Economic dimensions of globalization

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Steger, Globalization, chap. 3

 

 

Chap 3 China in the global economy Today’s lecture: Economic dimensions of globalization � Reading: Steger, Globalization, chap. 3 “The economic

dimension of globalization.” Feb. 20 Tues. lecture: China’s workforce � Reading: Jenny Chan, Ngai Pun, and Mark Selden,

“The politics of global production: Apple, Foxconn and China’s new working class.” japanfocus.org (2013)

Feb. 22 Thurs. lecture: China’s energy policy � Reading: John Mathews and Hao Tan, “China’s

continuing renewable energy revolution: global implications.” japanfocus.org (2013)

 

 

Wed. Feb 28 Recitation Chap. 3 response paper due Tues. Feb. 27 @ 10:00PM

 

 

Steger’s Globalization, so far: Chap. 1 Globalization: a contested concept � Presents a theory of globalization Chap.2 Globalization in history: is globalization a new phenomenon? � Presents a history or chronology of

globalization

 

 

Steger’s Globalization, ahead: Today: Chap. 3 Economic dimension of globalization � Presents a theory of the global economy In two weeks: Chap. 4 Political dimension of globalization � Presents a theory of political globalization

 

 

Electronic devices OFF

 

 

Steger: Economic Globalization

Dramatic changes have occurred in finance, economic production, and movement of commodities, due in part to new technologies related to the Internet.

 

 

Economic Globalization

Gigantic f lows of capital mediated by digital technology have increased trade in goods and services, linking national and regional economies

 

 

Globalization is multi-dimensional

Interconnections in the global economy are set in motion by political decisions � The global economy is based on an

interaction with politics and many other dimensions of globalization

 

 

21st c. Global economy The contemporary global economy is best described as a neoliberal economic system working in competition with regulation of trade and f lows of capital motivated by national, regional, or justice concerns � Nexus: Neoliberal deregulation <->

Keynesian regulation

 

 

Globalization is at the nexus of dichotomies

Global International

“West”

Local National “Rest”

 

 

The global economy is also a nexus

Neoliberal Deregulation

Keynesian & Other

Regulation

 

 

Major building blocks of 21st c. global economic order: 1. Huge transnational corporations (TNCs) or

multinationals 2. Powerful international economic institutions 3. Large regional trading networks

� APEC Asian Pacific Economic Cooperation � EU European Union � [TPP TransPacific Partnership]

 

 

FYI: Multinationals vs. TNCs We tend to read the following terms and think they refer to any company doing business in another country. Each term is distinct and has a specific meaning which define the scope and degree of interaction with their operations outside of their “home” country.

1. International companies are importers and exporters, they have no investment outside of their home country.

2. Multinational companies have investment in other countries, but do not have coordinated product offerings in each country. More focused on adapting their products and service to each individual local market.

3. Global companies have invested and are present in many countries. They market their products through the use of the same coordinated image/brand in all markets. Generally one corporate office that is responsible for global strategy. Emphasis on volume, cost management and efficiency.

4. Transnational companies are much more complex organizations. They have invested in foreign operations, have a central corporate facility but give decision-making, R&D and marketing powers to each individual foreign market.

https://leeiwan.wordpress.com/2007/06/18/difference-between-a-global-transnational- international-and-multinational-company/

 

 

Origins of the contemporary global economic order

Bretton Woods, New Hampshire, July 1-22, 1944

 

 

Neoliberal vs. Keynesian Economics � Neoliberalism is based on idea of British

philosophers Adam Smith (1723-90) and David Ricardo (1772-1823) that unregulated markets are most efficient, because of the principle of supply and demand

� Keynesianism is based on idea of British economist John Maynard Keynes (1883- 1946) that a healthy economy requires regulation

 

 

Neoliberalism � Advocates elimination of all barriers to trade

and capital f lows between nations � Includes idea of British sociologist Herbert

Spencer (1820-1903) that free market economies naturally survive because they are the fittest � Economic Darwinism

 

 

Bretton Woods: gold standard Pegged national currencies to fixed gold value of US dollar, creating a stable money exchange system

 

 

Bretton Woods system (1945-75), Established basis for ‘golden age of controlled capitalism’ � Nations paid for education, healthcare, and

infrastructure with tax revenue � Workers in global North joined the ‘middle

class’ due to rising wages

 

 

Why did Bretton Woods collapse?

