gec 04
Critics of globalization which favor changing the current system of globalization to make it more humane, more-pro-environment, and more grassroots-driven
Alter-globalization camp
A system founded in 1944 which replaced the gold standard and aided capitalist countries toward achieving closer economic integration
Bretton Woods
An economic system or framework characterized by private or corporate ownership of capital goods, production, and distribution and which is primarily premised on "profit motive" and tied up with globalization of economy
Capitalism
According to Wallerstein what group of countries own most of the world's capital and technology and have great control over world trade and economic agreements
Core
Term used by Lichauco that refers to the developing countries inability to free themselves from debts acquired from First World-dominated financial institutions and private banks, due to burdensome nature of most loans
Debt trap
The loosening or lifting of government regulations, usually to favor private corporations' flexibility of operations and profitability
Deregulation
The increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies
Economic Globalization
According to Appadurai, this refers to the dimension of integration in globalization which involves the global movement of people
Ethnoscape
An attribute of globalization which refers to creation of new social networks and likewise the multiplication of existing connections that cut across boundaries
Expansion
Currencies that are not backed by precious metals and whose value is determined by their cost relative to other currencies
Fiat
The exchange of goods or products between nations without tariff or tax or much restriction
Free trade
Established in 1947 whose main purpose was to reduce tariffs and other hindrance to free trade
General Agreement on Tariffs and Trade
Corporations that operate in at least a country other than the country where it originated
Global corporations
Refers to the social condition characterized by a tight global economic, political and cultural interconnection and flows that make most boarders and boundaries irrelevant
Globality
A precious metal that was believed to guarantee a non-inflationary, stable economic environment, and a means of accelerating international trade,
Gold
Influence or control over another country, a group of people, etc. brought about by globalization which its critics oppose
Hegemony
The blending of diverse elements into a mixture to make it uniform in structure and composition all throughout
Homogenization
An attribute of globalization that refers to the stretching and acceleration of social networks and global connectedness
Intensification
Important actors that facilitate globalization by bringing member states together to cooperate on a particular theme or issues that have global impacts and implications such as human rights, trade, development, poverty, gender or migration
International Government Organizations
An international financial institution which is considered as the lender of the last resort
International Monetary Fund
British economist who believed that economic crises occur not when a country does not have enough money, but when money is not being spent
John Maynard Keynes
Process or policy of removal or reduction of restrictions or barriers on the free trade of nations like abolition of tax on imported goods
Liberalization
Defines globalization as the process of expansion and intensification of social relations and consciousness across world-time and across world-space
Manfred Steger
This happens when prices among different locations or related goods follow similar patterns over a long period of time
Market integration
The transfer or movement of people from one country to another which is linked with globalization
Migration
A form of indirect colonialism in which one country is dominated by economically, culturally, or politically by a more powerful country
Neo-colonialism
Supporters of globalization that favor market-oriented reform policies such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and reducing state influence in the economy, especially through privatization and austerity
Neo-liberalists
Process or policy of subjecting an industry or service to private control and ownership
Privatization
A schedule of duties or taxes imposed by a government on imported or in some countries exported goods
Tariff
Former Harvard Business School Professor who o popularized the term globalization in his 1983 article entitled "The Globalization of Markets"
Theodore levitts
Government policies which place restrictions on international trade like tariffs quotas or embargo
Trade barriers
From the establishment of the Bretton Woods system, what currency became the world's leading, if not unchallenged, international currency?
US dollar
An international government organization that formulates the rules of trade between nations
World Trade Organization
A theory proposed by Immanuel Wallerstein in which he divided the world economic system into a hierarchy of three types of countries depending on the way they are integrated into the capitalist world system
World systems
A factor important in the globalization process that facilitates human interactions in communication, transportation etc. that no longer confines them by territorial means
human interactions/ culture globalization
