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Chapter 15

SOC101Y1 Chapter 15: Week 15 Reading: Globalization & Global Inequality

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Christian O.Caron

Globalization and Global Inequality Global Inequality - Bottom 80% own less than 6% of the global wealth - Next 19% own 16% of the global wealth - Top 1% own 48% of global wealth Modernization Theory: global inequality resulting from inadequacies in poor societies themselves, including lack of: - Capital - Western business techniques - Stable governments - Western mentality emphasizing on savings, investment, innovation, education, high achievement, and self-control of having children Dependency Theory: - Industrial Revolution enabled Britain, France, Spain, Portugal, the Netherlands, Belgium, Italy, Russia, and the US amassed enormous wealth, which they used to establish armed forces to subdue and then annex or colonize most of the rest of the world between the mid-18th century and mid-20th century - Neo-colonialism established by creating a system of dependency involving three main elements: - Substantial foreign investment - Supporting authoritarian government - Mounting debt Globalization: social, economic, political process that makes it easier for people, goods, ideas, and capital to travel around the world at an unprecedented pace - Digital divide: inequality of access to means of communication Top-Down Globalization: involves the actions of groups promoting globalized capitalism and free trade Neoliberal Economic Policies are associated with: 1. A retreat from state spending and regulation 2. Focus on individual responsibility for one’s own welfare 3. Less protection for labour and the environment 4. Privatization of state resources 5. Faith in the power of the market Globalization From Below: describes the actions of groups that criticize the injustices that result from globalization processes 1. Spread of international human rights 2. Global labour standards 3. Increased democracy in the global system 4. Environmental protection - Not a cohesive movement and more a broad framework that encompassess multiple perspe
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