MIDTERM - CONTEMPORARY WORLD It is a process refers to a larger phenomenon
that cannot simply be reduced to the ways in
LESSON 1: WHAT IS GLOBALIZATION [1] which global markets have been integrated.
Gio, Latif, and the Laksa Expansion – it refers to “both the creation of new
social networks and the multiplication of existing
1. Gio – he was a second-year international affairs
student in a university in Cebu City. connections that cut across traditional political,
economic, cultural, and geographic boundaries.
2. Latif
Intensification – it refers to the expansion,
– he was a student from a Muslim university in stretching, and acceleration of these networks.
Kuala Lumpur.
According to Steger, globalization processes do not
-He already watched the Philippine Hit occur merely at an objective, material level but they
TeleNovela PANGAKO SA’YO by Jericho Rosales also involve the subjective plane of human
and Kristine Hermosa. consciousness.
They are international affairs student that joined the Manfred Steger posits that his definition of
International Model UN in Sydney, Australia. globalization must be differentiated with an ideology
he calls globalism.
3. Kuala Lumpur – the capital city of Malaysia
From Nasi Lemak to Laksa Globalization represents the many processes that
allow for the expansion and intensification of global
4. Sydneysiders – Australia-born people connections.
5. Laksa – a rice noodle soup in a spicy coconut Globalism is a widespread belief among powerful
curry sauce. people that the global integration of economic
markets is beneficial for everyone, since it spreads
6. Flat Whites – an espresso drink similar to latte, freedom and democracy across the world.
which is usually served in cafés in Australia and
New Zealand. CHAPTER 2: STRUCTURES OF GLOBALIZATION
[2]
7. Facebook – a global social networking site that
provides instantaneous communication across Global Economy
countries and continents
Global Economy - is also referred to as world
8. Urban Poor Communities – poor people living economy.
in these lands
World Economy - is exclusively limited to human
Different Definitions of Globalization economic activity and is typically judged in monetary
terms.
It is a complex phenomenon that occurs at
multiple levels. Global economy or economic globalization is
concerned on the globalization of production,
It is an uneven process that affects people finance, markets technology, organizational regimes,
differently. institutions, corporations, and labor.
It is primarily an economic process. Market Integration
It usually refers to the integration of the national When prices among different location or related
markets to a wider global market signified by the goods follow the same patterns over a long period of
increased free trade. time, market integration exist.
According to Manfred Steger, it is described the Role of International Financial Institutions in the
process as “the expansion and intensification Creation of Global Economy
of social relations and consciousness across
world-time and across world-space. International Financial Institutions (IFIS)
- an international financial institution is chartered
by more than one country and therefore are subjects
Anthropologist Arjun Appadurai formulated the
different kinds of globalization occur on multiple and
intersecting dimensions of integration that he calls
scapes.
Ethnoscape– refers to the global movement of
people.
Mediascape– it is about the flow of culture.
Technoscape– refers to the circulation of
mechanical goods and software.
Financescape– denotes the global circulation of
money.
Ideoscape– it is the realm where political ideas
move around.
