Contemporary Module - Prelim and Midterm

ST.
VINCENT’S COLLEGE INCORPORATED

Padre Ramon Street, Estaka, Dipolog City 7100 Philippines
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COURSE DESCRIPTION
This course introduces

students to the contemporary
world by examining the
multifaceted phenomenon of
globalization. Using the
various disciplines of the
social sciences, it examines
the economic, social,
political, technological, and
other transformations that
have created an increasing
awareness of the
interconnectedness of
peoples and places around
the globe. To this end, the
course provides an overview
of the various debates in
global governance,
development, and
THE sustainability. Beyond

exposing the student to the
world outside the
Philippines, it seeks to
CONTEMPORAR inculcate a sense of global

citizenship and global ethical
responsibility. This course
includes mandatory topics
Y WORLD
on population education in
the context of population
and demography.
MODULE 1& 2
JUNRIE MARK B. SUMALPONG , MBA, LPT

Email Address: [email protected]
Contact Number: 0917-124-0871
Unit 1 – INTRODUCTION TO GLOBALIZATION
“Let me begin with globalization. [...] Narrowly defined, it is meant to mean the instant
movement of capital and the rapid distribution of data and products operating within a politically
neutral environment shaped by multinational corporate demands. Its larger connotations,
however, are less innocent, encompassing as they do not only the demonization of embargoed
states or the trivialization cum negotiation with warlords, but also the collapse of nation-states
under the weight of transnational economies, capital, and labor; the preeminence of Western
culture and economy; the Americanization of the developed and developing world through the
penetration of US culture into others as well as the marketing of third-world cultures to the West
as fashion, film setting, and cuisine… Its disregard of borders, national infrastructures, local
bureaucracies, internet censors, tariffs, laws, and languages; its disregard of margins and the
marginal people who live there; its formidable, engulfing properties accelerating erasure, a
flattening out of difference, of specificity for marketing purposes. An abhorrence of diversity.
We imagine indistinguishability, the elimination of minority languages, minority cultures in its
Wake. We speculate with horror on what could be the irrevocable, enfeebling alteration of major
languages, major cultures in its sweep. Even if those dreaded consequences are not made
completely manifest, they nevertheless cancel out globalism's assurances of a better life by
issuing dire warnings of premature cultural death.”
― Toni Morrison
“One day there will be no borders, no boundaries, no flags and no countries and the only
passport will be the heart.”
― Carlos Santana
The most important challenges facing the world in the 21 st century are associated with
globalization, the growing interconnectedness of people and places through converging
processes of economic, political, and cultural change. Once distant regions are now increasingly
linked together through commerce, communication, and travel.
This unit introduces the various definitions of globalization, understand its key features,
and familiarize you to a variety of factors which have contributed to the process of globalization,
its benefits and disadvantages, and its history and theories.
Lesson 1: Globalization
1 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

In This Lesson
 Develop a nuanced definition of globalization in order to begin to understand the processes of

globalization.
 View a video and develop their own definition of globalization.
 Understand the key features of globalization.
 Identify the pros and cons of globalization.
The Meaning of Globalization
“Globalization” is a catchphrase familiar to anyone tuned in to social media. Every day we hear
the term globalization on the news, read it in the papers, and overhear people talking about it. What does
this term mean? There is no definite definition of globalizationor globalisationand the term is used to
denote a variety of ways in which nation-states, regions and people, due to advances in transportation and
communication systems, are becoming more and more closely connected and interdependent, not only in
the economic sense, but also in the cultural, political, social, technological, environmental and spatial
aspects.
ShalmaliGuttal (2007) defined globalization as “the process of interaction and integration among
people, companies, and governments worldwide. As a complex and multifaceted phenomenon,
globalization is considered by some as a form of capitalist expansion which entails the integration of local
and national economies into a global, unregulated market economy.”
Below are further definitions of globalization:
[Globalization] is “the geographic dispersion of industrial and service activities, for example
research and development, sourcing of inputs, production and distribution, and the cross-border
networking of companies, for example through joint ventures and the sharing of assets.”
– Organization for Economic Cooperation and Development
[Globalization] is “the word used to describe the growing interdependence of the world’s
economies, cultures, and populations, brought about by cross-border trade in goods and services,
technology, and flows of investment, people, and information.” – Peterson Institute for International
Economics
[Globalization] is “the ability to produce any good or service anywhere in the world, using raw
materials, components, capital and technology from anywhere, sell the resulting output anywhere and
place the profits anywhere.” – Peter Jay
[Globalization] is “the increased interconnectedness and interdependence of peoples and

countries, is generally understood to include two inter-related elements: the opening of international

borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in
institutions and policies at national and international levels that facilitate or promote such flows.
Globalization has the potential for both positive and negative effects on development and health.” –
World Health Organization
[Globalization] is “the inexorable integration of markets, nation-states, and technologies to a

degree never witnessed before – in a way that is enabling individuals, corporations and nation-states to
reach around the world farther, faster, deeper, and cheaper than ever before and in a way that is enabling
the world to reach into individuals, corporations, and nation-states farther, faster, deeper, and cheaper
than ever before.” – Thomas Friedman
[Globalization] is “the process of greater interdependence among countries and their citizens. It
consists of increased integration of product and resource markets across nations via trade, immigration,
and foreign investment – that is, via international flows of goods and services, of people, and of
investment such as culture and the environment. Simply put, globalization is political, technological, and
cultural, as well as economic.” – Robert J. Carbaugh
[Globalization] is “… a process in which geographic distance becomes less a factor in the

establishment and sustenance of border-crossing, long distance economic, political, and socio-economic
relations. People become aware of this fact. Networks of relations and dependencies therefore become
potentially border-crossing and worldwide. This potential internationalization of relations and
dependencies causes fear, resistance, actions, and reactions.” – Rudd Lubbers
[Globalization] can thus be defined as “the intensification of worldwide social relations which
link distant localities in such a way that local happenings are shaped by events occurring many miles
away and vice-versa. This is a dialectical process because such local happenings may move in an obverse
direction from the very distanciated relations that shape them. Local transformation is as much part of
globalization as the lateral extension of social connections across time and space.” – Anthony Giddens
Now it’s your turn. What is globalization to you? What are the words which are repeatedly
used in the abovementioned definitions? Use the box below to create your definition of globalization.
My Definition of Globalization
Converging Currents of Globalization

