...Introduction Globalization is a popular term used to describe the process of global expansion of economies and markets across borders, exchange of goods and services, mass movements of communities for better working conditions, multi-cultural exposures, exchange of technological know-how etc. The process of globalization is considered to be erasing transnational boundaries with people sharing common goods and services or adopting the cultures of another culture. Thus, the statement given above by Knox and Marston that globalization seems to lead to loss of originality or territorial identity can be considered as true in a way. According to definitions of globalization, the primary characteristics that it possess include movement of people and goods, improvement in technology and telecommunications, diffusion of knowledge and a spurt in multinational corporations. There have been debates about the positive and negative aspects of globalization. Those who are in favour of globalization point out that economically weaker countries can have the opportunity to join the global market and export their goods and services and thereby improve their economies. Also, different governments can co-operate together for global welfare and citizens can experience other cultures and become global citizens. The positive aspects of globalization are again overshadowed by its negative aspects which include loss of territorial identity and original culture. International bodies like the World Bank...
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...Drake Gutierrez 04/04/2012 Professor Hallsted English 1A A Global Market: Corporation Domination Globalization will indubitably strain the process of development of third world countries and would in fact deteriorate already developed countries. With the implementation of fair trade policies and the straining policies that the WTO (World Trade Organization) initiates, globalization will become a threat to the current status of power around the world. Globalization is the process by which regional economies, societies, and cultures have become integrated through a global network of politics through communication, transportation, and trade. Globalization will create a one world economy, where big global corporations make a fortune exploiting slave labor on the other side of the world. With the treat of these global corporations taking control of the world economy because of fair trade policies, Naomi Klein’s argument about disaster capitalism that is discussed in her book The Shock Doctrine, can be directly related. Globalization helps develop third world countries in response to the outsourcing of jobs that multinational corporations carry out. As more capital is poured in to developing countries, those countries will acquire economic stability and increase their standard of living. In return the economy that those individuals belong to will also begin to grow. As stated in Forbes Magazine, “Per-person income in China has climbed from $16 a year in 1978 to $2,000 now...
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...Essay on globalization For a long time since Nehru's days, India followed the model of 'mixed economy'. Its economic philosophy was 'democratic socialism'. As Nehru himself believed in socialism, he did not have faith in rich people. He was of firm view that the rich exploited the poor. Therefore, his government laid stress on the development of poor, and the state was given the main responsibility for this. Nehru viewed state as the main agency of economic development. In the regime of mixed economy, security of country, social welfare and economic development were mainly the responsibility of government. The public sector was under government control. Other industries were in the hands of industrialists. Nehru's mode! Of economic development lasted long. But in course of time it became clear that the industries in the public sector were incurring heavy losses while private industries were making big profits. The weakness of Indian economy was exposed in the middle of 1980s. The government faced a serious foreign exchange reserve crisis. It miserably failed to repay the debts taken from the World Bank and the IMF. Against this background the Narasimha Rao government, adopted the New Economic policy in July 1991. The main elements of this policy were liberalisation and privatisation which were also the elements of globalization. The Finance minister in the Rao government was an eminent economist, Dr. Manmohan Singh who is now the Prime Minister of India. The introduction...
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...Lecture 1: Introducing Culture and Globalization Globalization: the increasing interconnectedness of the world (interconnectivity) Culture: shared ways of understanding and doing things (conceptual lense) and is socially constructed, hence changeable Culture Core question of course: does increasing globalization lead to the spread of new global cultures (more cultural sameness) or to more cultural differences? Globalization increases cultural similarities and differences the four main characteristics of globalization ~ Cochrane and Pain 1. stretched social relations, 2. intensification of flows, 3. increasing interpenetration of cultures, 4. an development of global infrastructure Globalization is driven by modern science, capitalism, and industrialism The four power players in globalization (‘nation states’, ‘military’, ‘division of labour’, and ‘capitalism’) ~Giddens Two main forms of culture contact: hybridization and differentiation Globalization involves reflexivity, i.e. ‘old certainties’ disappear Reflexivity is the idea that both individuals and society are defined not just by themselves, but also in relation to each other. Therefore they must both continually redefine themselves in reaction to others and to new information Lecture 2: Is There a Global Culture? • • • Power relations: having the ‘right’ to define what things are (Giddes, lecture 1) ‘Us – them’ distinctions The power relations of four groups in society: Majorities and elites are dominant...
