Professional Documents
Culture Documents
Predictability and Control
Predictability and Control
Nayan Chanda, 2007 – it is because of our basic Labor Migration – is driven by push factors (lack of
human need to make our lives better that made employment opportunities) as well as pull factors
globalization possible (work available elsewhere).
The relationship between globalization & Income – is the new earnings that are constantly
sustainability is multi-dimensional – it involves being added to the pile of a country’s wealth
economic, political and technological aspects
Income Inequality – new earnings are being
distributed; it values the flow of goods and services,
not stock of assets
Global Wealth Report 2016- global wealth absolute poverty levels & more diverse job
estimated to be 3.5 trillion dollars and is not opportunities
distributed equally
High Mass Consumptions – it is when your
Although it is the Industrial Revolution that allowed country is big enough that production becomes
a significant inequality in the past, economic more about wants than needs
globalization and international trade are the forces
responsible in today’s income inequality. Modernization Theory in general, argues that if you
invest capital in better technologies, they will
The Third World and the Global South eventually raise production enough that there will
be more wealth to go around & overall well-being
1st World – Western capitalist will go up.
1st World countries - US, Canada, Western Europe Dependency Theory & the Latin American
& developed parts of Asia are “Global North”, Experience
Caribbean, Latin America, South America, Africa
& parts of Asia are “Global South” Dependency – is the condition in which the
development of the nation states of the South
Formerly called 3rd World during the Cold War contributed to a decline in their independence & to
an increase in economic development of the
2nd World – Soviet Union & its allies (North-South)
countries of the North
3rd World – everyone else
Dependency Theory focuses on how poor countries
More than 100 countries have been wronged by richer nations.
GDP are used to measure the total output of Hans Singer & Raul Prebisch, 1950s – 2 main sub-
a country theories:
Walt Rostow’s Four Stages of Modernization Core Nations – are more industrialized nations who
receive the majority of the world’s wealth
Traditional Stage - refers to the societies that are
structured around small, local communities with - export of raw materials
production typically being done in family settings
The Modern World System
Take-off Stage – people begin to use their
individual talents to produce things beyond the American sociologist Immanuel Wallerstein – the
necessities Capitalist world economy
Socialism
- the means of production are under collective
ownership
- it rejects capitalism’s private property &
hands-off approaches
- property is owned by the government &
allocated to all citizens , not only those with
the money to afford it
- emphasizes collective goals, expecting
everyone to work for the common good &
placing higher value on meeting everyone’s
basic needs than on individual profit
Karl Marx – socialism, a stepping stone toward
communism, a political a& economic system in
which all members of the society are socially equal
The Information Revolution
Service Industry – includes job such as
administrative assistants, nurses, teachers & lawyers
Types of Jobs
Primary Labor Market – includes jobs that
provide many benefits to workers, like high
incomes, job security, and health insurance &
retirement packages. White collar professions
Secondary Labor Market – provide fewer benefits
& include lower-skilled jobs and lower-level service
sector jobs
Corporations – organizations that exist as legal
entities & have liabilities that are separate from its
members
Global Corporation
Multinational or Transnational Corporations(TNC)-
companies that extend beyond the borders of one
country. This is also referred as global corporations