GEC3- Outline

First world- countries that are industrialized and develop

Third world- countries that are mostly developing non-industrialized or semi-industrialized

Neo colonialism- form of indirect colonialism in which a neocolony is dominated economically culturally
or politically by a more powerful country.

Austerity –policy of cutting budget for social services so as to reduce a country’s budget deficit.

Regionalization- process of closer economic integration of countries within region.

Global media- corporations or entities globally engaged in media production and distribution

Global village – international community formed by the constant interaction between citizens of various
country and bound by shared cultural experiences, transcending geographical distance and actual
physical contact

Imagined community- a community formed by like-minded individuals bound by common interests

shared aspirations, collective identity and the like.

Digital divide- gap in technological skills between those who have ready access to computers and other
digital devices and the internet and those who do not.

Norway- ranked first in terms of economic stabilization.

Eduardo Galeana- he describes Latin America as “open veins”.

Philippines- is comparable with Latin America for the latter is a region still works as menial “Repository
of cheap labor”.

Chile- exports huge volume of its mineral resources to more developed industrialized countries. “Chilean
copper bars for exports.

 Globalization refers to the shift toward a more integrated and interdependent world economy.
 Globalization is the process by which people their ideas and their activities in different parts of
the world become interconnected.

Globalization-

o Existence of free exchange of goods, services, and even people between countries.
o Globalization is the process of world shrinkage, distance getting shorter and things moving
closer.
o has a shifting nature
o it is about the satisfying exchange flavors.
 Globalization is good because of an increase in standard of living but bad because there is a
decrease in local cultures and traditions
  One of the disadvantages of globalization is it has given rise to more health risk and present new
threats and challenges for epidemics.
 Globalization represents an increasing integration of Communication, Culture and Economics.
 Globalization occurs when there is increased economic integration among countries.
 Global South It covers mostly the developing countries, non- industrialized or semi-
industrialized, underdeveloped or economically disadvantaged nations.
 Global North refers to those technically and socially well-developed countries, basically located
in North America and Europe.
 Modern Technology allows people to travel, get information and communicate with each other
over long distances easily.
 Globalization could not exist without Global transportation.
 Homogeneity is referring to the increasing sameness in the world as do cultural inputs expand to
create common practices.
 Trade Liberalization An act of reducing trade barriers to make international trade easier
between countries.
 Heterogeneity This refers to the various creation of cultural practices because of the interaction
of different societies in the world.
 Tariff is a tax levied by one country’s government on the goods and services imported from
another country.
 Tariffs are used to restrict imports by increasing the price of goods and service purchased from
another country, making them less attractive to domestic.
 A specific tariff is a tax on imports defined as an amount of currency per unit of the good.
 A tariff on imports benefits domestic procedures of the imported good because; It raises the
price for which they can sell their product on the domestic market.
 Trade liberalization can benefit stronger economies but put weaker ones at a greater
disadvantage.
 Public relation is process of managing an organization’s communications to stakeholders and the
media. It is also used in the marketing of brands and products.
 Market integration is process of economic transformation within a region or a group of
countries aimed to peg one price for the same product.
 The media has had an insignificant role in promoting a common culture.
 Advances in Technology have rapidly expanded the speed with which merchandise, money,
people, information, and ideas move over long distances.
 The development of the Economic has played a major role in Globalization.
 Protectionism refers to government policies that restrict international trade to help domestic
industries.
 Foreign intervention - The problem of the third world stem.
 Austerity this refers to the government policies that aim to reduce public sector debt/country’s
budget deficit.
 World Health Organization (WHO)- Organizations defines Globalization as the increased
interconnectedness and interdependence of people and countries.
 World Trade Organization - defines Globalization as a historical stage of accelerated expansion
of market capitalism.
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