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...History of Philosophy, Project Titled; History of Capitalism By; Professor; Marion Wyse Table of content 1:1…….…..………………………………………………………………………Introduction 1:2..………….………………………………………………………………capitalism history 1.3.…….………………………………………..….. Merchant capitalism and mercantilism 1:4……………………………………………….. Transition from 'feudalism' to capitalism 1:5……………………………………………………. Industrial capitalism and laissez-faire 1:6…………………………………………… Finance capitalism and monopoly capitalism 1:7……………………………………………… Capitalism following the Great Depression 1:8……………………………...………………………………………………... Globalization 1:9………………………..………………………………………………………… conclusion 1:10……………………………………………………………………….…………. References The History of capitalism 1; 1 Introduction | Capitalism as we all know is an economic system of producing wealth in which the wealth is privately owned. in capitalism, the land, labor, and capital are owned and operated by private individuals who are trading for one purpose that is, the generation of more income or profits in a legitimate way without force or fraud, by singly or jointly, and investments, distribution, income, production, pricing and supply of goods, commodities and services are determined by voluntary private decision in a market economy. A distinguishing feature of capitalism is that each person is entitled to his or her own labor and therefore is allowed to sell the use of it to any employee. In a "capitalist state", private rights and property relations are protected...
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...Globalization and its Aftermath By Douglas Kellner Globalization has been one of the most hotly contested phenomena of the past two decades. It has been a primary attractor of books, articles, and heated debate, just as postmodernism was the most fashionable and debated topic of the 1980s. A wide and diverse range of social theorists have argued that today's world is organized by accelerating globalization, which is strengthening the dominance of a world capitalist economic system, supplanting the primacy of the nation-state by transnational corporations and organizations, and eroding local cultures and traditions through a global culture. Contemporary theorists from a wide range of political and theoretical positions are converging on the position that globalization is a distinguishing trend of the present moment, but there are hot debates concerning its nature, effects, and future. Moreover, advocates of a post-modern break in history argue that developments in transnational capitalism are producing a new global historical configuration of post- Fordism, or postmodernism as an emergent cultural logic of capitalism (Harvey 1989; Soja 1989; Jameson 1991; and Gottdiener 1995). Others define the emergent global economy and culture as a "network society" grounded in new communications and information technology (Castells 1996, 1997, and 1998). For its defenders, globalization marks the triumph of capitalism and its market economy (see apologists such as Fukuyama...
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...Globalization is an ever evolving entity that has and will continue to change the way we, as individuals, will interact with one another. “Globalization, as a concept, refers both to the "shrinking" of the world and the increased consciousness of the world as a whole. It is a term used to describe the changes in societies and the world economy that are the result of dramatically increased cross-border trade, investment and cultural exchange.” (NEW, 2010) Globalization integrates the world through economical, societal and cultural ideas. It displays the allocation of a country’s ideas, languages and popular culture to the rest of the world. Globalization is not a new idea. For thousands of years, people, and later corporations, have been buying and selling to each other from afar, such as through the famous Silk Road across Central Asia that appended China and Europe during the Middle Ages. Multiple features of the current craze of Globalization are similar to those prevailing before the outbreak of the First World War in 1914. Driven by intercontinental policies, Globalization has opened economies domestically and internationally. Ever since the Second World War, and more importantly in the past two decades, many governments have adopted free market economic systems, increasing their productive potential and creating new opportunities for intercontinental trade and investment. Free market economic systems not only allow for economic growth, but the growth of political...
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...Textbooks and media in the past had told us that globalization was both inevitable and desirable. The main force that is propelled by globalization is in fact capitalism. Capitalism refers back to Adam Smith’s concepts in Wealth of Nations, which states that competitive advantage creates mutual benefits for each party engaged in the trade. At first, this trade happened on a local level, and as the world opens up through domination of capitalism and technological advances, the platform has enlarged at an alarming speed, creating the global village that we have today. Rewind the clock back a few centuries. In the past, Britain was still largely a class society, where everyone was born into what they do, and what they do determined what they wore, what they ate, what their children will do in the future. (Day, 2012). Imperialism reigned and the kings or queens decided what was good not only for their own country, but also for some faraway places across the globe. Colonialism, in fact, is a form of globalization in an uglier context, defined by unfairness and exploitation. It does, however, begin to link the world together. Out of individual interest, European empires built the very first network of global trade in its African and American colonies. From then on, it is much expected that globalization will continue to grow. As people gained knowledge of the mysteries outside the boundaries of their own land, the colonies realized that they were treated unfairly. There were...
