SOC103H1 Chapter Notes - Chapter 19: International Monetary Fund, Democratic Deficit, American Express
Document Summary
Must understand globalizaion as series of processes connecing people, resources, and capital across the globe: quesions of equality, security, social jusice. Top down globalizaion acions of groups promoing globalized capitalism and free trade; dominated by neoliberal economic policy: strongly associate with the us, globalizaion was irst used by american express. Neoliberalism retreat from state spending and regulaion, a focus on individual responsibility for one"s own welfare, less protecion for labour and environment, privaizaion of state resources, faith in power of market and proit moive to create wealth. Need to deal with excess capacity asap: this led to inancial recession in late 2000s to survive problems of overcapacity and economic slowdown, corporaions merge to trim operaing costs, trade g+s internally. 1/3 of global trade is inside same companies out of 175 largest economic eniies, 63% are corporaions and 37% are countries: walmart is biggest corporaion, corporate tax breaks have signiicant implicaions for income inequality creates more.
