THE CONTEMPORARY WORLD

FINALS REVIEWER
PADEL, ERICA JOANNA L. – BACHELOR OF SCIENCE IN ACCOUNTANCY
1ST SEMESTER │A.Y. 2023 - 2024

CHAPTER 4 INTERNATIONAL FINANCE AND GLOBALIZATION

ECONOMIC DIMENSION OF GLOBALIZATION INTERNATIONAL FINANCE
ECONOMIC DIMENSION • 1970s – became important component in development
• how the contentious concept of globalization should be of international economy
understood • a system within which people, businesses,
• the process that intensifies and stretch the economic governments and other groups interact in global
connections of countries across the globe economy - concept by hendtrik van den berg 2016
 achieve through the globalization of:  describes and explaines the flow of payments that
o trade and finance occur among several countries
o creation of powerful economic institutions • not a modern phenomenon but a practice that has
existed for several decades prior to the establishment of
GLOBAL ECNOMIC ORDER IN THE EARLY YEARS bretton woods institutions – concept by sergio
schmukler 2004
GLOBAL ECONOMIC ORDER
• fall of bretton woods system:
• existed prior to the establishment of the bretton woods
 transitioned from fixed exchange rate to the floating
institutions provided the international community with a
exchange rate = allowed greater capital mobility
steady and functional platform
among developing countries in the global south
• growth started = nationalist perspective that featured the
value of economic nationalism among the different states
INTERNATIONAL ECONOMIC INSTITUTIONS
in the continent of europe
 principle of mercantilism – states directed their
INTERNATIONAL • one of the three prominent
MONETARY FUND international economic
effort based on this to strengthen their own (IMF)
economies institutions created after the
Bretton Woods Conference in 1944.
NEW GLOBAL ECONOMIC ORDER • primary focus = maintain the
• existed after world war II = result of the apprehension of administration of the monetary
several countries about the possibility of another great system.
depression WORLD TRADE • succeeded the General
• USA and great britain – directed prominent economist ORGANIZATION Agreement on Tariffs and Trade
to find ways on how new global economic order (WTO) (GATT) and continued with the
pursued, regulation of the international
 resulted the holding of the bretton woods trade.
conference 1944 • organization was more effective
• emerged after the bretton woods conference 1944 = and authoritative than the
creation of important international economic agreement.
organizations such as: INTERNATIOnAL • mandated by its member-countries
o world bank / international bank for reconstruction BANK FOR to provide the necessary funds to
o international monetary fund RECONSTRUCTION a number of countries that needed
AND
INTERNATIONAL TRADE AND GLOBALIZATION DEVELOPMENT
the costly post-war reconstruction
(IBRD) and development
INTERNATIONAL TRADE
ASIAN • operates in the regional level and
• reflects the contrasting perspectives of DEVELOPMENT concentrates its resources to
protectionalism and liberalism BANK (ADB) several developing countries in the
• period before the first industrial revolution exhibited the Asia Pacific region.
practice of mercantilism throughout europe
• created in 1966 through the effort of
• succeeding period after rise of great britain in mid-18th the Tokyo Study Group.
century manifested the opening up of the global
market and the removal of trade restrictions
ASIAN • latest international economic
INFRASTRUCTURE institution supported by China.
• growth of international trade: INVESTMENT
 grinding halt = first world war 1914 • created in 2015 to provide the
BANK (AIIB)
 luster came back with establishment of bretton woods developing countries with an
institutions alternative means of financing
o signing of the general agreement on tariffs their respective national
and trade (GATT) 3 years after establishment economies.
of world bank and international monetary ORGANIZATION • created by a group of developed
FOR ECONOMIC countries in 1961
fund
COOPERATION
• 20th century: • objective = improve the
AND
 GATT was succeeded by more permanent DEVELOPMENT international economy through
organization which is the world trade organization (OECD) consultation and adoption of
 world trade organization = more formal and sound economic policies.
authorative in implementation of agreed policies of
its member countries GLOBAL NORTH AND SOUTH DIVIDE
 introducing different kind of internation trade GLOBAL NORTH AND SOUTH DIVIDE
capitalized the shortcommings of previous agreement
• metaphorical arrangement of countries in the
international community

