Download The Contemporary World and more Study Guides, Projects, Research Economics in PDF only on Docsity! THE CONTEMPORARY WORLD Meaning of Globalization ■General Meaning: Globalization is a global process or development of human and non-human activities ■According to G. Ritzer: Globalization is inconclusive and an interconnectivity of spaces ■According to M. Steger: Globalization has four (4) aspects: •Ethnoscapes – global process/development about culture or religion; •Mediascapes – global process/development about giving/disseminating of information; •Financescapes – global process/development about the financial status or economy of a nation or state •Technoscapes – global process/development about the technology and technological advancements Economic Globalization ■5 Key Economic Assumptions Scarcity – the limited resources are being utilized; Choices; Trade-off – choosing the necessities over the wants; Marginal Analysis – additional value of benefits and costs; Life situations can be easily analyzed through simple graphs. Economic Globalization ■4 Factors of Production Land – natural resources; Capital – equipment, tools, etc.; Labor – human resource/ activity; Entrepreneur – business ideas and operations; Economic Globalization ■3 Economic System Centrally Planned (Communism) – an economic system where the government solely owns and controls the distribution and production of the natural resources in its jurisdiction; Free Market (Capitalism) – an economic system where the private or business entities owns and controls the distribution and production of the natural resources; - the government can not interfere with the resources owned by the private or business entities; Mixed – an economic system where the government owns the resources within its jurisdiction and the private or business entities can also acquire these resources through compensation