Most scholars agree that the most significant components of globalization is the economic
reorganization of the world. The characteristics of this new world arrangement are:
1. Global communication systems that link all regions of the planet instantaneously and global
transportation systems capable of moving goods quickly by air, sea, and land;
2. Transnational conglomerate corporate strategies that have created global corporations more
economically powerful than many nation-states;
3. International financial institutions that make possible 24-hour trading with new and more-flexible
forms of monetary flow;
4. Global agreements that promote free trade;
5. Market economies that have replaced state-controlled economies, and privatized firms and services,
like water delivery, formerly operated by governments;
6. An abundance of planetary goods and services that have arisen to fulfill consumer demand (real or
imaginary); and, of course,
7. An army of international workers, managers, executives, who give this powerful economic force a
human dimension. (Rowntree, Lewis, Price & Wyckoff, 2008)

Factors That Have Contributed to Globalization
There are a variety of factors which have contributed to the process of globalization. Some of the
most important globalization drivers are numbered below.
1. The price of transporting goods has fallen significantly, enabling good to be imported and exported
more cheaply due to containerization and bulk shipping;
2. The development of the internet to organize trade on a global scale;
3. TNCs have taken advantage of the reduction or lowering of trade barriers;
4. The desire of TNCs to profit from lower unit labor costs and other favorable production factors
abroad has encouraged countries to regulate their tax systems to draw in foreign direct investment
(FDI);
5. Transnational and multinational companies have invested significantly in expanding internationally;
6. The collapse of communism in the Soviet Union; and
7. The opening of China to world trade.
Advocates and Critics of Globalization

Globalization is one of the most controversial issues of our times. Supporters generally believe
that it brings in greater economic efficiency that will eventually result in bring prosperity for the entire
world. Critics think that it will largely benefit those who are already rich, leaving most of the world
poorer than before. Economic globalization is generally applauded by corporate leaders and economists.
But opposition to economic globalization is widespread in the labor and environmental movements for it
has promoted exploitation of workers, children, farmers, and the environment.
Advantages of Globalization Disadvantages of Globalization

 Productivity increases faster when countries  Millions of workers have lost their jobs
produce goods and services in which they have a because of imports or shifts in production
comparative advantage. Living standards can abroad. Most find new jobs that pay less.
increase more rapidly.
 Global competition and cheap imports keep a  Millions of workers fear getting laid off,
constraint on prices, so inflation is less likely to especially at those firms in import-competing
disrupt economic growth. industries.
 An open economy promotes technological  Workers face demands of wage concessions

development and innovation, with fresh ideas from their employers, which often threaten to
from abroad. export jobs abroad if wage concessions are
not accepted.
 Jobs in export industries tend to pay about 15  Besides blue-collar jobs, service and white-
percent more than jobs in import-competing collar jobs are increasingly vulnerable to
industries. operations being sent overseas.
 Unfettered capital movements provide workers  Workers can lose their competitiveness when
access to foreign investment and maintain low companies build state-of-the-art factories in
interest rates. low wage countries, making them as
productive as those in the developed
countries.
(Business Week “Backlash Behind the Anxiety over Globalization,” 2000)
A number of experts argue that both the anti-globalization and the pro-globalization stances are
exaggerated. Those in the middle ground tend to argue that economic globalization is indeed unavoidable.
They point out that even the anti-globalization movement is made possible by the Internet and is,
therefore, itself an expression of globalization. They further contend that globalization can be managed, at
both the national and international levels, to reduce economic inequalities and protect the natural
environment. Such scholars stress the need for strong yet efficient governments and international

institutions (such as the UN, World Bank, and IMF), along with networks of watchdog environmental,
labor, and human rights groups. (Rowntree, Lewis, Price & Wyckoff, 2008)
Globalization is one of the most important and complicated issues of our time. Now it’s your turn
to take a position. Are you in favor or against globalization? Use the box below to create your position
about globalization.
My Stance on Globalization
I am in favor of globalization in a way that we get to experience some of the goods/products that other
countries have and our products/goods will also be featured or experience in other countries through
import and export. We get to work outside the box and by box I mean outside of our country…to our
countries promoting our skills and be able to have a new perspective in life. Our culture, tourist spot
places, foods and services, music and other more are being advertise and invested with great
appreciation juts as we do to other countries as well.
Name_________________________________________Score _________
Course and Year _____________________________ Date _________
Essay: “Globalization I - The Upside” Video Evaluation Chart

Watch Crash Course World History #41: Globalization I - The Upside hosted by John
Green during your free time. Use this link https://www.youtube.com/watch?v=5SnR-e0S6Ic and
then read the instructions below carefully and answer the following questions cogently.
I. Reaction (Check the blank below)

____Very Favorable
____ Favorable
____Unfavorable
____Uncertain
II. Your response to the video in six words:
______________________________________________________________________________
____________________________________________
III. In just six words, explain the purpose/theme/aim of the video as you see it.
______________________________________________________________________________
____________________________________________
IV. Make a summary of the video in ten words.

______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
V. In ten words, what are the values you learned from this video?
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
RUBRIC
3 - Full Participation - Students wrote their reflection essays about the video in a clear and
consistent manner.
2 - Substantial Participation - Students wrote their reflection essays about the video and do so
in a somewhat consistent manner.
1 - Little or Partial Participation - Students have difficulty writing their reflection essays about
the video consistently.
Name_________________________________________Score _________
Course and Year_____________________________ Date _________
Essay: “Globalization II - Good or Bad?” Video Evaluation Chart

Watch Crash Course World History #42: Globalization II – Good or Bad?hosted by John
Green during your free time. Use this link https://www.youtube.com/watch?
v=s_iwrt7D5OA&t=497s and then read the instructions below carefully and answer the
following questions cogently.

