1. What is Globalization? The stretching of economic, political and cultural activities and their integration at increasingly broader scales Economic Political Cultural Environmental

2. Age of Empire Economic dimension: i. European metropole (industrial core) ii. Periphery (primary commodity production) iii. Migrant labor economies iv. Colonial trading patterns Political dimension: i. Reworking pre-colonial polities and social orders Cultural dimension: i.Cultural diffusion (Christianity, education,etc)

3. Globalization II and Bretton Woods Plan (1944-73) Goals: (economic and political) 1.Avoid Another Great Depression 2.Rebuild Europe 3.Development of national industries and infrastructure 4.Overcome inter-state conflict Age of Development

4. Globalization II and Bretton Woods Plan (1944- 73) Institutions and features: Institutions of development (international and locally): 1. International Monetary Fund (IMF) 2. World Bank's Development Loans 3. General Agreement on Tariffs and Trade--GATT (1947) Uruguay Round (1994 World Trade Organization (WTO) 4. USSR-- Central planning, forced industrialization, forced labor 5. Third World – states and international financial institutions. Age of Development

5. Age of development Features: 1.Political arena: cold war tensions 2. Economic arena: - ( Fordism economies of scale, labor-capital compromise) -International role of US Dollar (gold and dollar as stabilizer) 3. Cultural sphere (urbanization, global consumer culture—music, cinema, fashion)

6. Globalization III- Era of Deregulation Origins: 1973: US Deficit: More dollars outside US than Gold Reserves Nixon floats dollar

7. End of Bretton Woods System (1973) of: -- fixed exchange rates -- national controls on currency exchange -- ability of state to control economy

8. Crisis of the Development Model- -Crisis of Profit High production costs -- raw materials, equipment, energy, labor -Oil crisis Global Recession early 1970s and early 1980s Age of Deregulation

9. Sources of Globalization III: 1. End of Fordism (New technologies— production at a distance) 2. End of state led-development 3. De-regulation of markets –  privatization  “free trade” Age of Deregulation

10. --Rise of neo-liberalism both as theory and practice (political and economic) Examples: Thatcherism Reaganism Age of Deregulation

11. NEO-LIBERALISM: 1970s  Privatization Open Markets Structural Adjustment Foreign Investment Global Neo-liberalism = Market as Primary Determinant of Development Age of Deregulation

12. Political Globalization Declining power of the nation-state Growth of transnational regulation and regulatory institutions  IMF, WTO Diffusion of democratic practices Diffusion of a neo-liberal model of regulation

13. Cultural Globalization Migration flows  International tourism  Refugees  Permanent migration flows Global media and communications Traffic in cultural products and practices

14. Economic Globalization Increased international trade Growth of multinational corporations Results: Huge Expansion of Global Industrial Capacity/  Second Industrial Revolution

15. Capital Unbound: The Global Assembly Line Rise of “off-shore” production and “out- sourcing”  movement of production/component manufacture facilities from “first world” to “developing world”

16. Global Assembly Line Power of global capital: Multinational Corporations “Off-Shore” Production Cheap Labor + Flexible Environment Management located in nation-state Workers multi-national Mobile MNCs or TNCs Can or should Globalization be managed?