Study Cards on globalization, economy, hand

How can you describe globalization?
It is the emergence of a complex web of interconnectedness that means that our lives are increasingly shaped by events that occur, and decisions that are made at a great distance from us
What is economic globalization?
A shift from a world of national economies to a global economy where production is industrialized and financial capital flows freely
Why do they say neoliberal globalization?
Because these go hand in hand so they are thought as parts of a larger phenomenon
What is The Washington Consensus?
The term the Washington consensus was cointed by Joh Williamson to describe the policies that the international institutions based in Washington, the IMF, the world Bank and US Treasury department had come to favour for the reconstruction of economies in the developing world.

-> Essence of the Washington consensus can be summed up as stabilize, privatize and liberalize
What is transnational corporations?
A transnational corporation (TNC) is a company that controls economic that controls economic activity in two or more countries -> now used as multinational corporation
Why is there a backlash against globalization?
Because of the dominance of the economy by developed states, the threat to democracy because of the power of transnational corporations, more inequality and environmental degradation
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