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 THE CONTEMPORARY WORLD
FINALS REVIEWER
PADEL, ERICA JOANNA L. – BACHELOR OF SCIENCE IN ACCOUNTANCY
1ST SEMESTER │A.Y. 2023 - 2024

• difference between the countries of the global north and GLOBAL CITY
global south in terms of their accumulated wealth and
levels of development – royal geographical society GLOBAL CITY
• countries in the contemporary world are labelled: • articulated in the 1990s by Saskia Sassen
 “more economically developed”  believed that the process of globalization can also
 “less economically developed”. be discussed through another spatial structure
other than the nation - state.
GLOBAL NORTH GLOBAL SOUTH • the terrain where a multiplicity of globalization processes
• more advanced and • expanded after the end of assume concrete, localized forms. The large cities of
developed the Cold War in 1991with today have emerged as strategic sites for a whole range
• composed of influential the inclusion of several of new types of operations. They serve as nexus where
countries that have countries from the select the formation of new claims materializes and assumes
dominated the flow of group of Second World concrete forms - sassen
goods, services, and countries.
capitals in the past two • end of the Cold War =
• anchored on the continuous flow of capital,
centuries. disintegration of the Second information, and people through a network of national
World countries and their cities in different parts of the world.
eventual integration with the • spatial unit or scale that possesses the following
developing countries of the characteristics:
Third World. o financial center
• the countries of the Global o seat of political power
South appear to be the o center for higher learning
straight opposite of the
more developed countries
o melting pot of different cultures.
from the Global North.
GLOBALIZATION AND CULTURE
CHAPTER 5 CULTURE
SOCIAL DIMENSION OF GLOBALIZATION • cultural globalization = expanding flow of culture that
SOCIAL DIMENSION transpires across international boundaries.
• flow of culture by george ritzer 2011:
• importance of people as one of the critical elements in
o differentialism
extending the practice of globalization
o hybridization
• focuses on how the movement of people strengthen o convergence
the phenomenon in different parts of the world  explains how culture retains its identity or
• refers to intensification and expansaion of transforms when paired with other cultures.
connections of people through the process of migration
and uninterrupted flow of culture in the international GLOBALIZATION AND RELIGION
community
RELIGION
GLOBAL DEMOGRAPHY • one of the essential elements of a society =
• people represent an interesting area in understanding the differentiate its people from the other members of the
practice and influence of the phenomenon in the international community.
international community • a social institution that involves beliefs and practices
• people provide globalization with good opportunity of anchored on a conception of the sacred - john macionis
extending its practice and influence beyond boundaries 2004
• demography = study of human population • draws a number of followers that exhibits similar beliefs
 study of the growth, structure, and composition of and practices directed to things considered as sacred.
human populations; the study of cause and • globalization has produced a mixed impact on religion
consequences of growth, structure and composition that led to the opposing views of secularization and
of human population is part of demography – barbara revitalization of the institution - asep muhamad iqbal 2016
anderson 2015  Secularization = causing the decline of religion
that started with the rise of the modern society.
GLOBAL MIGRATION  Revitalization = giving religion with new means of
• physical transition of an individual or group from one coping with the strenuous challenges of the
society to another – shmuel eisenstadt 1953 modern times.
• transition involves abandoning one social setting and
entering another and different one GLOBALIZATION AND GENDER
• migration – process of leaving the social condition of GENDER
an individual or group in exchange for another that exist in • the personal traits and social positions that members
the succeeding place of destination of a society attach to being male and female. - john
macionis 2004
FAVORABLE FACTORS UNFAVORABLE FACTORS • discussion of gender over the years has centered
• exist in the place of • place of origin primarily on the growing inequality between men and
destination • push factors women
• pull factors

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 THE CONTEMPORARY WORLD
FINALS REVIEWER
PADEL, ERICA JOANNA L. – BACHELOR OF SCIENCE IN ACCOUNTANCY
1ST SEMESTER │A.Y. 2023 - 2024