Steger: “In the early 1970s, the Bretton Woods

system collapsed when President Richard

Nixon abandoned the gold-based fixed rate

system in response to profound political

changes in the world that were undermining

the economic competitiveness of US-based

industries.” (p. 40)

 

 

Reason: Japan’s rising economy

U.S. Industries unable to compete: � Steel � Ship building � Watches � TVs � Automobile � Textiles

 

 

1971: Nixon abandoned gold standard

� Currency exchange rates have f loated freely ever since.

 

 

Free-floating interest rates

� Up to 1970s: USD-Yen fixed exchange rate $1.00=¥368

� Current: USD-Yen f loating exchange rate $1.00=¥107

 

 

Discussion 1. Have you or your family ever been affected

by f luctuations in exchange rates between one currency and another? � If so, were you affected positively or

negatively? 2. Do you think it would be better to go back

to having a fixed exchange rate pegged to the gold standard? � Why or why not?

 

 

Fort Knox, Kentucky

 

 

Gold reserves: 147.3 million oz.

 

 

Fed Reserve Bank: “just in case”

 

 

1971: Nixon abandoned gold standard Result was global economic instability

� High inf lation, high interest rates � Low economic growth � High unemployment � High public sector deficits � High energy costs

 

 

1971: Nixon abandoned gold standard

Global economic instability further resulted in election defeats for parties associated with controlled capitalism � Victories for conservative political parties

that advocated deregulation and free markets: “neoliberal” approach to economic and social policy

� Deregulation seemed legitimized by collapse of communism 1989-91

 

 

 

Deregulation & infrastructure Deregulation (liberalization) of financial markets required new hardware infrastructure to support ‘virtual’ internet technologies that linked the globe � “Nervous system” of internet-based

technologies � Fiber-optic cable � Satellite systems

 

 

1980s The concept of globalization became linked to the deregulation of economies around the world � Deregulation reached a turning point in

2008 with Global Financial Crisis

 

 

Problems in Global Financial Markets A large part of new global financial exchange has nothing to do with real production. � Little investing in machinery or workers to

produce saleable items Regulations were restored after the GFC, but now they’re being dropped again.

 

 

The result: financial instability and social upheaval

World’s financial systems are volatile, overly competitive, insecure � Artificial boom-and-bust cycles have endangered the

social welfare of whole regions of the globe � South-East Asia 1997-98 � Argentina 1999-2002 � Greece, Spain � Brazil � UK Brexit

 

 

Geography: Northern & Southern Hemispheres

 

 

Geography: Eastern & Western Hemispheres

 

 

Geography: Eastern & Western Hemispheres

 

 

Political Economy: Global North- Global South

 

 

Global South-South Cooperation

 

 

Transnational corporations TNCs “None of these corporations maintains headquarters outside North America, Mexico, Europe, China, Japan, and South Korea. This geographical concentration ref lects existing asymmetrical power relations between the North and the South.” (p. 53) (Implies that Mexica & China are now included in the Global North, with developed economies)

 

 

Transnational Corporations � TNCs match nation-states in economic

power

� Chart: p. 55

 

 

Transnational Corporations Economic globalization is sometimes criticized as ‘corporate globalization’, because TNCs are interested only in making a profit for their investors

� TNCs have none of the responsibilities that nation-states have to their citizens

 

 

Bretton Woods: created new international economic institutions 1. International Monetary Fund (IMF)

� Administered the international monetary system 2. International Bank for Reconstruction and

Development (now, World Bank) � Provided loans for Europe’s post-war reconstruction � Funded industrial projects in developing countries

3. General Agreement on Tariffs and Trade (GATT); changed 1995 to World Trade Organization (WTO) � Created and enforced multilateral trade agreements

 

 

Economic globalization since 1989 1. Greater internationalization of trade and finance 2. Increasing power of transnational corporations