____Very Favorable
____ Favorable
____Unfavorable
____Uncertain
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________

______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
______________________________________________________________________________
____________________________________________
RUBRIC
3 - Full Participation - Students wrote their reflection essays about the video in a clear and
consistent manner.
2 - Substantial Participation - Students wrote their reflection essays about the video and do so
in a somewhat consistent manner.
1 - Little or Partial Participation - Students have difficulty writing their reflection essays about
the video consistently.
Name_________________________________________Score _________
Quiz: Essay
Explain the process of globalization in the given figure below. Answer in exactly 140 words.
Economic globalization: is the development Financial globalization: can be linked with the
of trade systems within transnational actors rise of a global financial system with international
such as corporations or NGOs. financial exchanges and monetary exchanges.
Stock markets, for instance, are a great example of
the financially connected global world since when
one stock market has a decline, it affects other
markets negatively as well as the economy as a
whole.
Cultural globalization: refers to the Political globalization: the development and
interpenetration of cultures which, as a growing influence of international organizations
consequence, means nations adopt principles, such as the UN or WHO means governmental
beliefs, and costumes of other nations, losing action takes place at an international level. There
their unique culture to a unique, globalized are other bodies operating a global level such as
supra-culture. NGOs like Doctors without borders or Oxfam.

Lesson 2: History/Theories of Globalization
In This Lesson
 Discuss the periodization of globalization by considering when globalization began.

 Compare and contrast the three waves of globalization.
 Differentiate the competing theories of globalization.
Globalization is not a new phenomenon because there have been many instances in the periods in
history when there were contacts between diverse individuals and countries. However, the pace of
globalization has accelerated significantly over the last three decades. To know more about the
history/theories of globalization, read the ensuing articles in this lesson.
A Brief History of Globalization

from World Economic Forum
by Peter Vanham
When Chinese e-commerce giant Alibaba in 2018 announced it had chosen the ancient city of
Xi’an as the site for its new regional headquarters, the symbolic value wasn’t lost on the company: it had
brought globalization to its ancient birthplace, the start of the old Silk Road. It named its new offices
aptly: “Silk Road Headquarters”. The city where globalization had started more than 2,000 years ago
would also have a stake in globalization’s future.

Alibaba shouldn’t be alone in looking back. As we are entering a new, digital-driven era of
globalization – we call it “Globalization 4.0” – it is worthwhile that we do the same. When did
globalization start? What were its major phases? And where is it headed tomorrow?
This piece also caps our series on globalization. The series was written ahead of the 2019 Annual
Meeting of the World Economic Forum in Davos, which focuses on “Globalization 4.0”. In previous
pieces, we looked at some winners and losers of economic globalization, the environmental aspect of
globalization, cultural globalization and digital globalization. Now we look back at its history. So, when
did international trade start and how did it lead to globalization?
Ancient silk roads: Silk roads (1st century BC-5th century AD, and 13th-14th centuries AD) / Image:
Flickr
People have been trading goods for almost as long as they’ve been around. But as of the 1st
century BC, a remarkable phenomenon occurred. For the first time in history, luxury products from China
started to appear on the other edge of the Eurasian continent – in Rome. They got there after being hauled
for thousands of miles along the Silk Road. Trade had stopped being a local or regional affair and started
to become global.
That is not to say globalization had started in earnest. Silk was mostly a luxury good, and so were
the spices that were added to the intercontinental trade between Asia and Europe. As a percentage of the
total economy, the value of these exports was tiny, and many middlemen were involved to get the goods
to their destination. But global trade links were established, and for those involved, it was a goldmine.
From purchase price to final sales price, the multiple went in the dozens. The Silk Road could prosper in
part because two great empires dominated much of the route. If trade was interrupted, it was most often
because of blockades by local enemies of Rome or China. If the Silk Road eventually closed, as it did
after several centuries, the fall of the empires had everything to do with it. And when it reopened in
Marco Polo’s late medieval time, it was because the rise of a new hegemonic empire: the Mongols. It is a
pattern we’ll see throughout the history of trade: it thrives when nations protect it, it falls when they
don’t.

Arabic calligraphy in Asilah medina, Morocco: Spice routes (7th-15th centuries)
/ Image: Pierre-Yves Babelon/Shutterstock.com/Unesco
The next chapter in trade happened thanks to Islamic merchants. As the new religion spread in all
directions from its Arabian heartland in the 7th century, so did trade. The founder of Islam, the prophet
Mohammed, was famously a merchant, as was his wife Khadija. Trade was thus in the DNA of the new
religion and its followers, and that showed. By the early 9th century, Muslim traders already dominated
Mediterranean and Indian Ocean trade; afterwards, they could be found as far east as Indonesia, which
over time became a Muslim-majority country, and as far west as Moorish Spain.
The main focus of Islamic trade in those Middle Ages were spices. Unlike silk, spices were
traded mainly by sea since ancient times. But by the medieval era they had become the true focus of
international trade. Chief among them were the cloves, nutmeg and mace from the fabled Spice islands –
the Maluku islands in Indonesia. They were extremely expensive and in high demand, also in Europe. But
as with silk, they remained a luxury product, and trade remained relatively low volume. Globalization still
didn’t take off, but the original Belt (sea route) and Road (Silk Road) of trade between East and West did
now exist.
Age of Discovery (15th-18th centuries) / Image: BLR
Truly global trade kicked off in the Age of Discovery. It was in this era, from the end of the 15th
century onwards, that European explorers connected East and West – and accidentally discovered the
Americas. Aided by the discoveries of the so-called “Scientific Revolution” in the fields of astronomy,

mechanics, physics and shipping, the Portuguese, Spanish and later the Dutch and the English first
“discovered”, then subjugated, and finally integrated new lands in their economies.
The Age of Discovery rocked the world. The most (in)famous “discovery” is that of America by
Columbus, which all but ended pre-Colombian civilizations. But the most consequential exploration was
the circumnavigation by Magellan: it opened the door to the Spice islands, cutting out Arab and Italian
middlemen. While trade once again remained small compared to total GDP, it certainly altered people’s
lives. Potatoes, tomatoes, coffee and chocolate were introduced in Europe, and the price of spices fell
steeply.
Yet economists today still don’t truly regard this era as one of true globalization. Trade certainly
started to become global, and it had even been the main reason for starting the Age of Discovery. But the
resulting global economy was still very much soloed and lopsided. The European empires set up global
supply chains, but mostly with those colonies they owned. Moreover, their colonial model was chiefly
one of exploitation, including the shameful legacy of the slave trade. The empires thus created both a
mercantilist and a colonial economy, but not a truly globalized one.
The Industrial Revolution in Britain propelled the first wave of globalization / Image: Wikipedia
First wave of globalization (19th century-1914)
This started to change with the first wave of globalization, which roughly occurred over the
century ending in 1914. By the end of the 18th century, Great Britain had started to dominate the world
both geographically, through the establishment of the British Empire, and technologically, with
innovations like the steam engine, the industrial weaving machine and more. It was the era of the
First Industrial Revolution.
The “British” Industrial Revolution made for a fantastic twin engine of global trade. On the one
hand, steamships and trains could transport goods over thousands of miles, both within countries and
across countries. On the other hand, its industrialization allowed Britain to make products that were in
demand all over the world, like iron, textiles and manufactured goods. “With its advanced industrial
technologies,” the BBC recently wrote, looking back to the era, “Britain was able to attack a huge and
rapidly expanding international market.”
The resulting globalization was obvious in the numbers. For about a century, trade grew on
average 3% per year. That growth rate propelled exports from a share of 6% of global GDP in the early
19th century, to 14% on the eve of World War I. As John Maynard Keynes, the economist, observed:
“The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products
of the whole Earth, in such quantity as he might see fit, and reasonably expect their early delivery upon
his doorstep.”
And, Keynes also noted, a similar situation was also true in the world of investing. Those with the
means in New York, Paris, London or Berlin could also invest in internationally active joint stock
companies. One of those, the French Compagnie de Suez, constructed the Suez Canal, connecting the

