Module Four_StudyGuide - Module Four Study Guide: Overall,...

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Module Four Study Guide: Overall, have an abstract opinion on whether  globalization is good or bad and several reasons as to why. Globalization and the Demand for Regulation (Nov. 5 th ): People who Support Globalization Say: 1) International exchange based on comparative advantage creates a rising  tide that raises all boats. 2) Advantage to Consumers: global competition (lower prices, more selection) 3) Prosperity and exchange induces democratic tendencies in many  developing nations 4) International Markets force Governments to follow Sensible Financial  policies  (i.e. Mundell’s trinity….countries could only have 2/3   (Capital  mobility….independent monetary policy…stable exchange rates)  5) Benefits of globalization demonstrated by experience of Asian Tigers and  Liberalization elsewhere  People who DO NOT Support Globalization Say: 1) Globalization Causes Inequality   2) Race to the Bottom in terms of wages, labor standards, human rights 3) Race to the Bottom in terms of Environmental Standards  4) Increases vulnerability of large sections of population to global market  fluctuations with national states unable to protect their citizens 5) Loss of National Sovereignty 6) Global currency crises 7) Globalization favors those ahead of the game (e.g.,Intellectual property) 8) Economic globalization promotes homogenization  --A certain product is in high demand which leads to a ton of companies  competing globally to produce that product at the least possible price. --This means that they start to produce a small selection of products. Ex: Biodiversity—McDonald’s only uses one kind of potato, so that’s what  most farmers make (forsaking any other variety) in order to be profitable. Calls for Regulation: -Good Governance: new political institutions to manage difficulties in global  markets -Accountability: New Political institutions to allow the world’s people to better  reign in unfettered global capitalism -Democratic Governance: Allowing the disenfranchised to have their say about  globalization  Existent Regulation: -Multilateral Models 1) The International Labor Organization 2) The Linkage of Labor Standards to Trade 3) “Regionalization”: Economic Areas and Labor Standards -Voluntary Models: Corporate Social Responsibility 1) Codes of Conduct and Monitoring 2) Certification
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3) Reporting 4) Compacts The International Labor Organization (Nov. 7 th ): -Established in 1919 -182 Member States -Main Theme: Promotion of Social Justice -Overall goal since 1999: Decent Work -4 strategic objectives: Fundamental Principles and Rights at Work Employment Social Protection Social Dialogue 3 Main Institutions: International Labor Conference 
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Module Four_StudyGuide - Module Four Study Guide: Overall,...

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