CONTEMPORARY WORLD REVIEWER economic, cultural, and geographic Scapes

boundaries. - Different kinds of globalization occur on

Module 1: Introduction to Globalization Intensification multiple and intersecting dimensions of
- Refers to the expansion, stretching, and integration ( According to Anthropologist Arjun
Contemporary World acceleration of these networks Appaduri)
- Present world Interdependence Different Dimensions of Scapes
- 21st Century - state of being dependent upon one another 1. Ethnoscape
Global Experience Time and space - Refers to global movement of people
- Something that is really happening, and it is - People begin to feel that the world has 2. Mediascape
not affecting everyone in the same way. become a smaller place and distance has - It is about the flow of culture
Globalization collapsed 3. Technoscape
- Most account views globalization as primarily Three Key Parts of Globalization - Refers to the circulation of mechanical
an economic process 1. Economic Globalization goods and software
- Usually refers to the integration of the national - Means increasing movement (trade) of 4. Financescape
market to a wider global market signified by goods, services, intellectual property, - Denotes the global circulation of
the increased free trade. and people between economies. money
- However, nationalists are resisting the concept 2. Cultural Globalization 5. Ideoscape
of globalization - Refers to the spread of ideas and - The realm where political ideas moved
Anti-Globalization Movement of 1990s cultural memes throughout the world, around
- They mean resisting the trade deals among regardless of political divides.
countries facilitated and promoted by global 3. Political Globalization Module 2: The Global Economy
organizations like world trade organization. - Refers to the formation of international
Globalization governing bodies (supranational International Monetary Fund (IMF)
- The expansion and intensification of social entities) like the United Nations or the - An organization of 189 countries, working to
relations and consciousness across world-time European Union foster global monetary cooperation, secure
and across world-space (Manfred Steger) Globalism financial stability, facilitate international trade,
Expansion - It is a widespread belief among powerful promote high employment and sustainable
- Refers to both the creation of new social people that the global integration of economic economic growth, and reduce poverty around
networks and the multiplication of existing market is beneficial to everyone since it the world.
connections that cut across traditional political, spreads freedom and democracy around the - According to the IMF, the value of trade
world. (goods and services) as a percentage of world
 GDP increased from 42.1% in 1980 to 62.1% - The gold standard is when a country ties the
in 2007. value of its money to the amount of gold it
International Trading System possesses.
- According to Historian Delfin O. Flynn and Advantages of Gold Standard
Arturo Giraldez, the age of globalization began - The benefit of a gold standard is that a fixed
when “all important populated continents asset backs the money’s values
began to exchange products continuously.” - It provides a self-regulating and stabilizing
Silk Road effect on the economy.
- The oldest known international trade route. - It discourages the concept of inflation
Galleon Trade - A gold standard rewards the more productive
- This was the first time that Americas were nations
directly connected to Asian trading routes. - With more gold in their reserves they can print
Mercantilism more money
- 16th to 18th century Disadvantages of Gold Standard
- Countries primarily in Europe, competed with - The size and health of a country’s economy
one another to sell more goods as a means to are dependent upon its supply of gold.
boost their country’s income ( called monetary - The economy is not reliant on the
reserves later on) resourcefulness of its people and businesses.
- Tariffs serves as a defense of local products - Countries without any gold are at a
- An economic system banked on the principle competitive disadvantage.
that the world’s wealth was static, and Fiatt Currencies
consequently, many European nations - Are not backed by precious metals and whose
attempted to accumulate the largest possible value is determined by their cost relative to
share of that wealth by maximizing their other currencies.
exports and by limiting their imports via tariff - The value of fiat money is derived from the
Gold Standard relationship between supply and demand and
- Emerged in 1867 the stability of the issuing government, rather
- A more open trade system, following the lead than the worth of a commodity backing it.
of the United Kingdom, the United States and How Fiatt Money Works
other European nations adopted it. - Fiatt money only has value because