SOC103H1 Chapter Notes - Chapter 7: Neoliberalism, Deindustrialization, World Trade Organization
Chapter 19: Globalization
The Global Ethical
-consequences of globalizations do affect lives of humans i.e. strong opinions and
ethical positions
-Occupy Wall Street movement
-began in Sept 2011 in US
-themes: challenge inequality and reclaiming public space
Top-Down versus Bottom-Up Globalization
-Top-down globalization: actions of groups promoting globalized capitalism and free
trade
-dominated neoliberal economic politics
-US is very dominant
-Neoliberalism: theory that focuses on individual’s responsibility on welfare, less
protection for labour and environment, privatization of some resources and faith
-globalization from below: actions of groups that criticize injustice resulted from
globalization process
Financial Capital/Corporates
-financial capital: money used for investment, currency trading
-casino capitalism used to describe financial capital as one can lose or gain millions
-Corporates are very powerful
-62% of world entities are corporates
-don’t pay big taxes (or else they will threaten to move)
-Reasons for government debt= corporates aren’t paying tax
-Canada’s tax rate has fallen 20% from 80s to 2010
-Controversy surrounding corporate power: environment, engineered ingredients,
labour
Document Summary
Consequences of globalizations do affect lives of humans i. e. strong opinions and ethical positions. Top-down globalization: actions of groups promoting globalized capitalism and free trade. Neoliberalism: theory that focuses on individual"s responsibility on welfare, less protection for labour and environment, privatization of some resources and faith. Globalization from below: actions of groups that criticize injustice resulted from globalization process. Financial capital: money used for investment, currency trading. Casino capitalism used to describe financial capital as one can lose or gain millions. Don"t pay big taxes (or else they will threaten to move) Reasons for government debt= corporates aren"t paying tax. Canada"s tax rate has fallen 20% from 80s to 2010. Controversy surrounding corporate power: environment, engineered ingredients, labour. Democratic deficit: ordinary citizens are disenfranchised from process of governance. Exported processing zones: special financial deals are used to lure corporations to set up shop and provide jobs. Used in less developed countries so corporates will move there.