Mediterranean with the Indian Ocean and opened yet another artery of world trade. Others built railways
in India, or managed mines in African colonies. Foreign direct investment, too, was globalizing.
While Britain was the country that benefited most from this globalization, as it had the most
capital and technology, others did too, by exporting other goods. The invention of the refrigerated cargo
ship or “reefer ship” in the 1870s, for example, allowed for countries like Argentina and Uruguay, to
enter their golden age. They started to mass export meat, from cattle grown on their vast lands. Other
countries, too, started to specialize their production in those fields in which they were most competitive.
But the first wave of globalization and industrialization also coincided with darker events, too. By
the end of the 19th century, the Khan Academy notes, “most [globalizing and industrialized] European
nations grabbed for a piece of Africa, and by 1900 the only independent country left on the continent was
Ethiopia”. In a similarly negative vein, large countries like India, China, Mexico or Japan, which were
previously powers to reckon with, were not either not able or not allowed to adapt to the industrial and
global trends. Either the Western powers put restraints on their independent development, or they were
otherwise outcompeted because of their lack of access to capital or technology. Finally, many workers in
the industrialized nations also did not benefit from globalization, their work commoditized by industrial
machinery, or their output undercut by foreign imports.
The world wars
It was a situation that was bound to end in a major crisis, and it did. In 1914, the outbreak of
World War I brought an end to just about everything the burgeoning high society of the West had gotten
so used to, including globalization. The ravage was complete. Millions of soldiers died in battle, millions
of civilians died as collateral damage, war replaced trade, destruction replaced construction, and countries
closed their borders yet again.
In the years between the world wars, the financial markets, which were still connected in a global
web, caused a further breakdown of the global economy and its links. The Great Depression in the US led
to the end of the boom in South America, and a run on the banks in many other parts of the world.
Another world war followed in 1939-1945. By the end of World War II, trade as a percentage of world
GDP had fallen to 5% – a level not seen in more than a hundred years.
Second and third wave of globalization
The story of globalization, however, was not over. The end of the World War II marked a new
beginning for the global economy. Under the leadership of a new hegemon, the United States of America,
and aided by the technologies of the Second Industrial Revolution, like the car and the plane, global trade
started to rise once again. At first, this happened in two separate tracks, as the Iron Curtain divided the
world into two spheres of influence. But as of 1989, when the Iron Curtain fell, globalization became a
truly global phenomenon.
In the early decades after World War II, institutions like the European Union, and other free trade
vehicles championed by the US were responsible for much of the increase in international trade. In the
Soviet Union, there was a similar increase in trade, albeit through centralized planning rather than the free
market. The effect was profound. Worldwide, trade once again rose to 1914 levels: in 1989, export once
again counted for 14% of global GDP. It was paired with a steep rise in middle-class incomes in the West.
Then, when the wall dividing East and West fell in Germany, and the Soviet Union collapsed,
globalization became an all-conquering force. The newly created World Trade Organization (WTO)

encouraged nations all over the world to enter into free-trade agreements, and most of them did, including
many newly independent ones. In 2001, even China, which for the better part of the 20th century had
been a secluded, agrarian economy, became a member of the WTO, and started to manufacture for the
world. In this “new” world, the US set the tone and led the way, but many others benefited in their
slipstream.
At the same time, a new technology from the Third Industrial Revolution, the internet, connected
people all over the world in an even more direct way. The orders Keynes could place by phone in 1914
could now be placed over the internet. Instead of having them delivered in a few weeks, they would arrive
at one’s doorstep in a few days. What was more, the internet also allowed for a further global integration
of value chains. You could do R&D in one country, sourcing in others, production in yet another, and
distribution all over the world.
The result has been a globalization on steroids. In the 2000s, global exports reached a milestone,
as they rose to about a quarter of global GDP. Trade, the sum of imports and exports, consequentially
grew to about half of world GDP. In some countries, like Singapore, Belgium, or others, trade is worth
much more than 100% of GDP. A majority of global population has benefited from this: more people
than ever before belong to the global middle class, and hundred of millions achieved that status by
participating in the global economy.
Globalization 4.0
That brings us to today, when a new wave of globalization is once again upon us. In a world
increasingly dominated by two global powers, the US and China, the new frontier of globalization is the
cyber world. The digital economy, in its infancy during the third wave of globalization, is now becoming
a force to reckon with through e-commerce, digital services, 3D printing. It is further enabled by artificial
intelligence, but threatened by cross-border hacking and cyberattacks.
At the same time, a negative globalization is expanding too, through the global effect of climate
change. Pollution in one part of the world leads to extreme weather events in another. And the cutting of
forests in the few “green lungs” the world has left, like the Amazon rainforest, has a further devastating
effect on not just the world’s biodiversity, but its capacity to cope with hazardous greenhouse gas
emissions.
But as this new wave of globalization is reaching our shores, many of the world’s people are
turning their backs on it. In the West particularly, many middle-class workers are fed up with a political
and economic system that resulted in economic inequality, social instability, and – in some countries –
mass immigration, even if it also led to economic growth and cheaper products. Protectionism, trade wars
and immigration stops are once again the order of the day in many countries.
As a percentage of GDP, global exports have stalled and even started to go in reverse slightly. As
a political ideology, “globalism”, or the idea that one should take a global perspective, is on the wane.
And internationally, the power that propelled the world to its highest level of globalization ever, the
United States, is backing away from its role as policeman and trade champion of the world.

