globalization. - the process of accelerating engagement among peoples of the world - vastly...
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Globalization
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Globalization
- The process of accelerating engagement among peoples of the world
- Vastly accelerated after WWII
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The Bretton Woods Conference - Officially known as the United Nations Monetary and Financial Conference - A gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire - Agreed upon a series of new rules for the post-WWII international monetary system
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The two major accomplishments of the Bretton Woods conference: - The creation of the International Monetary Fund (IMF) - The creation of the International Bank for Reconstruction and Development (IBRD)
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Lessons Learned: - The policies adopted by governments to combat the Great Depression - high tariff barriers, competitive currency devaluations, discriminatory trading blocs - had contributed to creating an unstable international environment without improving the economic situation
- This experience led international leaders to conclude that economic cooperation was the only way to achieve both peace and prosperity, at home and abroad
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Neo-Liberalism - Reduction of tariffs - Free global movement of capital - Encouraging Free Market - Free Movement of Capital a) Investing abroad
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World Trade Organization
- An international organization established to supervise and liberalize world trade
- The WTO is the successor to the General Agreement on Tariffs and Trade (GATT) which was created in 1947 in the expectation that it would soon be replaced by a specialized agency of the (UN) to be called the International Trade Organization (ITO)
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- Although the ITO never materialized, the GATT proved remarkably successful in liberalizing world trade over the next five decades
- By the late 1980s there were calls for a stronger multilateral organization to monitor trade and resolve trade disputes
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- Following the completion of the Uruguay Round (1986–94) of multilateral trade negotiations, the WTO began operations on January 1, 1995
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The WTO has six key objectives:
(1) to set and enforce rules for international trade
(2) to provide a forum for negotiating and monitoring further trade liberalization
(3) to resolve trade disputes
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(4) to increase the transparency of decision-making processes
(5) to cooperate with other major international economic institutions involved in global economic management
(6) to help developing countries benefit fully from the global trading system
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Transnational Corporations (TNCs)
- Produce goods and deliver services in many countries
- Large Multinational Corporations
- Operating in more than one country
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Migration of Labor
- In search of jobs and wages
- A “Brain Drain” of educated professionals leaving Global South for higher paying jobs in Global North
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Impact of Economic Growth
- Worsened rift between developed nations and developing world
- Rich nations of Global North and poor nations of Global South
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Antiglobalization Movement
- Criticizing globalization
- Protests against WTO (World Trade Organization)
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Chiapas Rebellion in Mexico
- Viewed globalization as negative
- Seen as “eliminating people who are not useful”
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And then the Collapse of USSR
- US military dominance unchecked - Only one superpower (for a time at least)
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September 11, 2001
- U.S. attacked Afghanistan
- Taliban had sheltered Osama bin Laden
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U.S. attacked Iraq (2003)
- Hussein was developing Weapons of Mass Destruction
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U.S. Effort to Contain Terrorism
- Another global struggle after collapse of USSR
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And in addition to changes in trade and relations between nations, the spread of ideas has also increased in this age of globalization
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The Civil Rights Movement
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The Youth Culture
- 1968 * Student-led movement in France protesting university conditions
* “Prague Spring”: challenged Soviet rule in Czechoslovakia and although crushed, led to renewed efforts for democratization
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Feminism * Challenged relationships between men and women * Had begun in West for suffrage
* Addressed inequities
* Addressed opportunities for women