103+Lecture+15 - Economic Geography II Globalization...

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Economic Geography II: Globalization Geography 103 27 October, 2011
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Globalization The expansion in the scope, velocity, and impacts of international transactions such as trade, investment, migration, and communications Multiple processes that reflect the persistent tendency of capitalism to stretch across national borders NOT synonymous with “homogenization” Has a long history: Dates to 14th C
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The Crisis of Fordism Starting in early 1970s: Economic problems in the developed world with Fordist model A downturn in the economic long wave? high unemployment high interest rates low growth Hastened by oil shocks Monetary instability i.e. shift from fixed to floating exchange rates between currencies Import penetration : more imports entering developed country markets Problems of indebtedness in developing countries
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Neoliberalism: The Ideology of Globalization Crisis of faith in Keynesianism : which emphasizes the role of the public sector in regulating the economy Result: neo-liberal thinking born
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Post-Fordism Advanced or Disorganized Capitalism : New technologies of communication, transport and production leads to flexibility in organization of industries & firms Agglomeration diseconomies : no longer pays to keep industry close together; dispersal of production Defeat of organized labor unions: new, cheaper labor available outside of traditional industrial regions
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Post-Fordist Globalization Change in scalar organization of the economy: from nation economies to a global economy The emergence of a single economic “world system” Development of a single global market Intensification of worldwide social relations Post-industrial Phase : developed societies characterized by dominance of service sectors of the economy
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