It was in this world that Chinese president Xi Jinping addressed the topic globalization in a
speech in Davos in January 2017. “Some blame economic globalization for the chaos in the world,” he
said. “It has now become the Pandora’s box in the eyes of many.” But, he continued, “we came to the
conclusion that integration into the global economy is a historical trend. [It] is the big ocean that you
cannot escape from.” He went on to propose a more inclusive globalization, and to rally nations to join in
China’s new project for international trade, “Belt and Road”.
It was in this world, too, that Alibaba a few months later opened its Silk Road headquarters in
Xi’an. It was meant as the logistical backbone for the e-commerce giant along the new “Belt and
Road”, the Paper reported. But if the old Silk Road thrived on the exports of luxurious silk by camel and
donkey, the new Alibaba Xi’an facility would be enabling a globalization of an entirely different kind. It
would double up as a big data college for its Alibaba Cloud services.
Technological progress, like globalization, is something you can’t run away from, it seems. But it
is ever changing. So how will Globalization 4.0 evolve? We will have to answer that question in the
coming years. (Vanham 2019)
Name_________________________________________Score _________
Activity: Essay Analysis Chart

Apply this chart to Peter Vanham’s “A Brief History of Globalization” from World Economic
Forum. Check your understanding of this essay by filling in the chart below. Use a separate sheet of paper
if necessary.
Introduction (identify the work)

Thesis Statement
Part 1 (explanation and details)
Conclusion
Essay Rubric
5 points  has a strong central idea (thesis) that is related to the topic;
 provides compelling support to the thesis topic;
 has a clear, logical organization with well‐developed major points that are supported with
concrete and specific evidence;
 uses effective transitions between ideas;
 uses appropriate words composing sophisticated sentences;
 expresses ideas freshly and vividly;
is free of mechanical, grammatical, and spelling errors.
is not more or less than required page length.

4 points  has a strong central idea that is related to the assignment;
 has a clear, logical organization with developed major points, but the supporting evidence
may not be especially vivid or thoughtful;
 uses appropriate words accurately, but seldom exhibits an admirable style while the
sentences tend to be less sophisticated;
has few mechanical, grammatical, and spelling errors that do not distract from the overall
message.
is substantially more or less than required page length.
3 points not quite a 4‐point essay, but better than a 2‐point essay.
 is not related to the assignment
2 points  is not related to the assignment
 has a central idea that is presented in such a way that the reader understands the writer’s
purpose;
 has an organization that reveals a plan, but the evidence tends to be general rather than
specific or concrete;
 uses common words accurately, but sentences tend to be simplistic and unsophisticated;
has one or two severe mechanical or grammatical errors.
1 point  lacks a central idea (no thesis);

 lacks clear organization;
 is not related to the assignment;
 fails to develop main points, or develops them in a repetitious or illogical way;
 fails to use common words accurately;
 uses a limited vocabulary in that chosen words fail to serve the writer's purpose;
has three or more mechanical or grammatical errors.
Name_________________________________________Score _________
Activity: Three Circle Venn Diagram
Use the Venn diagram below to compare and contrast the three waves of globalization.

First Wave
Second Wave Third Wave
Venn Diagram Rubric
Objects being compared in the Venn diagram:__________________________________ ,

____________________________________________and______________________________________
_____________________________________
Strong Grasp Progressing Not in Evidence

Text support All statements are Most statements Few or none of
of comparison supported by the are supported by the statements are
statements text. the text. supported by the
text.
Placement of All statements Most statements Few statements

statements within noting similarities are placed in the are placed in the
the Venn diagram are placed in the correct circle, but correct circle.
center circle and student mixed up a few
all statements that statements.
note differences
are placed in the
correct outer circle.

Number of quality Student is able Student is able Student makes
statements to make five or to make 3–4 two or fewer
more comparison comparison comparison
statements in each statements in each statements in each
circle. circle. circle.
Comments
Theories of Globalization
from PoliticalScienceNotes.com
All theories of globalization have been put hereunder in eight categories: liberalism, political
realism, Marxism, constructivism, postmodernism, feminism, Trans-formationalism and eclecticism.
Each one of them carries several variations.
1. Theory of Liberalism
Liberalism sees the process of globalization as market-led extension of modernization. At the

most elementary level, it is a result of ‘natural’ human desires for economic welfare and political liberty.
As such, transplanetary connectivity is derived from human drives to maximize material well-being and
to exercise basic freedoms. These forces eventually interlink humanity across the planet.
They fructify in the form of:
(a) Technological advances, particularly in the areas of transport, communications and

information processing, and,
(b) Suitable legal and institutional arrangement to enable markets and liberal democracy to spread
on a trans-world scale.
Such explanations come mostly from Business Studies, Economics, International Political
Economy, Law and Politics. Liberalists stress the necessity of constructing institutional
infrastructure to support globalization. All this has led to technical standardization, administrative
harmonization, translation arrangement between languages, laws of contract, and guarantees of
property rights.

