NS - Chapter 19 – Globalization.docx

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Chapter 19 Globalization
Defining globalization
Globalization: is a social, economic and political process that makes it easier for people,
goods and capital to travel around the world at an unprecedented pace. Globalization
makes the world look and feel smaller.
Time-space compression: suggests that we are no longer slowed down by long distances
and time differences.
Virtual communities: people can meet, share ideas and build relationships across state
borders without ever meeting face to face.
Digital divide: inequality of access to means of communication (i.e. internet)
Top-down versus bottom-up globalization
Top-down globalization: involves the actions of groups promoting globalized capitalism
and free trade.
TDG has been dominated by neoliberal economic policies. They are associated with a
retreat from state spending and regulation, a focus on individual responsibility for one’s
own welfare, less protection for labor and the environment, privatization of state resources
and faith in the power of the market and the profit motive to create wealth.
TDG has also been referred to as the “Washington consensus”
Globalization from below: describes the actions of groups that criticize the injustices that
result from globalization processes.
Bottom-up globalizers are not necessarily against globalization, but they are against the
neoliberal forms of globalization that put capital mobility and profits before people’s basic
The rise of financial capital has been labeled “casino capitalism” since financial speculators
stand to make or lose millions of dollars in a short time.
Democratic deficit: ordinary citizens are disenfranchised from the process of governance.
Global commodity chain: a worldwide network of labor and production processes, whose
end result is a finished commodity.
Consumerism: a way of life in which one’s identity and purpose is oriented primarily to
the purchase and consumption of material goods is currently being exported to the
world’s middle and working classes.
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