Chapter 3

MARKET
GLOBALISM
AND
INTEGRATION
Specific Learning Objectives:
At the end of the class, the students are able
to-
1.Define market globalism and global
corporation in their own words;
2. Recognize the crucial role of integrating
markets and new information technologies in
understanding globalization;
3. Explain the different core claims that bring
about market globalism.
• For Manfred Steger, market globalization
contains an ideological dimension filled with
a range of norms, claims, beliefs, and
narratives about the phenomenon itself.
* Ideology is a system of widely shared ideas,
patterned beliefs, guiding norms and
values, and ideals that are accepted as
truths by certain group of people (Steger,
2014).
• It was first coined by Antoine Destutt de
Tracy in the late 18th century.
• But according to the French philosopher,
Paul Ricoeer, an ideology distorts,
legitimizes, and integrates.
* Market globalism is a hegemonic system of
ideas that makes normative claims about a
set of social processes called globalization.
• It is necessary to grasp the connection
between political ideologies and their
overarching “social imaginary” (Steger,
Battersby, & Siracusa, 2014 ).
* What makes an ideology POLITICAL is
that it claims select, privilege, and constrict
social meanings related to the exercise of
power in the society.
• Social Imaginary- deep seated modes of
understanding that provide the most
general parameters within which people
imagine their communal existence like the
ilustrados’ concept of being “ Filipinos”.
* Images, people, and materials circulated
more freely across national boundaries
because of new technologies ( Claudio,
2016 ).
• The era of globalization saw the emergence
of a movement that espoused the creation
of a global free market and the spread of
consumerist values around the globe.
* After the collapse of the Soviet Union in the
nearly 1990s, it popularized the neo-liberal
framework of globalization– deregulation of
markets, liberalization of trade, privatization
of state-owned enterprises, and very recently,
 the global war on terror. (Steger, Battersby,
& Siracusa, 2014)

THE FIVE CORE CLAIMS OF

MARKET GLOBALISM
( Steger, 2009 )
1. Globalization is about the liberalization
and global integration of markets.
- The inevitability of the spread of the ideals
of free trade and free enterprise to many
states and nations across the globe.
- One of its sad effects is that it paved the way
to many governments’ HANDS OFF attitude
towards the interest of large transnational
and multi-national corporations.
 2. GLOBALIZATION IS INEVITABLE AND
IRREVERSIBLE.
-As a process, globalization did not happen
overnight. It is a product of the ever
increasing innovativeness of human spirit.
( Steger, 2009 ).
 3. NOBODY IS IN CHARGE OF
GLOBALIZATION.
-“ self-regulating” market. Technically, the
globalists are not the ones who would dictate
the globalization process.
- Rather, these people would just accomplish
the oughts and the aspect of what must be
done as dictated by the waves of the process
of globalization, which
goes beyond individual self interests but
rather by a mightier transcendental force
(Steger, 2009).
-Friedman ( electronic herd )- anonymous
stock, bond, and currency traders and multi-
national investors connected by screens and
networks.
 4. GLOBALIZATION BENEFITS
EVERYONE IN THE LONG RUN.
-Back to the definition of Steger about
globalization.
-The poorer nations can be exploited
-The effects of globalization are uneven
- Weighing the positive and negative effects
of globalization
 5. GLOBALIZATION FURTHERS THE
SPREAD OF DEMOCRACY IN THE
WORLD.
-liberalism, conservatism, & socialism
(Steger, 2009).
- A globalist logically regards freedom, free
markets, and democracy as one and the
same terms.
THE END
I. ACTIVITY FOR TODAY
(TRUE/FALSE)

1. The era of globalization saw

the emergence of a movement
that espoused the creation of a
global free market and the
spread of consumerist values
around the globe.
2. Globalization is
about the liberalization
and local integration of
markets.
3. Ideology was first
coined by Antoine
Destutt de Tracy in the
late 18th century.
4. For Manfred Steger, political
globalization contains an
ideological dimension filled with
a range of norms, claims,
beliefs, and narratives about
the phenomenon itself.
5. The effects of
globalization are
uneven.
II. Write briefly the
message/s you understood
on the slides as shared
today; related to economic
globalization. 5 points
THANK YOU!