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Globalization Week 4 Lecture Notes

by: Nina Goad

Globalization Week 4 Lecture Notes GS 3000

Marketplace > Middle Tennessee State University > Global Studies > GS 3000 > Globalization Week 4 Lecture Notes
Nina Goad
GPA 3.9

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About this Document

These notes include the material covered in lecture on 2/9.
Globalization (EXL)
Corey L. Perkins
Class Notes
Bretton Woods, Neo-Liberalism, structural adjustments, Multinational Corporations, Detroit, Argentina, offshoring, outsourcing, technological progress, polarization of workforce, trickle-down effect
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This 2 page Class Notes was uploaded by Nina Goad on Friday February 19, 2016. The Class Notes belongs to GS 3000 at Middle Tennessee State University taught by Corey L. Perkins in Spring 2016. Since its upload, it has received 12 views. For similar materials see Globalization (EXL) in Global Studies at Middle Tennessee State University.


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Date Created: 02/19/16
Globalization Week 4 Lecture Notes 2/9/16  In 1944 the Bretton Woods conference was held to decide upon the international rules of  trade and economic globalization.  In the 1980’s, neo­liberalism emerged as a type of capitalism that focused on union  busting, total deregulation, the force of supply and demand, privatization, and cutting  taxes.  The Argentinian economic collapse was an example of the negative effects of neo­ liberalism in how deregulation allowed big corporation to invest large amounts of money  that supported their economy and then they pulled out all of their money causing the  economy to collapse.   The structural adjustments policy used as a requirement for loans through the World  Bank is a negative policy for third­world and developing countries because they do not  have the infrastructure to make the adjustments required to get a loan that will help them.   TNC’s or MNC’s are multinational corporations which are companies with many  different offices of operations or headquarters in different countries.  The decline of the city of Detroit is another example of the negative effects of neo­ liberalism and economic globalization especially on the middle class due to the  offshoring and technological progress of the automotive industry that supported Detroit.  Offshoring is the practice of moving business processes or services to another country to  reduce costs. rd  Outsourcing is when a 3  party is contracted to do work for cheaper.  Technological Progress contributes to the polarization of the workforce because new  technology enabled more productivity at the expense of mid­level jobs. This contributes  to the shrinking of the middle class.   Effects on wages, employment, inequality, and poverty include the threat of offshoring if  employees attempt to strike for fair treatments which keeps global unions weak, the  workers have to compete with overseas wages which forces wages to be lower, more  competition for low­income jobs drives wages down, each country’s desire to attract  investment of companies keeps policy highly deregulated with low taxes, corporations  have pushed governments to lower taxes by threating to move abroad, only richest have  benefited while middle class, working class, and poor incomes have stagnated or have  become worse. Trickle­down effect has not worked because the rich get richer and spend  less money on things that stimulate economy and more money on assets to make other  rich people/companies richer too. 


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