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...contemporary capitalism a kind of imperialism? For Ellen Meiskins Wood, it is the ‘empire of capital’ that is shaping our world. For her, the empire of capital is the new form of imperialism across the globe. Capitalism, she argues, has become ‘universal’ and it spans the globe with pervasive and intrusive control over human life and nature. It is operating with its systemic logic of ‘accumulation, commodification, profit maximization, and competition’. The empire of capital has achieved its global and penetrating grip by setting free and directing the destructive forces of the capitalist market and ‘totalizing itself’ intensively and extensively to permeate all spheres wherever it establishes itself. It is alive and there's no sign of its demise in the near future. Wood argues that capitalist imperialism, driven by market imperatives, and unlike other imperialisms before it, ‘seeks to impose its economic hegemony without political domination wherever it can.’ Empire of Capital provides perceptive insights into the fundamental nature of capitalist imperialism and what drives it. ‘The Detachment of Economic Power’ she provides an explanation of and dissects capital imperialism. She shows how under ‘empire of capital’ (the new imperialism) the economic power of capital is detached from political and military power (extra-economic force) and discusses the relation between them, as well as the implication of the detachment on the relation between the economy and the state. The economy...
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...WHAT IS GLOBALIZATION? Four Possible Answers Simon Reich Working Paper #261 – December 1998 Simon Reich holds appointments as a Professor at the Graduate School of Public and International Affairs and in the Department of Political Science at the University of Pittsburgh. In fall 1997 he was a Visiting Fellow at the Kellogg Institute. His publications include The Fruits of Fascism: Postwar Prosperity in Historical Perspective and The German Predicament: Memory and Power in the New Europe (with Andrei S. Markovits) both published by Cornell University Press. His most recent coauthored book is The Myth of the Global Corporation (Princeton University Press, 1998). Reich has also published many book chapters and articles in journals such as International Organization, International Interactions, The Review of International Political Economy, and German Politics and Society. He has received fellowships from the Sloan Foundation and the Kellogg Institute and was awarded an International Affairs Fellowship from the Council on Foreign Relations. His current work is on the issue of the definitions and central propositions of globalization. This paper was written during my stay at the Kellogg Institute. I wish to express my appreciation to the fellows and staff of the Institute for all their help on this project, notably to Scott Mainwaring who is now director of the Institute. Introduction The end of the Cold War provided a major shock for scholars of politics and policy in at...
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...Neo-liberalism, and Global Corporate Social Responsibility Introduction With the rise of globalization come several opportunities as well as threats. On one hand there is the opportunity to overcome problems such as world hunger, poverty, and abuse of human rights. However, on the other hand, globalization could pose as a threat against cultural diversity, as well as allow large corporations and rich governments to exploit human and natural resources in less developed countries. There has been much discussion and debate over how to approach globalization in a way that maximizes opportunities and minimizes threats, but of course it is not always clear which approach will do this. Two approaches in particular, which have been come to known as cosmopolitanism and neoliberalism, have developed and made lasting impacts on ideologies as well as policies. There are avid supporters as well as opponents of both, but in this paper, rather than compare the pros and cons of the two and argue for which one is superior, I would like to discuss if these approaches oppose each other or if in fact they compliment each other as an approach to globalization. As well, I will discuss the issue of social responsibility of multinational corporations in a globalized environment. Cosmopolitanism In order to evaluate the relationship of cosmopolitanism and neoliberalism as approaches to globalization, it is important to first have a clear understanding of the basic tenants and goals of both of...
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...Boeing and Capitalism in the United States of America Abstract This study investigates American capitalism in a historic perspective. The paper then proceeds to examine the issue on a meso-level with its relation to the company Boeing. Finally it discusses the various entrepreneurial decisions and their impact on the success and failures of the corporation. The approach has been reading relevant historical books, finding articles on the Internet and interpreting different views and opinions such as the theories of Schumpeter and Fligstein. The research shows that the American capitalism has changed towards a greater use of intervention that differs from the very laissez fare conditions that were dominating in the beginning of American capitalism, though it is still not comparable with the European conditions. The company Boeing is being subsidized by the government, which can be characterized as crony capitalism, since the cooperation between these organizations helped Boeing develop a monopoly in the market of aircraft manufacturing. The entrepreneurial decisions in corporate strategy and structure have led Boeing to both peaks and disappointments. Table of Contents Introduction 3 Phases of American capitalism 3 Characteristics of the American capitalism 4 The Corporation and the State 5 Globalization 6 The 1992 EU-US Agreement 7 The technological development 8 Analysis of the abovementioned development and its reflection on American capitalism 9 Boeing...