GLOBALIZATION AND INDIGENOUS PEOPLE GOVERNANCE • world demanded for a better way of
FRAMEWORK discussing and proceeding with
INDIGENOUS PEOPLE
the different environmental issues
• disadvantaged descendants of those peoples that
inhabited a territory prior to the creation of a state. • resulted into multilateralism that
brought several governments,
• stand to benefit from the improvements that
business corporations, and
globalization may bring to their existing social practices.
members of the civil society closer
GLOBALIZATION AND PEACE STUDIES together.
PEACE STUDIES GLOBAL ENVIRONMENTAL ISSUES
• emphasizes the need to understand the social
dimension of globalization. ENVIRONMENTAL ISSUES
• the reduction and eventual eradication of war as well • products of the unsustainable human activities in the
as the control and resolution of violent conflict by 18th century
peaceful means – peter lawler 2008 • more pronounced during the Second and Third
• Johan Galtung = initiated the creation of the Peace Industrial Revolutions with the introduction of electricity,
Research Institute of Oslo (PRIO) in 1959 oil, gas, nuclear energy, computer, transistor, and micro -
• provided a valuable site for researchers - with processor
backgrounds in political science, economics, psychology, • environmental issues :
anthropology, education, and sociology – to come o loss of biodiversity
together in the study of peace. o decline of fresh water
o deforestation
CHAPTER 6 o pollution
ECOLOGICAL DIMENSION OF GLOBALIZATION o climate change
ECOLOGICAL DIMENSION  deforestation - conversion of forest lands into urban
landscapes
• emphasizes the different environmental issues that
 pollution - contaminants released from vehicles and
have seriously impinged on the development efforts of
other similar sources.
several countries in recent history
 climate change - originates from the heat trapped
• intensification and expansion of international inside the atmosphere causing changes in the
cooperation among the different members of the weather pattern of the earth
international community.

GLOBALIZATION AND THE ENVIRONMENT GLOBAL ENVIRONMENTAL ORGANIZATIONS

UNITED NATIONS • designated authority of the
GLOBAL ENVIRONMENT ENVIRONMENTAL United Nations system that
• appeared as a major concern of the developed PROGRAM was created in 1972
countries that conspired to keep the main sources of • serve as the linchpin of the
their natural wealth intact institution on environment
• mid-20th century - more the focus of a serious and related issues.
expansive campaign of both the developed and
developing countries.
INTERNATIONAL • membership union
 international community initiated an extensive
UNION FOR • made up of government and
CONSERVATION OF
campaign against global pollution including the civil society organizations
NATURE
preservation of the natural environment. that span the eight major
regions of the world.
DRIVERS OF ENVIRONMENTAL ISSUES • established in 1948
INTERGOVERNMENTAL • created in 1948
DEMOGRAPHIC • important factor behind the different
CHANGE environmental issues that place
PANEL ON CLIMATE • primary agencies of the
CHANGE
tremendous pressure on the global United Nations that provides a
environment through excessive scientific assessment on the
demands for food, water, and energy nature of climate change.
sources. WORLD NATURE • 2010 - a number of emerging
ORGANIZATION
ECONOMIC • created a number of unfavorable and developing countries
GROWTH effects to the global environment conspired to confront the
• contributed to the growing problem worsening effects of climate
of global pollution and to the loss change.
of big habitable spaces in major GREENPEACE • independent campaigning
cities INTERNATIONAL group - employs innovative
TECHNOLOGICAL • brings a number of negative means in protecting the
INNOVATION repercussions to the global global environment.
environment. • purpose = preserve the ability
• “atomic bomb” – was dropped twice of the earth to nurture life
in Japan and killed several hundreds
of people in just two days.

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 THE CONTEMPORARY WORLD
FINALS REVIEWER
PADEL, ERICA JOANNA L. – BACHELOR OF SCIENCE IN ACCOUNTANCY
1ST SEMESTER │A.Y. 2023 - 2024

