Globalization Internalization: intensification of cross-border interaction and interdependence between countries. Liberalization: the removal of restrictions imposed by gov on movement btw countries. Universalization: spreading of products, objects and experiences all around the world. Western Satan: western based -cultural patterns spread. Deterritorialisation: The radical change in geography whereby places, distances and territorial borders lose a large part of their value and influence. Market globalism • liberalization of markets • globalization is inevitable • nobody is in charge of globalization • It benefits everyone • globalization spreads democracy Authoritarian globalism • Countering the anti-state and deregulated Western model • Recovery of state control Withdrawal from international commitments; • Social stability; • Rule of law is not democracy • Relativism Realpolitik Anti-globalization • Fear external influences • Against sovereignty transfers • Against globalization • Relies on some kind of emotional populism • Protectionist on trade, identity, migration Justice globalism • A global Marshall Plan • The Tobin Tax • Abolition of offshore financial centers • Implementation of stringent environmental agreements • A more equitable global development agenda • A new World Development Institution managed by the South • Reform WTO to implement higher international labor standards • Introduce greater transparency and accountability in governments and IOs • Make globalization gender sensitive *The backlash to globalization some people criticize: → outside businesses in local markets. → threat to cultural and religious underpinning of society →Challenges of a globalized economy. * Lessons of COVID-19 → Information access inequality: helped with lockdown → 2 worlds : physical and virtual . → not everything can be digitalized. → Vaccine nationalism. Socio cultural dimensions * Critical view of globalization concepts Deregulation on capital flows & inv. and barriers. Privatization of public assets: selling state-owned enterprises G&S to private investors. Elimination of welfare programs: neoliberalism favors reduce in public expenditure for social services. Restrictions on immigration: the barriers to the flow of labor still exist. * Feminist approach to globalization It's an umbrella term. We focus in particular on postcolonial transnational -and "ethic of care “feminism. Even global issues have a gendered dimension. Result of glob: systematic, structural injustices on a global scale. Postcolonial transnational feminism, one of the strands of feminist approach to globalization, challenges the assumption that globalization is a universal process that benefits everyone equally. It highlights how the experiences of women in the Global South, who are often marginalized by global economic structures and power dynamics, differ from those of women in the Global North. This perspective recognizes that globalization is not a one-size-fits-all phenomenon and that it affects women differently depending on their social and economic contexts. The "ethic of care" feminism, another strand of the feminist approach to globalization, emphasizes the importance of caregiving and community building in response to the negative effects of globalization. It argues that neoliberal economic policies prioritize individualism and profit over social wellbeing and the environment, leading to the exploitation of women's unpaid care work and the depletion of resources. This perspective advocates for a rethinking of economic and social policies to prioritize care and community building, which are often undervalued in capitalist societies. Overall, the feminist approach to globalization seeks to promote gender equality and social justice by challenging patriarchal power structures and advocating for policies that prioritize care, community building, and environmental sustainability. Top of Form * Intersectionality Intersectionality: all oppression is linked. Everyone can be discriminated. All women don't share the same level of discrimination because they are women. * Global care chains They link women across the world and are established through the transnational exchange of domestic services * Consequences of glob. on identity and culture Loss of control, search for sense & belonging, inequality, lack of trust Richard sennet → corrosion of character: Sennett argues that the shift from an industrial to a post-industrial economy has led to a corrosion of character in the workplace. He believes that the traditional workplace provided workers with a sense of identity and purpose, as well as a connection to a community of workers. However, in the new economy, work has become more flexible, temporary, and precarious, and workers are often disconnected from the products they produce and the people they work with. This, in turn, has led to a decline in the sense of identity and purpose that work once provided. * Globalization & econ.justice Up econ =/ : between North & South and within countries social change is difficult because it is hard to create a new order and to go against those benefiting from the current order (N.Machiavelli) Technology & Globalization Manel Castells "The knowledge society": the network society is