GlobalMidterm.pdf GLOA 101
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This 3 page Study Guide was uploaded by Alicia Muir on Wednesday August 3, 2016. The Study Guide belongs to GLOA 101 at George Mason University taught by Gavin Mueller in Fall 2015. Since its upload, it has received 7 views. For similar materials see Intro to Global Affairs in Global Affairs at George Mason University.
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Date Created: 08/03/16
Neoliberalism a bipartisan movement that occurred in the 1970s starting in England and the U.S. led by margaret Thatcher and Ronald Reagan that was a direct rejection of Keynesian economics. This new system embraced the limitations placed on government when it comes to its ability to intervene in the economy so some key characteristics include privatization, the creation of new markets, a decrease in social spending, the use of monetary policy to financial policies and a deregulation of finance. Characteristics of Capitalism: ● shift of populations from rural to urban ● economic growth is a necessity ● industrial society is a must Globalization: a complex web of multiple ongoing social processes that intensifies and expands cultural, political, technological and economic exchanges and connections through a series of flows which ultimately connects local and national governments to global structures. ● refers to the expansion and intensification of social relations and consciousness across world time and worldspace Adjudication: settling a dispute formally in a courtroom or another formal structure Kyoto Protocol: the conference the U.N held to help the environment based on influence from a NGO GATT General Agreement of Trade and Tariffs reduced trade barriers across countries which was a treaty but powers were taken over by the WTO Monetarism: the value of money, interest rates and inflation rates need to be helped in order to improve after financial crisis not the demand of good themselves. Solution is to deregulate to make more money ICJ International Court of Justice in the U.N15 seats 9 year terms Global Imaginary people’s growing consciousness of global connectivity SAPs Structural adjustment programs led by World Bank, WTO, and the IMF who are all products of the Bretton Woods conference Culture: refers to the shared beliefs, values, myths, norms, symbols and ideals of a shared entity. 3 reactions to Westernization: ● local cultures are largely replaced ● global pressures can lead to a resurgence of attention and celebration of local culture ● cultural hybridity with the exchange of two cultures SmallL liberalism: classical liberalism by reducing state intervention in the economy (laissezfaire) with free autonomous individuals who have natural civil liberties ● citizenshipasstatus in global terms where there are legal rights to protect Small R republicanism:civil liberties that should not be messed with and the idea of selfgovernance(democratic) that individuals have a stake in their government. ● Citizenshipasactivity in global terms where participation is key Proponents of Free Trade argue that it increases global wealth which increase consumer choice. But the profits from free trade do not spread themselves out equally among different classes. TNCs: transnational corporations sometimes even have a higher GDP than countries. Like Walmart and Exon. Why Neoliberalism? (need to understand better) ● economic ○ wages were rising but businesses wanted to stop that because it was cutting into profits ■ rate of profit slows down ● fix this by outmaneuvering unions ● political ○ antiwar, antirace, civil rights mvmt by people against govt. ■ social mvmts are threat to ruling classes Asian Financial Crisis: ● Indonesia, Malaysia, S. Korea ect. were built up too much too quick so value of assets drop. Then the World Bank funded with enough money just to get the financial investors to get their money back and then market crashed. Financialization: ● increase in riskiness ○ contracts too complicated and most did not read them ● credit default swap money off of worker’s insurance ● collateralized debt obligation is when subprime loans (give loans to people who can’t pay them back) ● realestate crashes, unemployment increases ○ used monetarism to solve the problem ■ lowered interest rates all the way so now this option is off the table for the next crisis ● now speculative capital is going into the technology markets, renewable energy, and real estate in core cities (NY, D.C, San Francisco) Nationalism: A shared sense of culture and political belonging, including traditions, languages, rituals, and the “outside”, that is territorially bounded which gives people an active sense of purpose through their belief in an imagined community.
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