But its supporters neglect the social forces that lie behind the creation of technological and
institutional underpinnings. It is not satisfying to attribute these developments to ‘natural’ human drives
for economic growth and political liberty. They are culture blind and tend to overlook historically situated
life-worlds and knowledge structures which have promoted their emergence.
All people cannot be assumed to be equally amenable to and desirous of increased globality in
their lives. Similarly, they overlook the phenomenon of power. There are structural power inequalities in
promoting globalization and shaping its course. Often they do not care for the entrenched power
hierarchies between states, classes, cultures, sexes, races and resources.
2. Theory of Political Realism
Advocates of this theory are interested in questions of state power, the pursuit of national interest,
and conflict between states. According to them states are inherently acquisitive and self-serving, and
heading for inevitable competition of power. Some of the scholars stand for a balance of power, where
any attempt by one state to achieve world dominance is countered by collective resistance from other
states.
Another group suggests that a dominant state can bring stability to world order. The ‘hegemon’
state (presently the US or G7/8) maintains and defines international rules and institutions that both
advance its own interests and at the same time contain conflicts between other states. Globalization has
also been explained as a strategy in the contest for power between several major states in contemporary
world politics.
They concentrate on the activities of Great Britain, China, France, Japan, the USA and some
other large states. Thus, the political realists highlight the issues of power and power struggles and the
role of states in generating global relations.
At some levels, globalization is considered as antithetical to territorial states. States, they say, are
not equal in globalization, some being dominant and others subordinate in the process. But they fail to
understand that everything in globalization does not come down to the acquisition, distribution and
exercise of power.
Globalization has also cultural, ecological, economic and psychological dimensions that are not
reducible to power politics. It is also about the production and consumption of resources, about the
discovery and affirmation of identity, about the construction and communication of meaning, and about
humanity shaping and being shaped by nature. Most of these are apolitical.
Power theorists also neglect the importance and role of other actors in generating globalization.
These are sub-state authorities, macro-regional institutions, global agencies, and private-sector bodies.
Additional types of power-relations on lines of class, culture and gender also affect the course of
globalization. Some other structural inequalities cannot be adequately explained as an outcome of
interstate competition. After all, class inequality, cultural hierarchy, and patriarchy predate the modern
states.
3. Theory of Marxism
Marxism is principally concerned with modes of production, social exploitation through unjust
distribution, and social emancipation through the transcendence of capitalism. Marx himself anticipated
the growth of globality that ‘capital by its nature drives beyond every spatial barrier to conquer the whole
earth for its market’. Accordingly, to Marxists, globalization happens because trans-world connectivity
enhances opportunities of profit-making and surplus accumulation.
Marxists reject both liberalist and political realist explanations of globalization. It is the outcome
of historically specific impulses of capitalist development. Its legal and institutional infrastructures serve
the logic of surplus accumulation of a global scale. Liberal talk of freedom and democracy make up a
legitimating ideology for exploitative global capitalist class relations.
The neo-Marxists in dependency and world-system theories examine capitalist accumulation on a

global scale on lines of core and peripheral countries. Neo-Gramscians highlight the significance of
underclass struggles to resist globalizing capitalism not only by traditional labor unions, but also by new
social movements of consumer advocates, environmentalists, peace activists, peasants, and women.
However, Marxists give an overly restricted account of power.

There are other relations of dominance and subordination which relate to state, culture, gender,
race, sex, and more. Presence of US hegemony, the West-centric cultural domination, masculinism,
racism etc. are not reducible to class dynamics within capitalism. Class is a key axis of power in
globalization, but it is not the only one. It is too simplistic to see globalization solely as a result of drives
for surplus accumulation.
It also seeks to explore identities and investigate meanings. People develop global weapons and
pursue global military campaigns not only for capitalist ends, but also due to interstate competition and
militarist culture that predate emergence of capitalism. Ideational aspects of social relations also are not
outcome of the modes of production. They have, like nationalism, their autonomy.
4. Theory of Constructivism
Globalization has also arisen because of the way that people have mentally constructed the social
world with particular symbols, language, images and interpretation. It is the result of particular forms and
dynamics of consciousness. Patterns of production and governance are second-order structures that derive
from deeper cultural and socio-psychological forces. Such accounts of globalization have come from the
fields of Anthropology, Humanities, Media of Studies and Sociology.
Constructivists concentrate on the ways that social actors ‘construct’ their world: both within
their own minds and through inter-subjective communication with others. Conversation and symbolic
exchanges lead people to construct ideas of the world, the rules for social interaction, and ways of being
and belonging in that world. Social geography is a mental experience as well as a physical fact. They
form ‘in’ or ‘out’ as well as ‘us’ and they’ groups.
They conceive of themselves as inhabitants of a particular global world. National, class, religious
and other identities respond in part to material conditions but they also depend on inter-subjective
construction and communication of shared self-understanding. However, when they go too far, they
present a case of social-psychological reductionism ignoring the significance of economic and ecological
forces in shaping mental experience. This theory neglects issues of structural inequalities and power
hierarchies in social relations. It has a built-in apolitical tendency.
5. Theory of Postmodernism
Some other ideational perspectives of globalization highlight the significance of structural power
in the construction of identities, norms and knowledge. They all are grouped under the label of
‘postmodernism’. They too, as Michel Foucault does strive to understand society in terms of knowledge
power: power structures shape knowledge. Certain knowledge structures support certain power
hierarchies.
The reigning structures of understanding determine what can and cannot be known in a given
socio-historical context. This dominant structure of knowledge in modern society is ‘rationalism’. It puts
emphasis on the empirical world, the subordination of nature to human control, objectivist science, and
instrumentalist efficiency. Modern rationalism produces a society overwhelmed with economic growth,
technological control, bureaucratic organization, and disciplining desires.
This mode of knowledge has authoritarian and expansionary logic that leads to a kind of cultural
imperialism subordinating all other epistemologies. It does not focus on the problem of globalization per
se. In this way, western rationalism overawes indigenous cultures and other non-modem life-worlds.
Postmodernism, like Marxism, helps to go beyond the relatively superficial accounts of liberalist
and political realist theories and expose social conditions that have favored globalization. Obviously,
postmodernism suffers from its own methodological idealism. All material forces, though come under
impact of ideas, cannot be reduced to modes of consciousness. For a valid explanation, interconnection
between ideational and material forces is not enough.
6. Theory of Feminism
It puts emphasis on social construction of masculinity and femininity. All other theories have
identified the dynamics behind the rise of trans-planetary and supra-territorial connectivity in technology,
state, capital, identity and the like.
Biological sex is held to mould the overall social order and shape significantly the course of
history, presently globality. Their main concern lies behind the status of women, particularly their

