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Contemporary World Reviewer
Contemporary World Reviewer
Contemporary World Reviewer
Deterritorialization – is the process through 1.2. The dominant classes of this system
which the constraints of physical space lose (CORE), were supported by the strong
their hold on social relations. states as exploited labor, resources and
trade opportunities.
Globalized World Cup – known as the World NOTE: Labor, resources and trade
Cup is the most prestigious football opportunities are notable in PERIPHERAL
tournament in the world and also the most AREAS.
widely viewed sports event in the world that
started in 1930. (From 13 countries to 200 Semi – periphery – are any industrializing,
countries). mostly capitalist countries are positioned
between the periphery and the core
2.1. Deterritorialization – identifies the countries.
globalization with the process by which
capitalism expands across the globe as 1.3. The central purpose of the world system
powerful economic actors seek profit in global is capital accumulation by competing firms,
markets and impose their rules – everywhere which go through cycles of growth and decline.
2.2. a process often labeled as –
Neoliberalism. Karl Marx – “The Marxist Tradition”. In Marx’s
2.a. Neoliberalism – a modified form of view, the dialectical nature of history is
liberalism tending to favor free – market expressed in class struggle between the owners
capitalism. of the means of production, or bourgeoisie and
the workers or proletariat.
Bourgeoisie – the capitalist’s class who own
Globalization to different people (Lechner, most of society’s wealth and means of
2015) production.
• A new opportunity to spread the faith and Proletariat – working – class people regarded
convert lost souls abroad. (Korean collectively. (Latin word: proletarius)
Pentecostal Missionary)
• Growing new tools while staying deeply 2. World Polity Theory – states an
involved in the home village. (Dominican important component of “world society”. From
Immigrant) this perspective, is all – encompassing “world
polity” and its associated world culture.
• Sampling variety of new shows, some
adopted from foreign formats. (Indian
Television viewer) 3. World Culture Theory - agrees that world
culture is indeed new and important but it is
• Chance to escape rural poverty by cutting less homogenous than world polity.
threads off designer jeans. (Chinese
Apparel Worker)
Shrinking world The five core claims of Market Globalism
(Steger, 2005)
• Globalization is a result when human
activities take place on a worldwide scale,
which means people increasingly live in a 1. Globalization is about the liberalization
“global village” or a “shrinking world” and global integration of markets.
The International Monetary System • Are there sufficient reserves for liquidity
or financing purposes?
Cohn (2005) states that international • Is there a confidence problem with the
system is the most central area in international existing reserve assets?
economy – including trade, investment, and • What adjustment options do reserve –
finance – all depend on the availability of money currency countries have in dealing with
and credit. their balance – of – payments deficits?
• Is a system that forms rules and U.S dollar – main source of international
standards for facilitating international liquidity
trade among the nations in the world.
Seignorage – profit that comes to the seigneur
or sovereign power, from the issuance of
money.
THE FOUR MONETARY REGIME
1. Classical Gold Standard Regime (1870 –
G1O members (1964)
1914)
1. Belgium
Fixed rate regime in which governments
2. Canada
announces and adhere to specific exchange
3. France
rate form their currencies in relation to gold.
4. Germany
5. Italy
2. Gold exchange standard regime (1914 – 6. Japan
1944) 7. Netherlands
8. Sweden
Based on fixed exchange rates among 9. United states
currencies however, a country’s international 10. United kingdom
reserves under the 19th century gold standard 11. Switzerland
were officially held in gold.
Note: Para madaling mamemorize
3. The Bretton Woods System Regime BelCF – Belgium, Canada, France
(1944-) (during world war II)
GIN – J – Germany, Italy, Netherlands, Japan
The Bretton Woods Agreement was drafted
SUUS – Sweden, U.S, UK and Switzerland
in 1944 and is a vital piece of financial history.
It held meetings at the Mount Washington Hotel • Supply a substantial amount of financial
in Bretton Woods, New Hampshire in US. It was resources
ratified by an agreed number of 44 allied nations • Change dollars into gold
and created today’s International Monetary • Improve the balance of payments by
Fund (IMF). reducing capital outflows.
4. Floating Exchange rate International Financial Institution
Institutions that provide financial support
A regime where the currency price is set via grants and loans for economic and social
by the forex market based on supply and development activities in developing countries.
demand compared with other currencies.
• Provide loans, grants and technical
• Nations were “living in sin” by 1973 assistance to governments
• Play a significant role in the
Global actors in Economic Globalization privatization and regulation of public
utilities and natural resources.
1. International Governmental Organization
(IGO) Asian Development Bank
Refers to an entity created by treaty, Example of financial institutions
involving two or more nations, to work in good categorized as regional development bank in
faith, on issues of common interest. which has 31 offices around the world. (Ortigas
Avenue, Pasig City)
• Strive for peace, security and deal with
economic and social questions.
International Financial Institutions
2. International Non – Governmental
Organization (NGO) 1. World Bank (WB)
2. Internal Monetary Fund (IMF)
Work towards solutions that can benefit 3. European Investment Bank (EIB)
undeveloped countries that face the backlash of 4. Islamic Development Bank (IDB)
economic globalization. 5. Asian Development Bank (ADB)
6. European Bank for Reconstruction and
3. Multinational Corporation (MNCs) Development (EBRD)
7. CAF – Development Bank of Latin
Corporations which have overseas branches. America (CAF)
One of the many changes they have brought to 8. Inter – American Development Bank
developing countries is increase in automation. Group (IADB)
9. African Development Bank (AfDB)
Automation – the use of various control 10. Asian Insfrastructure Investment Bank
systems for operating equipment such as (AIIB)
machinery.