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The Contemporary World---Globalization Cheat Sheet (DRAFT) by

An Introduction to Contemporary World, BMMA 2023-2024 1st Year--1st Semester.

This is a draft cheat sheet. It is a work in progress and is not finished yet.

What is Global­iza­tion?

It is a process of intera­ction and integr­ation among people, companies, and govern­ments of different nations.
A process driven by intern­ational trade and invest­ment, aided by inform­ation techno­logy.

Driving Forces of Global­ization

The Inform­ation Technology Advanc­ements
The Policy Develo­pments
Supplying valuable tools in determ­ining economic opport­uni­ties.
Policies that opens up economies domest­ically and intern­ati­onally.
Promoting trade through conven­ience and access­ibi­lity.
Adopting free-m­arket economic systems to increase trade and investment potential.
Catego­rizing individual economic actors; Busine­sses, Consumers and Investors.
Negoti­ations to further reduce barriers in commerce, agreeing in intern­ational arrang­ements to promote trade in goods, services, and invest­ment.

What aspects does Global­ization affects?

Culture
Enviro­nment
Political Systems
Economic Develo­pment and Prosperity
The People
Society

How does Global­ization affect the world?

Positively
Negatively
Allows poor countries and their citizens to develop econom­ically.
Multin­ational corpor­ations benefits at the expense of local busine­sses, local cultures, and the common people.

Approaches to the Study of Global­ization

Global­ization is heavily debated and is known as "a contested and slippery concep­t".
Frederic Jameson (1998) astutesly points out that, "­There seems to be little utility in forcing such a complex set of social forces such a global­ization into a single analytic framew­ork."
One of the reasons global­ization has many disagr­eements and arguments is the fact that global­ization is a fragme­ntated, incomp­lete, uneven, and contra­dictory set of social processes.
Many scholars arrived at many conclu­sions, forming groups of consensus at which how they approach at the concept of global­iza­tion.

Types of Approach to Global­ization

Reject­ionists
The idea of scholars in which they dismiss global­ization in its utility as an analytical concept. They tackle their arguments in a criticism of vague words in which they use in academic discourse.
Sceptics
Sceptics emphasizes the limited nature of current global­ization processes. Hirst and Thompson (2009) claim that the world economy is not a truly global phenom­enon, but one centered on Europe, Eastern Asia, and America. Without a truly global economic system, there is no such thing as global­iza­tion.
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