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GLBL 210 Midterm 1 Study Guide

by: Hadley Ashford

GLBL 210 Midterm 1 Study Guide GLBL 210

Hadley Ashford
GPA 3.776

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About this Document

These notes cover the key terms that should be on the exam.
Global Issues
Jonathan Weiler
Study Guide
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This 4 page Study Guide was uploaded by Hadley Ashford on Saturday March 5, 2016. The Study Guide belongs to GLBL 210 at University of North Carolina - Chapel Hill taught by Jonathan Weiler in Spring 2016. Since its upload, it has received 86 views. For similar materials see Global Issues in Global Studies at University of North Carolina - Chapel Hill.


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Date Created: 03/05/16
GLBL 210 Midterm Study Guide - Globalization: interconnection of nations and regions across the world o Expansion of trade and communication (technology and travel) o Increased industrialization - Ideology: help organize complex situations or concepts, influence norms/values in emphasizing and ignoring certain things - Market globalism/neo-liberal globalization: terms used interchangeably o Globalization as positive factor (benefits everyone), inevitable, helps spread globalization and democracy - Colonialism/colonization: one country imposes rule over another, usually develops into issue of race o Mercantilist interests direct trade o Ideologies legitimize and defend system o About power and prestige - Neo-colonialism: countries indirectly controlled by more powerful countries through trade barriers and policies o Modern day colonialism o IMF/World Bank do this with SAP’s - Self-interest: unregulated human interaction motivated by self-interest promotes prosperity o Does not mean selfish - Liberalism: individual liberty, state should protect every individual’s self and their liberties - Paradox of thrift: individual’s decision to cut back/tighten their belt in times of need has greater implications on society/markets as a whole, idea of what seems to be good turns out bad o Ex. when people decide to eat out less, restaurants make less money and their employees are then unable to contribute as much to the economy - Post-war consensus: inspired by Keynes and Paradox of thrift o Increased government spending during recessions o End conflict between social classes  If laborers work hard they will be paid/treated well o Welfare state capitalism o Result expected to be economic boom - Neo-liberalism: consensus after post-war consensus o Free up markets, less government interference o Increased capital in private hands (privatization) - Fictitious commodities: include land, labor, and money because aren’t produced/created with the intention of selling in markets o Labor doesn’t refer to slavery- any employed person sells their services on market for profit o Shows new way of viewing self and environment  Markets over society- force society to abide by laws of markets - Embedded markets: markets “embedded” in society, social structures control functioning of markets o Describes structure before 19 century liberalism o Rise of liberalism ended embedded markets and flipped idea on its head with the control of societies by markets - Self-regulating markets: markets have their own trajectory and mind of their own o Don’t need regulation from government (no government intervention) o Polanyi argues that they have limits, not fully accepted by society - Counter moves: as self-regulating markets impose values on society, society pushes back o Ex. child labor laws: children became commodities, society resisted and eliminated child labor - Double movement: two forces acting simultaneously in society o Self-regulating markets increase extension into many aspects of society while there are increasing limits on the exchange of fictitious commodities o Society accepts that self-regulating markets determine much of society, but draws line at fictitious commodities - “Laissez-faire was planned; planning was not”: free market capitalism planned and reinforced by institutions - Nation-states: defined territorial boundaries and common identity between people living in state o Relatively stable population o International recognition of sovereignty/boundaries by other nations o Monopoly over legitimized use of force by state  Ex. military, police force - Nation-building: education used to create and encourage common history and identity of state o Focus on younger citizens- can be molded and taught social identity o Largely positive image of countries painted in primary school - Bretton Woods Institutions: formed after WWII to ensure that economic circumstances that caused WWII never happen again, goal= create new global economic order o IMF: facilitates world trade o World Bank: originally created to bring Western Europe out of economic devastation o WTO and UN sometimes included as well - Marshall plan: implemented after WWII to get Western Europe on their feet economically o Wanted to prevent spread of communism o Modernization of industries o Reduce trade barriers to provide trading partners for UN o Goals generally self-interested - Triad: consists of US, Western Europe, and Japan o Powerful economies after WWII o Alliance to control world trade - Development: economic institutions/goals of Western nations applied to Third World countries, hopes to fix problems like poverty, rising population, environmental degradation, political corruption, and violence o Generally takes neoliberal framework, focus on economic expansion o “Be like us”: US and other world powers believed their political/economic/social institutions were best and only way to promote development - Third World: non-developed region classified after WWII, includes countries less powerful than US and not communist countries o Shorter life expectancy, high infant mortality o Agrarian o Economically backward o Created clear separation between different lifestyles - Modernization theory: asserts that foundation of Western values necessary for development o Profit motive, individualism, ambition, division of labor/specialization, free trade o Blames less developed state of Third World on their backwards institutions - Stages of economic growth: Rostow describes the pathway that all nations take when developing o Traditional society: backwards, agrarian o Pre-conditions for take-off: accumulation of capital for investment, markets created o Take-off: industrialization o Drive to maturity: values that promote industrialization and growth applied to most aspects of society o Age of high mass consumption: able to use resources for self-interest and consumerism o Idea that development slows down eventually, people able to pursue leisure activities - Point Four: from Truman’s inaugural address o Idea that US knows how to solve Third World problems  Technological advancement, free trade, capital investment, democracy o Motivation to help Third World is to prevent spread of communism o Really helps self-interest of US more than Third World o US as model for success - Dependency theory: countries must be understood in the context of entire world system, take into account history and situation o Current system encourages economic disparities between countries o Rejects linear view of development o Only way to fix problem is for Third World countries to leave world economy - GDP: C+I+G+(X-I) o Generally used measure of prosperity o Evaluation of well-being - HDI: Human development index o Another way to measure prosperity/well-being o Takes into account more than GDP (income, education, health) - Kuznets’ Curve: relationship between income and inequality o Equality increased with increased income because adopt more policies of greater distribution of wealth - Newly globalizing: societies must be capitalist without free trade, protectionist measures - Non-globalizers: resist globalization, don’t enter global economy - Kicking away the ladder: current world powers didn’t become successful through free trade, don’t want other countries to challenge them, so tell narrative of free trade to deter them from also being successful


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