characterized by a new form of social organization that is based on the flexible and decentralized coordination of economic and social activities. This is made possible by the development of digital technologies, which have created a new platform for communication, collaboration and innovation. In the knowledge society, Castells argues, knowledge is the primary source of value and productivity. This means that education, research and innovation are the key drivers of economic growth and social development. However, Castells also acknowledges that the knowledge society is not without its challenges, including issues related to inequality, exclusion and privacy. * The new informational paradigm → Information is the new raw material; its processing is key → Production agents organize in globally interconnected networks. It penetrates our social life. algorithmic discrimination. * Tech and the emergence of precarious jobs precarious work: uncertain, unstable, insecure and where employees bear the risks of work. ↳ Ind. health, family formation and nature of social life are at risk. Econ Globalization The 3 principles of economic sociology: 1) Power exists and modifies the behavior of agents 2) Institutions (Durkheim's understanding) 3) Social network: establish patterns of behavior, sanction behavior, confer a sense of belonging and identity. ↳ Our worlds are not naturally drawn; they are the result of political & cultural projects. We need stable relationships and to define what is doable, who can play and what is the "game "and its rules. * Markets as politics Modern states create politics for markets to be stable, through institutions. There are even internal political processes within firms about who will have control. There is also a political struggle around who will control the market. Institutions regulate: → property rules →Trading regulations → courts to enforce contracts → Taxes The bigger the state, the larger the public sector is. Institutions are needed. *The 2nd era of globalization started in 1945 and we are still in it. ↳ Bretton -Woods (1945-197-0): UN, IMF, World Bank, WTO • A globalization with room for domestic politics. •Moderate globalization •GATT rules: moderate, limited, weak, unenforceable. ↳ Washington consensus [1990): • Econ. Glob. becomes an end in itself. • International trade before everything • low Corp. tax, tight fiscal policies, deregulation • WTO (1995): door open for hyper globalization, creation of dispute settlements. Financial Globalization * Financializaton Financialization: process whereby financial markets institutions and elites gain greater influence over econ policy and outcomes. ↳ transforms the functioning of econ systems at both the macro and micro level. ↳ Leads to deregulation, privatization, tax havens, derivatives. * Basic concepts → Information is the most valuable product in the global econ. → Freely moving capital → driving force → Hot money: not intended to buy or sell goods or services → Power shifting: has a huge destabilizing potential. * Impacts 1) Elevate the significance of the financial sector relate to the real economy. 2)Transfer income from the real economy to the financial sector. 3)to increase income inequality * Financial sector and its impact It consists of companies engaged in financial inter -mediation, amongst which we also find trade finance, savings companies and housing institutions, leasing and insurance companies. Impacts: →strengthening of fin. econ → ↑ Fin. speculation, systemic risk, vulnerability of public budgets. Political Globalization * corporate Gigantism (J.K. Galbraith) 1)Rise of importance of large MNCs in the global economy 2)The "race to the bottom" 3) Rise of offshore territories ↳ The vertical and horizontal integration of firms limits free choice for customers * Covid 19, digitalization and market concent. Too big to fail: so deeply integrated in a market system that a failure would be disastrous for the Econ. so, The gov. bails them out ↳ ex : Wall Street. * Race to the Bottom It's regarding corporate tax. To stimulate econ growth , a large number of countries have ↓ corporate taxes. How can the gov fund SDG policies if it reduces its income by ↓ taxes ? * Management studies ↳ the professional executive: •unrelated to the owner - Aim : be able to predict the market. -key terms : efficiency , prod, Inno, and planning . ↳ Econ theory ideas: • Invisible hand. .Agency theory -homo economicus .+ SH value. •Efficient market theory * New Public Management New approach to react towards the insufficiencies of traditional public ad. approach. ↳They are seen as unproductive, inefficient , always suffer loss, low quality . . . Objectives: →efficiency & effectiveness → responsiveness to stakeholders. → quality of pub. services. → accountability & perf . * Performativity Performativity: the power of language to effect change in the world. Political Actors & Glob. * Erosion of state sovereignty ↳ At the end of the 20th century ↳Elements of the nation state crisis • Existential breakdown of rich countries during the assault on national political power by global forces . •Volatility of the poorest countries. •↑ legitimacy of an international order. * Political trends in the late 20th centre 1) The loss ofthe state's preeminence end of sovereinty ↑ transnational 2) Nonconfrontational foreign policy (Doyle's law) shared legal p. Common courts Community Of Values 3) Expansion of intern. org. → EU, NATO, WTO, IMF, WB. . . There is no globalization without transfer of sovereignty * Crisis of the nationstate ↳ Bell : ns. Is becoming too small for the scope of our problems Bobbitt: the int. rules of state are loosing primacy , ineffective at defending their own borders, new transnational threats, global capitalism = ↓ national econ. Management cultures become permeable . # Functions of the state In econ. glob. → Regulate global markets → Global terrorism → safe environment creation → com.infrastructures → Internal law & Order → skilled workforce & edu.