Lecture 5 Globalization and New development Globalization defined 1. The manifestations of globalization include the spatial reorganization of production, the interpenetra tion of industries across borders, the spread of financial markets, the diffusion of identical consumer goods to distant coun tries, massive transfers of population within the South as well as from the south and the east to the west. resultant conflicts be tween immigrant and established communities in formerly tight-knit neighborhoods, and an emerging worldwide preference for democracy. James Mittelman (1996: 2) 2. Globalization refers to the growing economic interdependencies of countries worldwide through the increasing volume of and variety of cross-border transactions in goods and services and of interna tional capital flows and also through the rapid and widespread diffusion of technology. IMF(1997, p 45) GLOBALIZATION AND THE NEW WORLD what is globalization? Global more than international Economic aspect production, financial markets, foreign investment consumer goods(McDonald's, Nike, gucci) Social entertainment (world Cup, Olympics, Tennis) population migration (legal, illegal, internal, international communication flows(internet, TV) Technological aspect IT-computer, robotics, telecommunication biotechnology, material science Cultural aspect foreign experience(travel, media world view cross-border flows 13th century 15th century 19th, 20th century 1980s Causes of globalization Global economic restructuring 1970s 1980s, mega trends1 Lecture 5 Globalization and New Development Globalization defined 1. The manifestations of globalization include the spatial reorganization of production, the interpenetration of industries across borders, the spread of financial markets, the diffusion of identical consumer goods to distant countries, massive transfers of population within the South as well as from the South and the East to the West, resultant conflicts between immigrant and established communities in formerly tight-knit neighborhoods, and an emerging worldwide preference for democracy. James Mittelman (1996:2) 2. Globalization refers to the growing economic interdependencies of countries worldwide through the increasing volume of and variety of cross-border transactions in goods and services and of international capital flows and also through the rapid and widespread diffusion of technology. IMF (1997, p.45) GLOBALIZATION AND THE NEW WORLD ◼ What is globalization? ◼ Global, more than international ◼ Economic aspect ◼ production, financial markets, foreign investment ◼ consumer goods (McDonald’s, Nike, Gucci) ◼ Social aspect ◼ entertainment (World Cup, Olympics, Tennis) ◼ population migration (legal, illegal, internal, international) ◼ communication flows (internet, TV) ◼ Technological aspect ◼ IT - computer, robotics, telecommunication biotechnology, material science ◼ Cultural aspect ◼ foreign experience (travel, media) ◼ world view ◼ cross-border flows Timing ◼ 13th century ◼ 15th century ◼ 19th, 20th century ◼ 1980s Causes of globalization ◼ Global economic restructuring ◼ 1970s ◼ 1980s, mega trends