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...A Perspective of Globalization: The Influences of a Capitalist-based Global System The implications of globalization today are inherent. Of note is Leslie Sklair, stating that globalization is based on transnational practices (TNP)s. These, at the highest level of abstraction, are the building blocks of the system. Currently, these practices are encompassed in the global capitalist system, but do not comprehensively define globalization (Lechner 2007). Additionally, key spheres contribute to the current globalization scheme; these spheres are distinguished as economic, political and the cultural-ideology (Lechner 2007). Furthermore, Sklair’s approach differs from the weak/strong heterogeneous or homogeneous approach as outlined by Appelrouth, stating that the interactions of such are more complex than a cut and clear weak vs. strong approach. The economic sphere regards the ability of TNCs to control global capital and material resources. Economics revolves around the idea that resources are scarce, and a current pursuit of allocative efficiency creates a sound economic environment. The more resources any corporation has allows for not only an ability to create a monopoly-like scenario depriving competitors of resources, but also in establishing a larger profit margin achieved through market control. These resources are not limited to natural resources, but also of intellectual property and human resources themselves. Although allocative efficiency is not reached...
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...Foreign Affairs, Review Essay May/June 2015 Issue https://www.foreignaffairs.com/reviews/review-essay/2015-04-20/what-causedcapitalism What Caused Capitalism? Assessing the Roles of the West and the Rest By Jeremy Adelman The Cambridge History of Capitalism, 2 vols. EDITED BY LARRY NEAL AND JEFFREY G. WILLIAMSON. Cambridge University Press, 2014, 1,205 pp. $260.00. The Enlightened Economy: An Economic History of Britain, 1700–1850 BY JOEL MOKYR. Yale University Press, 2012, 550 pp. $35.00. Empire of Cotton: A Global History BY SVEN BECKERT. Knopf, 2014, 615 pp. $35.00. Once upon a time, smart people thought the world was flat. As globalization took off, economists pointed to spreading market forces that allowed consumers to buy similar things for the same prices around the world. Others invoked the expansion of liberalism and democracy after the Cold War. For a while, it seemed as if the West’s political and economic ways really had won out. But the euphoric days of flat talk now seem like a bygone era, replaced by gloom and anxiety. The economic shock of 2008, the United States’ political paralysis, Europe’s financial quagmires, the dashed dreams of the Arab Spring, and the specter of competition from illiberal capitalist countries such as China have doused enthusiasm about the West’s destiny. Once seen as a model for “the rest,” the West is now in question. Even the erstwhile booster Francis Fukuyama has seen the dark, warning in his recent twovolume history...
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...HBR.ORG The Globe Coca-Cola lines a shelf at a supermarket in Shanghai in May 2009. The New Rules of Globalization PHOTOGRAPHY: AP IMAGES As more countries rethink their priorities, multinationals must proceed with caution. by Ian Bremmer I n the past few years, Pfizer has encountered globalization’s new phase. As part of the Indian government’s efforts to make medicine accessible to as many people as possible, in February 2013 India’s Patent Office revoked Pfizer’s patent for the cancer drug Sutent and granted a domestic manufacturer, Cipla, the right to produce a cheaper generic version. India’s Intellectual Property Appellate Board has since set aside the decision and has directed the Patent Office to reassess the case. In China, meanwhile, the government has been slashing drug prices to reduce health care costs. Beijing established price ceilings on essential drugs in 2009 and lowered the ceiling by around 30% in 2011, and it has pledged to expand the list of essential drugs to more than 500 medications by 2014. Such moves pose major risks for a multinational company like Pfizer: Lower prices create disincentives for quality control, and China’s hospitals, which rely on drug sales for profits, are pushing inexpensive locally made products. Until 2008 going global seemed to make sense for just about every company in the world. Western markets were extremely competitive, population expansion had slowed and incomes had flattened...
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