THE WORLD • popular conservation groups that o introduction of container ships in transporting
WILDLIFE FUND maintain its presence in more than products
100 countries, helping people o application of automatic tracking system in the
survive the environmental delivery of packages
challenges of the 21st century. o employment of universal product code in storage
facilities,
GLOBAL ENVIRONMENTAL AGREEMENTS o invention of personal computers
o internet
GLOBAL ENVIRONMENTAL AGREEMENTS  have all expanded the process of globalization in the
• binding arrangements between two or more parties that contemporary world.
agree to manage human activities in order to protect
the global environment TECHNOLOGY AND ITS DEVELOPMENT
• normally participated by two or more countries
 bilateral or multilateral – together with other related TECHNOLOGY AND ITS DEVELOPMENT
environmental organizations • industrial revolution is considered as one of the most
important transformations that the human population has
TRAGEDY OF THE COMMONS experienced in the last three centuries
TRAGEDY OF COMMONS  affected the political and economic interests of the
• presents a situation where individuals, motivated by human population but has strongly influenced its
their self -interests, resort to consume or misuse their ecological and sociological requirements
shared resources • the dramatic innovations in manufacturing, mining,
• individuals may be conscious about the possibility of transportation, and communications and equally rapid
exhausting their common resources but because of the changes in the society and commerce – crossley,
additional benefits they can derive out of pursuing their headrick, and bulliet 2011
selfish interests they proceed to misuse them GLOBAL TRENDS IN TECHNOLOGY
• concept was first adopted by William Forster Lloyd
GLOBAL TRENDS
SUSTAINABLE DEVELOPMENT • “Globalization and Technology: How Will They
SUSTAINABLE DEVELOPMENT Change the Society” by Kriengsak Chareonwongsak
• form of development that meets the needs of the (2002)
present without compromising the capability of the  five critical trends that explain how modern
technologies are progressing in the international
future generations to meet their own needs
community:
• emerged as a development paradigm in the 1990s
o emphasis in commercial value
• pursuit for sustainable development started in 1984 with
o increasing standardization
the creation of a special commission (World
o greater diffusion
Commission on Environment and Development) by the
o faster development
United Nations to identify the needed environmental
o greater diversification.
strategies for the future.
GLOBAL ENVIRONMENTAL PARTNERSHIP POSITIVE IMPACT OF NEGATIVE IMPACT OF
MODERN TECHNOLOGY MODERN TECHNOLOGY
GLOBAL ENVIRONMENTAL PARTNERSHIP
● production – great ● technologies has
• collaborative engagement of several states and non - Britain as first industrial limitation
state actors = aim to promote the sustainability of the power ● toll on the areas of
global environment. ● transportation and privacy and identity
• collaborative engagement takes the form of either an communication = ● access and engagement,
international agreement or an international enable faster and ● technology and risk,
organization signed or created for the purpose of convenient transatlantic ● collaboration
preventing the decline of the global environment. travel between europe ● information sharing
• 1992 - when the United Nations Secretary General - and america ● security.
Kofi Anan = emphasized the concept during the World ● modern technologies :
Conference on Environment and Development ○ energy storage
 the concept of partnership has become a major autonomous
practice among the institutions of the United Nations vehicle
and to all the members of the civil society and the ○ artificial intelligence
business sector as well ○ 3D printing
○ internet
CHAPTER 7  expected to
TECHNOLOGICAL DIMENSION OF GLOBALIZATION provide more
TECHNOLOGY AND GLOBALIZATION developments
and expand the
TECHNOLOGY AND GLOBALIZATION envelope of
• George Ritzer (2011) - identified some of the modern globalization
technologies that have ultimately altered the way the
human population tackles global processes.

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 THE CONTEMPORARY WORLD
FINALS REVIEWER
PADEL, ERICA JOANNA L. – BACHELOR OF SCIENCE IN ACCOUNTANCY
1ST SEMESTER │A.Y. 2023 - 2024

MEDIA AND GLOBALIZATION

MEDIA
• critical tools of transmitting information from one
individual to another
• “the means of conveying something, such as a
channel of communication” - jack lule
• evolving process of globalization is visible in:
 economics
 politics
 culture

INTERNET AND GLOBALIZATION

INTERNET
• one of the important milestones that emerged in the
second half of the 20th century
• a network of interconnected computers that are spread
across different spaces serving billions of people all at the
same time.
• powerful medium that can facilitate the economic,
political, and social dimensions of globalization.
• process of sending and receiving data or information can
sharply expand economic activities, improve political ties,
and establish social connectivity among the members of
the international community.

DIGITAL GLOBALIZATION

DIGITAL GLOBALIZATION
• 20th century was dominated by the physical movement
of goods, services, and capitals - mckinsey global
institute (2016).
• flow of data and information during this period has
arguably redefined the concept of globalization and is
taking the phenomenon into new heights.