Globalization & Economics

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Presentation transcript:

Globalization & Economics

What is Economic Globalization? Interrelations Capital & technology  trade Shipping lanes ¤

Brief Economic History Post- WW II Bretton Woods Agreement (1944) IMF, IBRD (WB), GATT ( WTO) US foreign investment MNCs, military, IGO leadership End of Gold Standard fixed exchange rate (1971) Move to floating rate of exchange (1971) Shift to neoliberal economic policies (1980s) Remove gov’t from economy ¤

Brief Economic History Post- Cold War Int’l of trade & finance MNCs Economic IGOs & agreements Int’l Monetary Fund World Bank World Trade Org. Regional economic IGOs EU, ASEAN, etc. ¤

How did trade and finance help to globalize the economic system? Seek single global market Est. economic regimes IGOs (int’l & regional) Free trade agreements Desire financial mobility Deregulation Tariffs Privatization Foreign direct investment Technology Moving money ¤

Economic IGOs & Agreements Help globalize economy Promote neoliberal economic system Cooperation Formal, informal pacts Policy coordination Finance, trade, investment Open markets Challenge cultural norms Challenge state sovereignty ¤

What are the criticisms of trade and finance? (WA Q1) Colonizers MNCs have $$$ = power Challenge policies Profit-driven ‘Race to the bottom’ Exploitative Concentrate wealth Lack global standards Labor Environment Force to open economy ¤

What are the criticisms of trade and finance? (WA Q1) High risk transactions ‘Hedge funds’ Collateralized debt Uneven access Loan conditions ¤

About Outsourcing Outsourcing Using 3rd party Offshoring Foreign party Suppliers become competitors ¤

How do Filipinos benefit from economic globalization? (WA Q2) Domestic job options Some work from home Infrastructure Important source of FDI Helps stop brain drain ¤

What are the consequences to Filipinos of this product of globalization? (WA Q3) $ big appeal = ↓ in practicing profession, continuing education, etc. Gov’t subsidies by some other countries Grunt work v. innovation Night shifts ¤

Recap Neoliberal economic model GN dominates in all sectors Push for global governance Regimes to set norms GN dominates in all sectors Trade, investment, MNCs, in IGOs Sovereign interests influence decisions Use RTAs Push for/ resist free exchange Criticisms of neoliberalism Global civil society ¤