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    According to the document, globalization can be defined as both an economic process of integrating global markets as well as a social process of increasing international influence and operation. While some definitions focus only on the economic aspects, John Maynard Keynes advocated for a balanced approach between local self-sufficiency and global cooperation. Specifically, he believed that ideas, knowledge, and culture should be shared internationally, but material goods and finance should remain primarily local or national. This balanced view remains relevant today in debates around limiting the threats posed by uncontrolled corporate globalization while embracing the sharing of ideas across borders.

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    According to the document, globalization can be defined as both an economic process of integrating global markets as well as a social process of increasing international influence and operation. While some definitions focus only on the economic aspects, John Maynard Keynes advocated for a balanced approach between local self-sufficiency and global cooperation. Specifically, he believed that ideas, knowledge, and culture should be shared internationally, but material goods and finance should remain primarily local or national. This balanced view remains relevant today in debates around limiting the threats posed by uncontrolled corporate globalization while embracing the sharing of ideas across borders.

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    dawn&jenHANDOUTS - 1ST PAGE

    Uploaded by

    Dawn Illaine Reclenas
    According to the document, globalization can be defined as both an economic process of integrating global markets as well as a social process of increasing international influence and operation. While some definitions focus only on the economic aspects, John Maynard Keynes advocated for a balanced approach between local self-sufficiency and global cooperation. Specifically, he believed that ideas, knowledge, and culture should be shared internationally, but material goods and finance should remain primarily local or national. This balanced view remains relevant today in debates around limiting the threats posed by uncontrolled corporate globalization while embracing the sharing of ideas across borders.

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    Agree on the working definition of globalization for the course

    According to Merriam-Webster globalization is: “the act or process of globalizing: the state of
    being globalized, especially: the development of an increasingly integrated global economy marked
    especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.”
    Merriam-Webster homes in on a fundamentally economic definition and in doing so equates
    globalization with the processes that facilitate the consolidation of power in the hands of global
    corporations.

    For Google, globalization is simply “the process by which businesses or other organizations
    develop international influence or start operating on an international scale.”

    A deeper perspective on globalization is beautifully summarized in this famous quotation from


    the distinguished economist John Maynard Keynes:

    I sympathize, therefore, with those who would minimize, rather than with those who would
    maximize, economic entanglement among nations. Ideas, knowledge, science, hospitality, travel—
    these are the things that, by their nature, should be international. But let goods be homespun
    whenever it is reasonably and conveniently possible, and, above all, let finance be primarily national.

    This quotation is from his article “National Self-Sufficiency” published in the June 1933 issue of
    The Yale Review, well before the dramatic globalization of travel, communication, trade, money, and
    investment of the past 60 years. Yet Keynes’ nuanced search for a proper balance between localism and
    globalism remains remarkably relevant to today’s political debate.

    The globalization of production and finance under the control of corporations accountable only
    to global financial markets threatens our species viability. This is the bad globalization we must put
    behind us. Material needs are better met locally whenever practicable.

    The globalization of ideas, knowledge, science, hospitality, travel, as Keynes suggested, is the
    good globalization. It raises consciousness of our common humanity, interconnection, and
    interdependence in ways far from isolationist or xenophobic. And it opens extraordinary creative
    opportunities to achieve a world of peace, material sufficiency, and spiritual abundance for all. We
    properly celebrate and facilitate it.

    Source: https://www.yesmagazine.org/new-economy/yes-we-can-create-good-globalization-20170517

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