Globalization - Contemporary World

2. Why do you need to study the world?
 Your daily experiences are considered interactions with your
country.
 The media and the internet are also your windows to the
contemporary world.
 Finally, your consumption habits are global.

3. Why study this course?
 First, studying the outside world is a cure to a parochialism
or an outlook that is limited to one’ immediate community.
- The parochial person is, thus, close-minded.
 Second, it is important to study the world because it can
teach you more about yourself.
 Lastly, you need to study the world because you will be
interacting with it.

4.  The term “globalization” is derived from the word “globalize”
which refers to the emergence of an international network of
economic system.

5. • In economic terms, it usually refers to the integration of the
national markets to a wider global signified by the increased
free trade.
• It is a process by which goods, services, capital, people,
information and ideas flow across national borders.
(Grewal/Levy)
• The expansion and intensification of social relations and
consciousness across world-time and across world-space.
(Manfred Steger)

6. • According to Arjun Appadurai (anthropologist), that globalization
can be divided into the five “scapes”.
* An “ethnoscape,” refers to the global movement of people.
* A “mediascape,” is about the flow of culture.
* A “technoscape,” refers to the circulation of mechanical
goods and software;
* a “financescape” denotes the global circulation of money;
* an “ideoscape” is the realm where political ideas move
around.

7. Globalization has various aspects which affect the world in
several different ways. These aspects include:
 Industrial globalization – development of worldwide production
markets and broader access to a range of foreign products for
consumers and companies involving particularly movement of
material and goods between and within national boundaries.
 Financial globalization – development of worldwide financial
markets and better access to external financing borrowers.
 Economic globalization – establishment of global common
market, based on the freedom of exchange of goods and capital.

8. Globalization has various aspects which affect the world in
several different ways. These aspects include:
 Political globalization – creation of international organizations
to regulate the relationships among governments and to
guarantee the rights arising from social and economic
globalization.
 Informational globalization – increase in information flows
between geographically remote locations.
 Cultural globalization – sharing ideas, attitudes and values
across national borders.

9. Elements of Globalization
1. Trade Agreements – bilateral, regional or multilateral economic
arrangements designed to reduce or eliminate trade barriers.
2. Capital Flow – measurement of increase or decrease in a nation’s
domestic or foreign assets.
3. Migration Patterns – impact of labor market fluidity on production
costs through the loss (emigration) or gain (immigration) of potential
workers especially those with particular skills.
4. Information Transfer – communication trend that helps mitigate the
asymmetric functioning of markets and economies.
5. Spread Technology – rapid diversion of the means and methods of
producing goods and services.