1. Globalism
Chapter 22.2

2. Globalization – a world without walls
The expansion of global linkages, the organization of social life on a global scale, and the growth of a global consciousness; the consolidation of world society

3. Anti-globalization movement
Critical of the globalization of corporate capitalism
Afraid of:
Multinational corporations having unregulated political power
Companies maximize the profit at the expense of work safety conditions and standards
Call for:
Democratic representation
Advancement of human rights
Fair trade and sustainable development

4. outsourcing
Obtain a good or service from an outside or foreign supplier, especially in place of an internal source

5. Education and globalization

6. Multi-national corporation
Countries that own or control production or service facilities in one or more countries other than the home country

7. World bank
Offers loans, advice, and an array of resources to more than 100 developing countries for capital programs

8. International monetary fund
Promotes international financial stability and monetary cooperation
Goals:
Seeks to facilitate international trade
Promote high employment
Sustainable economic growth
Reduce poverty around the world
Differences between the World Bank and IMF:
Bank – development institution
IMF – cooperative institution that seeks to maintain an orderly system of payments and receipts between nations

9. The group of 8 (G8)
Forum for the gov’ts of a group of eight leading industrialized countries
Started in 1975 that brought together France, West Germany, Italy, Japan, the UK, and the US
Canada was later
included
Last…Russia
EU is represented
within the G8 but
cannot host or chair
summits

10. Brics nations Brazil, Russia, India, China, and South Africa
Designed to counter the power of the G8 nations
Five largest emerging national economies

11. World trade organization
Deals with the global rules of trade between nations
Designed to liberalize international trade
Helps to increase globalization
Works against protectionism

12. Free-trade zones
Geographic area where goods may be landed, handled, manufactured, or reconfigured, and re- exported without the interventions of the customs authorities
Organized around major seaports, international airports, and national frontiers
EU, NAFTA

13. Eu – loans to piigs
Economic and political partnership between 28 European countries
Started with the European Economic Community (EEC) in 1958
Evolved into an organization that looks at policy as well as economic aid
Including human rights violations
1993 – the name changed to the European Union (EU)
PIIGS (Portugal, Ireland, Italy, Greece, and Spain)
Struggling countries

14. Non-governmental organizations
Organization that is neither part of a government nor a conventional for-profit business

15. Environmental economics
Different than ecological economics:
Ecological – emphasizes the economy as a subsystem of the ecosystem with its focus on PRESERVING natural capital
Environmental – concerned with environmental issues and their affect on economics
Sustainability – practice of trying to more modestly provide for people while balancing the ecological and environmental costs