TNCs and large investment banks 3. Enhanced role of international economic

institutions (seems to contradict neoliberal free market ideology) ¡ International Monetary Fund (IMF) ¡ World Bank ¡ World Trade Organization (WTO)

Asian American Studies

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Asian American Studies 308. Asian American Women / Spring 2018

 

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Final Project Development Assignment 2: Annotated Bibliography

This document is due as a printed document by the start of class on Thursday, February 15., -OR- you may submit this document as a digital file (Microsoft Word, Google Doc, or PDF file) to the Titanium Assignment Space (before 11:25am that day). 1. SHORT IDENTIFICATION: Create a succinct description of your project that quickly lets your reader “see” your project and understand why it needs to be researched. Length: 2-3 sentences. 2. RESEARCH CHRONOLOGIES: OPTIONAL

a. Identify the major events in your subject history, with an awareness of your subject’s development before the point at which your story events begin. b. Include relevant happenings at the local, national, and world level. Depending on how your project is situating particular frameworks for your study objectives, your chronology lines may seek to investigate political, military, immigration, social, economic, technical/science, etc. events to historicize and contextualize your case. This may be easier to track by making a grid or separate columns. c. If you have a main character, provide a time line for their life history.

3. Provide an ANNOTATED BIBLIOGRAPHY that presents the range and forms of evidence you can draw upon to present accurate and balanced points of view. Do not include any reference that has not been personally inspected (for instance, including a book title without understanding the book’s specific usefulness to your project). Minim um num ber of sources: At least two peer-reviewed sources, and two primary sources. (Researchers are encouraged to incorporate additional resources by the time of submission of the final project.) Samples of Student-produced annotated bibliographies are available at the Titanium class site.

• Peer-reviewed sources are typically articles from scholarly journals or books from university presses.

• Primary sources can be letters, census data, newspapers, works of art, your original ethnographic data like field observations, interviews, items from CSUF Archive Collections, etc..

* You may draw on assigned course readings for your project study, but these will not count toward your list of personally-curated sources. Format for Annotated Bibliographies: Use standard MLA or APA format for the citations, then add a brief abstract for each entry, including:

* One or two sentences to summarize the main idea(s) of the item, and * One or two sentences to relate the article to your research topic, your personal experience, or your future goals or to add a critical description.

 

 

 

 

Asian American Studies 308. Asian American Women / Spring 2018

 

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The benefits to doing research and making time lines is not just to secure a solid foundation on the topics raised in your project, but also to find information that surprises and challenges.

How do you know if you’re accessing more than one understanding of your subject? Here are some questions that, after research, you should be able to address: ! What is the popular discourse around my subject? (fiction accounts,

websites, print journalism, etc.) ! What major organizations address my issue and what are their

stances on it? ! How has this issue made national headlines, and when was the last

time legislation was passed, proposed, or amended? ! What sorts of debates emerged around such news stories or laws, and

what were the primary arguments and forms of evidence? ! What have previous scholars theorized about this topic? Have these

understandings changed over time? (Adapted from Broderick Fox, Documentary Media: History, Theory and Practice, p.71)

Our campus library specialists have provided an in-class orientation on how to search in more than one database. Start familiarizing yourself with existing scholarship, news and primary accounts so your project bibliography reflects a strong balance of knowledge to inform your work. Annotated Bibliography Samples Media File: Annotated Bibliography Samples

Overview Below you will find sample annotations from annotated bibliographies, each with a different research project. Remember that the annotations you include in your own bibliography should reflect your research project and/or the guidelines of your assignment.

As mentioned elsewhere in this resource, depending on the purpose of your bibliography, some annotations may summarize, some may assess or evaluate a source, and some may reflect on the source’s possible uses for the project at hand. Some annotations may address all three of these steps. Consider the purpose of your annotated bibliography and/or your instructor’s directions when deciding how much information to include in your annotations.

Please keep in mind that all your text, including the write-up beneath the citation, must be indented so that the author’s last name is the only text that is flush left.

Sample MLA Annotation

Lamott, Anne. Bird by Bird: Some Instructions on Writing and Life. Anchor Books,

1995.