structural subordination to men. Women have tended to be marginalized, silenced and violated in global
communication.
7. Theory of Trans-formationalism
This theory has been expounded by David Held and his colleagues. Accordingly, the term
‘globalization’ reflects increased interconnectedness in political, economic and cultural matters across the
world creating a “shared social space”. Given this interconnectedness, globalization may be defined as “a
process (or set of processes) which embodies a transformation in the spatial organization of social
relations and transactions, expressed in transcontinental or interregional flows and networks of activity,
interaction and power.”
While there are many definitions of globalization, such a definition seeks to bring together the
many and seemingly contradictory theories of globalization into a “rigorous analytical framework” and
“proffer a coherent historical narrative”. Held and McGrew’s analytical framework is constructed by
developing a three part typology of theories of globalization consisting of “hyper-globalist,” “sceptic,”
and “transformationalist” categories.
The Hyperglobalists purportedly argue that “contemporary globalization defines a new era in
which people everywhere are increasingly subject to the disciplines of the global marketplace”. Given the
importance of the global marketplace, multi-national enterprises (MNEs) and intergovernmental
organizations (IGOs) which regulate their activity are key political actors. Sceptics, such as Hirst and
Thompson (1996) ostensibly argue that “globalization is a myth which conceals the reality of an interna-
tional economy increasingly segmented into three major regional blocs in which national governments
remain very powerful.” Finally, transformationalists such as Rosenau (1997) or Giddens (1990) argue that
globalization occurs as “states and societies across the globe are experiencing a process of profound
change as they try to adapt to a more interconnected but highly uncertain world”.
Developing the transformationalist category of globalization theories. Held and McGrew present
a rather complicated typology of globalization based on globalization’s spread, depth, speed, and impact,
as well as its impacts on infrastructure, institutions, hierarchical structures and the unevenness of
development.
They imply that the “politics of globalization” have been “transformed” (using their word from
the definition of globalization) along all of these dimensions because of the emergence of a new system of
“political globalization.” They define “political globalization” as the “shifting reach of political power,
authority and forms of rule” based on new organizational interests which are “transnational” and “multi-
layered.”
These organizational interests combine actors identified under the hyper-globalist category
(namely IGOs and MNEs) with those of the sceptics (trading blocs and powerful states) into a new system
where each of these actors exercises their political power, authority and forms of rule.
Thus, the “politics of globalization” is equivalent to “political globalization” for Held and
McGrew. However, Biyane Michael criticises them. He deconstructs their argument, if A is defined as
“globalization” (as defined above), B as the organizational interests such as MNEs, IGOs, trading blocs,
and powerful states, and C as “political globalization” (also as defined above), then their argument
reduces to A. B. C. In this way, their discussion of globalization is trivial.
Held and others present a definition of globalization, and then simply restates various elements of
the definition. Their definition, “globalization can be conceived as a process (or set of processes) which
embodies a transformation in the spatial organization of social relations” allows every change to be an
impact of globalization. Thus, by their own definition, all the theorists they critique would be considered
as “transformationalists.” Held and McGrew also fail to show how globalization affects organizational
interests.
8. Theory of Eclecticism
Each one of the above six ideal-type of social theories of globalization highlights certain forces
that contribute to its growth. They put emphasis on technology and institution building, national interest
and inter-state competition, capital accumulation and class struggle, identity and knowledge construction,
rationalism and cultural imperialism, and masculinize and subordination of women. Jan Art Scholte
synthesizes them as forces of production, governance, identity, and knowledge.

Accordingly, capitalists attempt to amass ever-greater resources in excess of their survival needs:
accumulation of surplus. The capitalist economy is thoroughly monetized. Money facilitates
accumulation. It offers abundant opportunities to transfer surplus, especially from the weak to the
powerful. This mode of production involves perpetual and pervasive contests over the distribution of
surplus. Such competition occurs both between individual, firms, etc. and along structural lines of class,
gender, race etc.
Their contests can be overt or latent. Surplus accumulation has had transpired in one way or
another for many centuries, but capitalism is a comparatively recent phenomenon. It has turned into a
structural power, and is accepted as a ‘natural’ circumstance, with no alternative mode of production. It
has spurred globalization in four ways: market expansion, accounting practices, asset mobility and
enlarged arenas of commodification. Its technological innovation appears in communication, transport
and data processing as well as in global organization and management. It concentrates profits at points of
low taxation. Information, communication, finance and consumer sectors offer vast potentials to capital
making it ‘hyper-capitalism’.
Any mode of production cannot operate in the absence of an enabling regulatory apparatus. There
are some kind of governance mechanisms. Governance relates processes whereby people formulate,
implement, enforce and review rules to guide their common affairs.” It entails more than government. It
can extend beyond state and sub-state institutions including supra-state regimes as well. It covers the full
scope of societal regulation.
In the growth of contemporary globalization, besides political and economic forces, there are
material and ideational elements. In expanding social relations, people explore their class, their gender,
their nationality, their race, their religious faith and other aspects of their being. Constructions of identity
provide collective solidarity against oppression. Identity provides frameworks for community,
democracy, citizenship and resistance. It also leads from nationalism to greater pluralism and hybridity.
Earlier nationalism promoted territorialism, capitalism, and statism, now these plural identities
are feeding more and more globality, hyper-capitalism and polycentrism. These identities have many
international qualities visualized in global diasporas and other group affiliations based on age, class,
gender, race, religious faith and sexual orientations. Many forms of supra-territorial solidarities are
appearing through globalization.
In the area of knowledge, the way that the people know their world has significant implications
for the concrete circumstances of that world. Powerful patterns of social consciousness cause
globalization. Knowledge frameworks cannot be reduced to forces of production, governance or identity.
Mindsets encourage or discourage the rise of globality. Modern rationalism is a general

configuration of knowledge. It is secular as it defines reality in terms of the tangible world of experience.
It understands reality primarily in terms of human interests, activities and conditions. It holds that
phenomena can be understood in terms of single incontrovertible truths that are discoverable by rigorous
application of objective research methods.
Rationalism is instrumentalist. It assigns greatest value to insights that enable people efficiently
to solve immediate problems. It subordinates all other ways of understanding and acting upon the world.
Its knowledge could then be applied to harness natural and social forces for human purposes. It enables
people to conquer disease, hunger, poverty, war, etc., and maximize the potentials of human life. It looks
like a secular faith, a knowledge framework for capitalist production and a cult of economic efficiency.
Scientism and instrumentalism of rationalism is conducive to globalization. Scientific knowledge is non-
territorial.
The truths revealed by ‘objective’ method are valid for anyone, anywhere, and anytime on earth.
Certain production processes, regulations, technologies and art forms are applicable across the planet.
Martin Albrow rightly says that reason knows no territorial limits. The growth of globalization is unlikely
to reverse in the foreseeable future.
However, Scholte is aware of insecurity, inequality and marginalization caused by the present
process of globalization. Others reject secularist character of the theory, its manifestation of the
imperialism of westernist-modernist-rationalist knowledge. Anarchists challenge the oppressive nature of
states and other bureaucratic governance frameworks. Globalization neglects environmental degradation
and equitable gender relations. (politicalsciencenotes.com 2017)

Name_________________________________________Score _________
Essay: “Why Early Globalization Matters” Video Evaluation Chart
Watch Crash Course Big History #206: Why Early Globalization Matters hosted by Emily
Graslie during your free time. Use this link https://www.youtube.com/watch?v=1esRyRV8H2M and then
read the instructions below carefully and answer the following questions cogently.

