crisis of neoliberal development under the
leadership of the so called Washington Consensus has occurred across the last two
decades. A set of neoliberal economic policies (trade and financial liberalization,
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