Subject: GE6102 | The Contemporary World
Week 1-2:
• Globalization – process that involve interconnected changes in the economic, cultural, social and
political spheres of society.
o Expansion of capitalism
o Culturally – integration of ideas, ways of life, etc.
o Politically – development of forms of governance that operate on a global scale
• William Robinson – globalization as a process that began with the creation of the capitalist
economy. This is the inevitable result of capitalism.
• Effects of Globalization:
o Standard of living – level available to certain socio-economic class
o Quality of life – degree to which a person enjoys the important possibilities of his/her
life.
o Corporate level – product life cycle (period of time which an item is developed, brough
and removed from the world market).
o Negative Corporate Effects:
▪ Outsourcing manpower
▪ Decrease in wages
▪ Worker’s rights
• Standard of living pertains to the geographic area of an individual while Quality of life pertains to
the level of the country, he is living on
• Contemporary World is a study of trends about Globalization.
• Imperialism - the extending of a country's power and influence
• TRUE: Trade has become international as an effect of Global Economy
Week 3-4:
$1.25/day – extreme poverty
Economic Globalization – increasing interdependence of the world economics
Factors that facilitate economic globalization (influenced by):
1. Historical – example, trade routes in the old days
2. Economy – movement of goods determine the costs and values
3. Resources and Markets – natural resources contribute to it
4. Generation issue – usage of developed limits of creation
5. Political – exchange of understanding decides the extent of globalization
6. Mechanical Association – contracting of admins and sub-congregations
7. Advances – phase of innovation
Modern World System
• Poor countries can sell cheaply
• Poor countries lack industrial capacity so they need to import expensive goods from rich nations
• Dependency Theory – we do no distribute global wealth well
, Notion of International Economic Integration
• It started with joining different economic activities in some regions
The Market Integration
Role of International Financial Institutions in the creation of Global Economy:
• United Nation System – mobilize political cooperation
• IFIs – International Financial Institutions – provide financial support and professional advice
o IMF (International Monetary Fund) – provide financial assistance
o MBDs (Five Multilateral Development Bank) – provide financing development to
developing countries
▪ World Bank Group
▪ African Dev’t Bank
▪ Asian Dev’t Bank
▪ Inter-American Dev’t Bank
▪ European Bank for Reconstruction and Dev’t
Attributes of Global Corporations:
• Value Opportunity to Expand – high growth companies view international markets as untapped
markets full of potential
• Understand different cultures – some appoint foreign as founder or executive lead
• Turbo-charged by the Internet – less money needed for expansion
• Carefully chosen international partners
• Measure Success
• Think Globally – international marketing; most essential characteristic
Economic Globalization – increasing financial integration amongst countries. To develop global
marketplace or single world market
Factors:
1. Historical
2. Economy
3. Resources and Markets
4. Production Issue – companies look outward and go global due to sluggishness in market,
capacities of production, etc.
5. Political – trade understandings/agreements
6. Industrial Organization – technological development in production
7. Technologies – hence import/export due to technological development
Roles and Functions of UN:
• Japan – major pillar of diplomacy. Second largest financial contribution
• Japan – UN Commission on Human Rights
Globalization vs Internationalization:
Week 1-2:
• Globalization – process that involve interconnected changes in the economic, cultural, social and
political spheres of society.
o Expansion of capitalism
o Culturally – integration of ideas, ways of life, etc.
o Politically – development of forms of governance that operate on a global scale
• William Robinson – globalization as a process that began with the creation of the capitalist
economy. This is the inevitable result of capitalism.
• Effects of Globalization:
o Standard of living – level available to certain socio-economic class
o Quality of life – degree to which a person enjoys the important possibilities of his/her
life.
o Corporate level – product life cycle (period of time which an item is developed, brough
and removed from the world market).
o Negative Corporate Effects:
▪ Outsourcing manpower
▪ Decrease in wages
▪ Worker’s rights
• Standard of living pertains to the geographic area of an individual while Quality of life pertains to
the level of the country, he is living on
• Contemporary World is a study of trends about Globalization.
• Imperialism - the extending of a country's power and influence
• TRUE: Trade has become international as an effect of Global Economy
Week 3-4:
$1.25/day – extreme poverty
Economic Globalization – increasing interdependence of the world economics
Factors that facilitate economic globalization (influenced by):
1. Historical – example, trade routes in the old days
2. Economy – movement of goods determine the costs and values
3. Resources and Markets – natural resources contribute to it
4. Generation issue – usage of developed limits of creation
5. Political – exchange of understanding decides the extent of globalization
6. Mechanical Association – contracting of admins and sub-congregations
7. Advances – phase of innovation
Modern World System
• Poor countries can sell cheaply
• Poor countries lack industrial capacity so they need to import expensive goods from rich nations
• Dependency Theory – we do no distribute global wealth well
, Notion of International Economic Integration
• It started with joining different economic activities in some regions
The Market Integration
Role of International Financial Institutions in the creation of Global Economy:
• United Nation System – mobilize political cooperation
• IFIs – International Financial Institutions – provide financial support and professional advice
o IMF (International Monetary Fund) – provide financial assistance
o MBDs (Five Multilateral Development Bank) – provide financing development to
developing countries
▪ World Bank Group
▪ African Dev’t Bank
▪ Asian Dev’t Bank
▪ Inter-American Dev’t Bank
▪ European Bank for Reconstruction and Dev’t
Attributes of Global Corporations:
• Value Opportunity to Expand – high growth companies view international markets as untapped
markets full of potential
• Understand different cultures – some appoint foreign as founder or executive lead
• Turbo-charged by the Internet – less money needed for expansion
• Carefully chosen international partners
• Measure Success
• Think Globally – international marketing; most essential characteristic
Economic Globalization – increasing financial integration amongst countries. To develop global
marketplace or single world market
Factors:
1. Historical
2. Economy
3. Resources and Markets
4. Production Issue – companies look outward and go global due to sluggishness in market,
capacities of production, etc.
5. Political – trade understandings/agreements
6. Industrial Organization – technological development in production
7. Technologies – hence import/export due to technological development
Roles and Functions of UN:
• Japan – major pillar of diplomacy. Second largest financial contribution
• Japan – UN Commission on Human Rights
Globalization vs Internationalization:
