SOAN 2040 Lecture Notes - Lecture 5: Dependency Theory, North American Free Trade Agreement, Cultural Globalization
11 Oct 2016
School
Department
Course
Professor
Document Summary
Globalization: the movement towards the expansion of economic and social ties between countries through the spread of corporate institutions and the capitalist philosphy that leads to the shrinking of the world in economic terms. Capital remains concentrated among the wealthiest nations. Exacerbated economic inequality between the global north and south. While there is more trade happening, its general the global north that are already rich that maintain that wealth while southern countries which are considered underdeveloped do not. Increasing reliance of economies on each other. The opportunities to be able to buy and sell in any country in the world. The opportunities for labour and capital to locate anywhere in the world. The growth of global markets in nance. Commodity: any good or service offered as a product for sale in the market. To assign economic (market) value to something that is traditionally not thought of as a commodity.
