SOC101Y1 Chapter Notes - Chapter 15: Nationstates, Anti-Capitalism, International Monetary Fund
Document Summary
Bottom 80% own less than 6% of the global wealth. Next 19% own 16% of the global wealth. Top 1% own 48% of global wealth. Modernization theory: global inequality resulting from inadequacies in poor societies themselves, including lack of: Western mentality emphasizing on savings, investment, innovation, education, high achievement, and self-control of having children. Industrial revolution enabled britain, france, spain, portugal, the netherlands, belgium, Italy, russia, and the us amassed enormous wealth, which they used to establish armed forces to subdue and then annex or colonize most of the rest of the world between the mid-18th century and mid-20th century. Neo-colonialism established by creating a system of dependency involving three main elements: Globalization: social, economic, political process that makes it easier for people, goods, ideas, and capital to travel around the world at an unprecedented pace. Digital divide: inequality of access to means of communication. Top-down globalization: involves the actions of groups promoting globalized capitalism and free trade.