Lamott’s book offers honest advice on the nature of a writing life, complete

with its insecurities and failures. Taking a humorous approach to the realities

of being a writer, the chapters in Lamott’s book are wry and anecdotal and offer

advice on everything from plot development to jealousy, from perfectionism to

struggling with one’s own internal critic. In the process, Lamott includes

writing exercises designed to be both productive and fun.

 

 

Asian American Studies 308. Asian American Women / Spring 2018

 

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Lamott offers sane advice for those struggling with the anxieties of writing,

but her main project seems to be offering the reader a reality check regarding

writing, publishing, and struggling with one’s own imperfect humanity in the

process. Rather than a practical handbook to producing and/or publishing, this

text is indispensable because of its honest perspective, its down-to-earth

humor, and its encouraging approach.

Chapters in this text could easily be included in the curriculum for a writing

class. Several of the chapters in Part 1 address the writing process and would

serve to generate discussion on students’ own drafting and revising processes.

Some of the writing exercises would also be appropriate for generating classroom

writing exercises. Students should find Lamott’s style both engaging and

enjoyable.

[Instructor’s NOTE: In the sample annotation above, the writer includes three paragraphs: a summary, an evaluation of the text, and a reflection on its applicability to his/her own research, respectively.]

Sample APA Annotation

Ehrenreich, B. (2001). Nickel and dimed: On (not) getting by in America. New

York: Henry Holt and Company.

In this book of nonfiction based on the journalist’s experiential research,

Ehrenreich attempts to ascertain whether it is currently possible for an

individual to live on a minimum-wage in America. Taking jobs as a waitress, a

maid in a cleaning service, and a Walmart sales employee, the author summarizes

and reflects on her work, her relationships with fellow workers, and her

financial struggles in each situation.

 

An experienced journalist, Ehrenreich is aware of the limitations of her

experiment and the ethical implications of her experiential research tactics and

reflects on these issues in the text. The author is forthcoming about her

methods and supplements her experiences with scholarly research on her places of

employment, the economy, and the rising cost of living in America. Ehrenreich’s

project is timely, descriptive, and well-researched.

[Instructor’s NOTE: The annotation above both summarizes and assesses the book in the citation. The first paragraph provides a brief summary of the author’s project in the book, covering the main points of the work. The second paragraph points out the project’s strengths and evaluates its methods and presentation. This particular annotation does not reflect on the source’s potential importance or usefulness for this person’s own research. [Our class assignment requires this to be included.]

 

 

Asian American Studies 308. Asian American Women / Spring 2018

 

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/jc Source notes: Annotated Bibliography Samples. https://owl.english.purdue.edu/owl/resource/614/03/ Copyright ©1995-2017 by The Writing Lab & The OWL at Purdue and Purdue University.

Target Market Segment

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Assignment 2: Target Market Segment
Due Week 5 and worth 100 points

Who is your target market? In a one page paper, develop a full target market segment for your business plan. Remember, you will take feedback from all submitted portions of your plan, revise, and then submit the final business plan in Week 9.

Write a one (1) page paper in which you:

  1. State your primary target market segment, and discuss three reasons for your selection.
  2. State your secondary target market segment, and discuss three reasons for your selection.
  3. Format your assignment according to the following formatting requirements:
    1. Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
    2. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length.

POST ANOTHER ANSWER

Capital Lease

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The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made; nine annual lease payments, each in the amount of $100,000, are to be made at the end of the year after the inception of the lease. The total amount to be paid under this lease, therefore, is $1,000,000. The town could borrow this amount for nine years at the annual rate of 8%; therefore, the present value of the lease at inception, including the initial lease payment, is $724,689. Assume that the fair market value of the building at the inception of the lease is $750,000.

Required:

  1. Show the entry that should be made in a capital projects fund at the inception of the lease after the initial payment has been made.
  2. Show the entry that would be made at the inception of the lease in the governmental activities journal.
  3. Show the entry that would be made in the debt service fund and governmental activities journal to record the second lease payment.
  • Submit your responses to the requirements above in a 2 page document in MS Word. Label each question clearly, include introduction, conclusion and critical analysis!!! APA format. For computations, please include them in a table.  Include 2 references and