→ Protect property rights → Help with liquidity . → prevent the collapse of the financial systems. * Rodrik 's Trilemma Option 1 : The Budget girdle → Robust state + hyperg. → Attract int.cap. = aim → pour.of social security → ↓ taxes → Less space for democracy. ↳ cons : foreign creditors become more important than locals Option 2: Global Federalism ↳ we should let nation states fall , and democratize 10s . ↳ cons : global political community , legitimacy. ↳ HOW high should the bar be ? How well can it work? The world is too _diverse. ↳ Pbm → Identity → loss of cultures and political identities . Option 3 : Back to limited globalization ↳ We should recover a Bretton Woodstype of agreement. ↳ Difficulties of hyper globalization . people against open markets -state policy space needs to be guaranteed. But Pbms W/Option 3 : protectionism, conflicts unilateralism , Pbm of the global Commons. *Globalization & care care services are vital . Care : our individual and common ability to provide the political , social , material , emotional .conditions that allow people to thrive along . We are all interdependent and vulnerable and we need to recognise that. Institutions good care in an institutional context has three central foci: the purpose of care, a recognition of power relations, the need for pluralistic, particular tailoring of care to meet individuals’ needs But as I have also noted, care is likely to face two dangers, namely those of paternalism, in which care givers assume that they know better than care receivers what those care receivers need, and parochialism, in which care givers develop preferences for care receivers who are closer to them Thus, all forms of caring, institutional as well as personal, require that attention be paid to purpose, power, and particularity. Identifying these three as the critical elements for assessing practices of care grows out of any understanding that takes care as a relational practice. To imagine a world organized to care well requires that we focus on three things: politics: recognition and debate/dialogue of relations of power within and outside the organization of competitive and dominative power and agreement of common purpose; particularity and plurality: attention to human activities as particular and admitting of other possible ways of doing them and to diverse humans having diverse preferences about how needs might be met; and purposiveness: awareness and discussion of the ends and purposes of care. If we keep these aspects of care in mind, then we will be able to determine how to think through institutions using the ‘logics of care’ Private Actors *The backlash to globalization why? Because it allows rich and powerful outside business interests to intrude local culture. It also threatens religions Social Movements a persistent and organized effort involving a large number of people to work together to either bring social change or resist to it. ↳ it challenges authorities, powerholders or cultural beliefs and practices. ↳ it is collective, organized, sustained and at least partly noninstitutional, social change: sine qua none of all social movements. Collective Action: the social movement is social in nature it relies on social solidarity Organization: bureaucratic structure and act. orientation Temporal continuity: they need to stick around to be successful. Non -institutional: protests, civil disobedience. . "Bringing awareness to things that we are taking for granted and challenge them " *Urban space: Occupying ? There is a need to build public space by creating free communities in the urban space. They have a symbolic power or evoke memories of political movements. The control of space symbolizes the control over people's lives. *Why movements emerge? It's _an interaction btw: structural/ material conditions, social psychological factors, contextual circumstances, . . . Access to sufficient resources . . . Why do people participate? →Sympathizing ≠ participation. → Importance of vocab of motives, it has to emphasize the severity of the problem. How? Tactics and strategies, they change through the movement. There are violent & non -violent ways. Type of Movement Innovative (Liberal) Goals Examples Introduce new cultural elements, patterns of Legalize marijuana interaction, policy, or institutions movement Keep marijuana illegal Conservative Maintain things the way they are movement Bring back old cultural elements, patterns of Movement opposing Reactionary behavior, policy, or institutions same-sex marriage Change