Globalisation Note-taking
1. What is globalisation?
Globalization is the spread of products, technology, information, and jobs across national
borders and cultures. In economic terms, it describes an interdependence of nations around
the globe fostered through free trade.
Economic globalisation
2. (p.45) What is economic globalisation?
The process by which states across the world become more closely connected and
interdependent according to the principles of free trade, which leads to the greater
transnational flow of goods, services and capital.
3. (p.46) What are Bretton Woods Institutions? How do they deepen and further economic
globalisation?
Bretton Woods institutions are the World Bank, the International Monetary Fund and the
World Trade Organization. All of them impact on state sovereignty by advancing global free
markets and free trade, they are founded on the core premise that the economic growth is
maximised through free market reforms and free trade, government should encourage
foreign investment may adopting economic policies conductive to foreign investment.
Economic globalization provides a forum for the resolution of trade wars. It has created
neoliberal consensus that free trade creates greater wealth and so states should engage
with this economic model in order to achieve prosperity.
4. (p.49-57) In what ways has economic globalisation reduced inequality between countries
and poverty within countries?
Economic globalization has reduced inequality by shortening the gap between the
stereotype of the North and South hemisphere, the North being richer. It's done this by
creating new jobs in manufacturing across the world. As a result of greater trade done ever
between countries across world production has dramatically increased. This is a result of the
enhanced trading opportunities that free trade creates, developing countries have been able
to break into global markets and use their comparative advantage in cheap Labour in order
to lift millions of citizens out of extreme poverty stop
5. (p.52-57) In what ways has economic globalisation entrenched inequality between
countries and poverty within countries?
Often the wealth that is generated through the global free trade is concentrated in the
hands of the elite. This dramatically increases the gap between the rich and the poor. In
China, in 2016,it’s estimated the poorest 25% owns just 1% of the country’s total wealth,
while the richest 1% of households own one third of the countries wealth.
Extension reading: Stenberg (2002) In the Shadow of Law or Power? Consensus-Based
Bargaining and Outcomes in the GATT/WTO
Political globalisation
6. (p.48) What is political globalisation?
1. What is globalisation?
Globalization is the spread of products, technology, information, and jobs across national
borders and cultures. In economic terms, it describes an interdependence of nations around
the globe fostered through free trade.
Economic globalisation
2. (p.45) What is economic globalisation?
The process by which states across the world become more closely connected and
interdependent according to the principles of free trade, which leads to the greater
transnational flow of goods, services and capital.
3. (p.46) What are Bretton Woods Institutions? How do they deepen and further economic
globalisation?
Bretton Woods institutions are the World Bank, the International Monetary Fund and the
World Trade Organization. All of them impact on state sovereignty by advancing global free
markets and free trade, they are founded on the core premise that the economic growth is
maximised through free market reforms and free trade, government should encourage
foreign investment may adopting economic policies conductive to foreign investment.
Economic globalization provides a forum for the resolution of trade wars. It has created
neoliberal consensus that free trade creates greater wealth and so states should engage
with this economic model in order to achieve prosperity.
4. (p.49-57) In what ways has economic globalisation reduced inequality between countries
and poverty within countries?
Economic globalization has reduced inequality by shortening the gap between the
stereotype of the North and South hemisphere, the North being richer. It's done this by
creating new jobs in manufacturing across the world. As a result of greater trade done ever
between countries across world production has dramatically increased. This is a result of the
enhanced trading opportunities that free trade creates, developing countries have been able
to break into global markets and use their comparative advantage in cheap Labour in order
to lift millions of citizens out of extreme poverty stop
5. (p.52-57) In what ways has economic globalisation entrenched inequality between
countries and poverty within countries?
Often the wealth that is generated through the global free trade is concentrated in the
hands of the elite. This dramatically increases the gap between the rich and the poor. In
China, in 2016,it’s estimated the poorest 25% owns just 1% of the country’s total wealth,
while the richest 1% of households own one third of the countries wealth.
Extension reading: Stenberg (2002) In the Shadow of Law or Power? Consensus-Based
Bargaining and Outcomes in the GATT/WTO
Political globalisation
6. (p.48) What is political globalisation?
