Globalization: Meaning, Ideologies, and Economic Aspects, Study Guides, Projects, Research of Economics

Download Globalization: Meaning, Ideologies, and Economic Aspects and more Study Guides, Projects, Research Economics in PDF only on Docsity!

THE

CONTEMPORARY

WORLD

Meaning of Globalization

■ (^) General Meaning: Globalization is a global process or development of human and non-human activities ■ According to G. Ritzer: Globalization is inconclusive and an interconnectivity of spaces ■ (^) According to M. Steger: Globalization has four (4) aspects:

• (^) Ethnoscapes – global process/development about culture or religion;
• Mediascapes – global process/development about giving/disseminating of information;
• (^) Financescapes – global process/development about the financial status or economy of a nation or state
• (^) Technoscapes – global process/development about the technology and technological advancements

Economic Globalization

■ (^) Basic Economy  (^) Economics is a social science or branch of study that concerns the limited resources to reach the maximum satisfaction of every individuals needs and wants  (^) Economics is the study of scarcity; and the study of choices  (^) Scarcity is an event or phenomenon on which the limited resources are continually being utilized for every individuals unlimited needs and wants  (^) Macroeceonomics is the branch of economics that deals with the economy as a whole  (^) Microeconomics is the branch of economics that deals with individual or small economic entities

Economic Globalization

■ 5 Key Economic Assumptions

 Scarcity – the limited resources are being utilized;

 Choices;

 Trade-off – choosing the necessities over the wants;

 Marginal Analysis – additional value of benefits and

costs;

 Life situations can be easily analyzed through

simple graphs.

Economic Globalization

■ 3 Economic System  (^) Centrally Planned (Communism) – an economic system where the government solely owns and controls the distribution and production of the natural resources in its jurisdiction;  (^) Free Market (Capitalism) – an economic system where the private or business entities owns and controls the distribution and production of the natural resources;

• the government can not interfere with the resources owned by the private or business entities;  (^) Mixed – an economic system where the government owns the resources within its jurisdiction and the private or business entities can also acquire these resources through compensation

Economic Globalization

■ (^) The North and The South  (^) The North are the superpowered countries (Western countries) while the South are powerless countries (Eastern countries);  (^) Economic globalization is the modern method of colonization which does not require in engaging wars, but by using the economic influence;  (^) The Northern countries are considered the developing countries through their pertinent technological advancements, which results to them being more enriched.  (^) On the other hand, the powerless countries which are being overpowered because the rich countries acquires their resources which results to the powerless countries being more scarce.