cultural elements, patterns of Reform behavior, and/or policy, but do not replace U.S. civil rights movement institutions Bring about great structural change by American Revolution, Revolutionary replac- ing one or more major social French Revolution institutions Create positive cultural and personal identities for members of groups that have Identity Gay rights movement been the target of prejudice and discrimination Anti–Vietnam War Achieve moral, quality-of-life, selfNew social movement, actualization, and other noneconomic goals environmental movement Temperance movement, Alternative Change one specific type of behavior abstinence movement Total moral change of individuals affecting Religious fundamentalist Redemptive multiple behaviors movement Transnational Achieve aims in more than one country Human rights movement absolute deprivation theory The idea that social movements develop when people are unable to obtain adequate food, shelter, or other basic needs. relative deprivation theory The idea that living conditions or political limitations only become intolerable when people come to view them as unacceptable relative to their conception of the way they think things should be. 1.Decremental deprivation. Decremental deprivation involves a rapid drop in living standards caused by an event such as a sudden severe economic downturn. People feel deprived relative to their former living standards. For example, after the Great Depression began in 1929, the United States experienced a great surge in participation in the labor movement; more workers joined labor unions in the 1930s than ever before in the nation’s history. The new economic and political power of the great labor unions, such as the United Auto Workers and the International Brotherhood of Teamsters, won higher wages, health insurance, pensions, and other benefits from employers, which helped raise millions of workers into the middle class. 2. Progressive deprivation. According to a study of economic trends preceding several major revolutions (Davies 1962), progressive deprivation occurs when a society experiences a prolonged period of economic progress and improved living standards followed by a period of sharp decline. Since people expect things to keep getting better as they had in previous years, a wide gap develops between expectations and worsening conditions. Both the American Revo- lution and the Russian Revolution of 1917 fit this pattern. 3. Aspirational deprivation. Aspirational deprivation occurs when people gain new information convincing them that their living conditions are unacceptable and can be changed, causing discon- tent to rise and support for social movements to increase. For example, in the 1960s and 70s many younger Catholic priests and nuns in Latin American countries adopted liberation theology (Berryman 1987), a social justice orientation holding that clergy should confront and criticize unjust social conditions, including poverty and inequality of opportunity, in addition to dealing with spiritual needs. Clergy informed their impoverished parishio- ners that poverty was not the result of God’s will but caused by the selfishness and greed of certain people, and that these unjust Social Value Impact investment: Are socially motivated investments that are made for the purpose of increasing or improving the socially valuable outputs and practices of investee enterprises. Must lower the cost of capital to the enterprise compared to ordinary commercial markets, thereby allowing it to produce more socially valuable outputs or to engage in more socially valuable practices—the criteria for creating social value. non-concessionary investments: from which they expect a full risk-adjusted market-rate financial return. concessionary investments: sacrificing some financial return for social value, which requires that their primary purpose be not to generate financial returns but rather to further the foundation’s charitable purposes. Socially responsible investments are investments whose primary purpose is to generate financial returns and that are aligned with certain values―what we have called value alignment investing. These include, for example, good ESG practices—that may be independent of a foundation’s particular mission. In contrast to mission investing, which focuses on actively placing capital in business enterprises, socially responsible investing also includes divesting from, or not investing in, companies whose outputs. financial impact or signaling impact: Financial Impact. Assuming the investor believes that the investee enterprise has opportunities to increase its production of social value, an investment yields expected financial impact if it provides more capital, or capital at lower cost, than the enterprise would otherwise get from ordinary commercial, socially neutral investors. Under these circumstances, the investment meets the criterion for social value-added. Conversely, a divestment would have financial impact if it deprived a wicked enterprise Signaling Impact. The investment decision may indirectly affect an enterprise’s cost of capital by signaling approval or disapproval of the enterprise to consumers, employees, regulators, or other stakeholders, and thereby affect their behavior.
