SOC101 Chapter Notes - Chapter 19: Modernization Theory, Capital Accumulation, General Agreement On Tariffs And Trade

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10 Aug 2016
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Chapter 19: Globalization
Globalization: worldwide exchange of money, goods and services as well as the socio-cultural
changes that occur as a result
ORIGINS OF GLOBALIZATION
-sixteenth century, western European nations developed economic systems that were based
on market principles whereby goods and services were produced and exchanged for profts
-as the merchant class continued to expand and grow wealthier, demand for more exotic
goods from areas around the world increased
Colonization: the political, economic, and cultural domination of countries in asia, Africa, and
americas by European countries starting in the sixteenth century
GLOBALIZATION TODAY
-today’s economies are more interdependent and integrated than ever before
-advances in technology has made the world an increasingly smaller place
-global development has created vast chasms between the rich and the poor around the
world
DEFINING GLOBAL STRATIFICATION
-stratification occurs when a society organizes people into a hierarchical system according to
their social class
Command economy: an economy in which the state rather than market forces, manages the
production and distribution of goods
Developed: wealthy, industrialized countries
Undeveloped: countries with poor economies; problematically implies a lack of economic talent
or exposure
Underdeveloped: countries that have yet to industrialize, or that have been intentionally
restricted in their development by developed nations
GLOBAL NORTH
Global north: wealthy industrialized countries in the northern hemisphere (first world)
GLOBAL SOUTH
Global south: poor countries in the southern hemisphere (third world)
-attempted to achieve development and prosperity through a third method: capitalism and
socialism
-however crushing inequalities and colonization made that impossible
newly industrialized countries (NICs): poor countries that are beginning to industrialized
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