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World Economy and Globalization World economy and globalization Project „Joint Degree Study programme “Technology and Innovation Management“ No. VP1-2.2-ŠMM-07-K-02-087 Aim of the course unit is to (1/1): 1. Give insight on the process of globalisation, its characteristics as well as causes and effects on world economy; the role of corporations, NGOs, governments and multilateral institutions in shaping world economy; Aim of the course unit is to (1/2): 2. Build knowledge of students in the current state of world economies with focus on major economies of the world; the nature of world financial markets; economic implications in terms of national economic development and inequality; Aim of the course unit is to (1/3): 3. Develop skills of students in analysis of economic charaxteristics of globalization and increased trade flow; analysis of economic inequality impacts and effects. The main topics 1. Theories of globalization. Economic globalization 2. Globalization characteristics 3. Globalization – causes and effects on world economy 4. Government and the multinational corporations 5. Economic implications – development 6. Economic implications – inequality 7. Financial markets 8. Multilateral organizations 9. The Triad and the BRICs The introduction to the course The core essence of globalization is often misunderstood because the process of globalisation is confusing due to its multifaceted nature and oftentimes it is being confused with other processes and misinterpreted. Apart from the complexity of the process of globalization itself, it is important to point out that the word “globalization” entered a dictionary (of American English) in 1961 [by the reference of, which is only almost half a century ago. Nevertheless, the word for globalisation was quickly adopted in other languages. As the same source states: “…The many examples include lil ’alam in Arabic, quanquihua in Chinese, mondialisation in French, globalizatsia in Russian and globalisación in Spanish. Among the major world languages, only Swahili has not (yet) acquired a globalization concept, and that exception is perhaps largely explained by the widespread use of English in elite circles of the African countries concerned. In minor languages, too, we now find globalisaatio in Finish, bishwavyapikaran in Nepalese, luan bo’ot in Timorese, and so on.” As the phenomenon of global scale globalization has generated a number of processes that are reflected in literally all spheres of the development of the civilization: from the blurred geographical boundaries of markets to the progressive complexity of distributed network of labor relations, to the progressive convergence of the production and consumption to the globalization of the power of multinational corporations, consortia and companies to the intensification of the struggle for limited resources of raw materials to the explosive development of the world market in “intellectual consumption” to the weakening of cultural isolation of nations to the emergence and use of industry of discursive power technologies to reduce the role of national elites and simultaneously to increase the role of transnational elites in the regulation of global processes. Thus, the manifestations of globalization are: .synchronization of customs, fiscal and monetary policies of countries; .aggravation of the opposition between global players and authoritarian and totalitarian regimes; .consolidation of national monetary systems in certain regions of the world; .regionalization of socio-economic processes; .growing influence on the socio- economic development of supranational governance structures; .attracting ever larger amounts of material and financial resources in the circulation of multinational corporations; .internationalization and commercialization of natural resources (primarily in production, transportation and processing of energy resources). Topic 1. Theories of globalization. Economic globalization Short overview: . Introductory general information on the topic of the Workbook. Provides overview on distinguishing manifestations of globalization in general and in economy in particular. Homework. Reading materials etc. Aim of the chapter: . To learn the theories of globalization, . To help students shape their opinion on the process of globalization in economic sphere. Learning outcomes: (knowledge and skills learner will possess after reading the chapter and having done the practical assignment) . Know the theories of globalization, . Get a proper understanding on globalization in economy and the general trends. “Globalization requires taking a broad contextual and long-term view.” Helen Fisher The author of this Workbook believes that one accurate definition of globalization was made by Jan Aart Scholte [19] who refers to globalization as “…the spread of transplanetary – and in recent times more particularly supraterritorial – connections between people.” and explains that: “…From this perspective, globalization involves reductions in barriers to transworld contacts. People become more able – physically, legally, culturally, and psychologically – to engage with each other in ‘one world’.” Since globalization can be perceived as the spread of transplanetary – and in recent times more particularly supraterritorial – connections between people, as a summary, it can be concluded that the main aspects of the theory of globalization narrow down to the following: .Global communications systems are gaining an increasing importance every day, and through this process all nations are interacting much more frequently and easily, not only at the governmental level, but also within the citizenry; (continued in next slide) .Even though the main communications systems are operating among the more developed nations, these mechanisms are also spreading in their use to less developed nations; .In terms of economic activities, the new technological advances in communication are becoming more accessible to local and small businesses. This situation is creating a completely new environment for carrying out economic transactions, utilizing productive resources, equipment, trading products, and taking advantage of “virtual monetary mechanisms”; (continued in the next slide) .The concept of minorities within particular nations is being affected by these new patterns of communication. Despite the fact that these minorities are not fully integrated into the new world system of communications, the powerful business and political elites in each country are a part of this interaction around the world. Ultimately, the business and political elite continue to be the decision makers in developing nations; .Social and economic elements under the influence of the current phenomenon of globalization are determinant circumstances which affect the standards of living of every particular nation. Overall, main assumptions of the theory of globalization can be summarized in three principal points: 1. cultural and economic factors are the determining aspect in every society. 2. under current global conditions, and when we are studying a particular system -i.e., financial or trade sphere- it is not as important as previously thought to use the nation-state category as a unit of analysis. 3. with more standardization in technological advances, more and more social sectors will be able to connect themselves with other groups around the world, which implies faster and easier communications and economic transactions. Topic 2. Globalization characteristics Short overview: . General information to the topic . Provides overview on main characteristics of economic globalization . Homework . Reading materials etc. Aim of the chapter: . To teach the students globalization characteristics through different dimensions of globalization . To help students shape their opinion on characteristics of economic globalization. Learning outcomes: (knowledge and skills learner will possess after reading the chapter and having done the practical assignment) . Know the key characteristics of economic globalization . Get proper understandings on globalization process including its causes and effects of economy. “It has been said that arguing against globalization is like arguing against the laws of gravity.” Kofi Annan Thus, we now can define the characteristics of globalization: 1. Liberalization which is manifested in freedom of international business economic activities (e.g. expanding business, trade, commerce etc.), free exchange of capital, goods, services and technologies between countries. 2. Free Trade which is manifested in free trade between countries and absence of excessive governmental control over trade. 3. Globalization of Economic Activities which is manifested in expansion of economic activities onto (bigger number of) international markets, coordination of national economy and world economy and the raise of their interconnectedness. (continued in next slide) 4. Connectivity which is manifested in ever raising connectedness of different locations with the world by breaking national boundaries; establishment of linkages between different countries and nations in all spheres of globalization (cultural, scientific, technological, economic etc.). 5. Borderless Globe which is manifested in diminishing national barriers and creation of inter- connectedness of countries, territories and regions. (continued in next slide) 6. A Composite Process characteristic is directly connected with the previous one & manifested in integration of nation-states across the globe by common economic, commercial,
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