____Very Favorable
____ Favorable
____Unfavorable
____Uncertain
_____________________________________________________________________________________
_______________________________________________

_____________________________________________________________________________________
_______________________________________________

_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
RUBRIC
3 - Full Participation - Students wrote their reflection essays about the video in a clear and consistent
manner.
2 - Substantial Participation - Students wrote their reflection essays about the video and do so in a
somewhat consistent manner.
1 - Little or Partial Participation - Students have difficulty writing their reflection essays about the
video consistently.
Name_________________________________________Score _________
Essay: “Globalization Theories” Video Evaluation Chart

Watch Globalization Theories hosted by Sydney Brown from Khan Academy during your free time.
Use this link https://www.youtube.com/watch?v=lQIVIYCZ4ec and then read the instructions below carefully
and answer the following questions cogently.

____Very Favorable
____ Favorable
____Unfavorable
____Uncertain
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________

_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
_____________________________________________________________________________________
_______________________________________________
RUBRIC
3 - Full Participation - Students wrote their reflection essays about the video in a clear and consistent
manner.
2 - Substantial Participation - Students wrote their reflection essays about the video and do so in a
somewhat consistent manner.
1 - Little or Partial Participation - Students have difficulty writing their reflection essays about the
video consistently.
Name_________________________________________Score _________
Quiz: The Theories of Globalization Differentiated
Directions: To compare is to tell how two or more things are alike. To contrast is to tell how
two or more things are different. Clue words such as like or as show comparisons. Clue words such as
but or unlike show contrasts. Often authors don’t use clue words. Readers must make comparisons for
themselves. Use this chart to compare and contrast any two theories of globalization.
Theory of Liberalism Theory of Political Realism

Theory of Marxism Theory of Constructivism
Theory of Postmodernism Theory of Trans-formationalism
Theory of Feminism Theory of Eclecticism

Unit 2 – THE STRUCTURES OF GLOBALIZATION
Advances in communication and transportation technology, combined with free-market ideology,

have given goods, services, and capital unprecedented mobility. Northern countries want to open world
markets to their goods and take advantage of abundant, cheap labor in the South, policies often supported
by Southern elites. They use international financial institutions and regional trade agreements to compel
poor countries to "integrate" by reducing tariffs, privatizing state enterprises, and relaxing environmental
and labor standards. The results have enlarged profits for investors but offered pittances to laborers,
provoking a strong backlash from civil society. (Global Policy Forum, 2005)

What is included in the “global economy”? Those who organize and sustain it such as states and
governments, international organizations and associations; those who play a role in it like capitalists and
investors, international financial institutions (IFIs), production managers, consumers and labor; those
marginal but connected to it. For instance, the global poor, small farmers, grey and black marketers; and
trans-border flows of goods, information, money, people and other things.
Four separate lessons make up this unit on “The Structures of Globalization.”
The first lesson tackles economic globalization and identifies the global actors/international
financial institutions and explains their roles in the creation of a global economy. The lesson also focuses
on international trade, the concept of comparative advantage, and the benefits and drawbacks of free
trade.
The second lesson centers on market integration, its three basic types, and the advantages and
disadvantages of each type of market integration.
The third lesson concentrates on institutions that govern international relations and the effects of
globalization on governments. The lesson also differentiates internationalism from globalism.
Finally, the fourth lesson deals with global governance, its form, format, techniques and the
challenges of global governance in the twenty-first century.
Lesson 3: Global Economy
In This Lesson
 Discuss economic globalization.

 Identify the global actors/international financial institutions and explains their roles in the
creation of a global economy.
 Discuss international trade, the concept of comparative advantage, and the benefits and
drawbacks free trade.
 Identify the actors that facilitate economic globalization.
Image: Sputnik News
The International Economy and Globalization

fromInternational Economics
by Robert J. Carbaugh
In today’s world, no nation exists in economic isolation. All aspects of a nation’s economy—its
industries, service sectors, levels of income and employment, and living standard—are linked to the
economies of its trading partners. This linkage takes the form of international movements of goods and
services, labor, business enterprise, investment funds, and technology. Indeed, national economic policies
cannot be formulated without evaluating their probable impacts on the economies of other countries.

The high degree of economic interdependence among today’s economies reflects the historical
evolution of the world’s economic and political order. At the end of World War II, the United States was
economically and politically the most powerful nation in the world, a situation expressed in the saying,
‘‘When the United States sneezes, the economies of other nations catch a cold.’’ But with the passage of
time, the U.S. economy has become increasingly integrated into the economic activities of foreign
countries. The formation in the 1950s of the European Community (now known as the European Union),
the rising importance of multi-national corporations in the 1960s, the 1970s market power in world oil
markets enjoyed by the Organization of Petroleum Exporting Countries (OPEC), and the creation of the
euro at the turn of the twenty-first century all resulted in the evolution of the world community into a
complicated system based on a growing interdependence among nations.
Recognizing that world economic interdependence is complex and its effects uneven, the
economic community has made efforts toward international cooperation. Conferences devoted to global
economic issues have explored the avenues through which cooperation could be fostered between
industrial and developing nations. The efforts of developing nations to reap larger gains from
international trade and to participate more fully in international institutions have been hastened by the
impact of the global recession on manufacturers, industrial inflation, and the burdens of high-priced
energy.
Over the past 50 years, the world’s market economies have become increasingly integrated.
Exports and imports as a share of national output have risen for most industrial nations, while foreign
investment and international lending have expanded. This closer linkage of economies can be mutually
advantageous for trading nations. It permits producers in each nation to take advantage of specialization
and efficiencies of large-scale production. A nation can consume a wider variety of products at a cost less
than that which could be achieved in the absence of trade. Despite these advantages, demands have grown
for protection against imports. Protectionist pressures have been strongest during periods of rising
unemployment caused by economic recession. Moreover, developing nations often maintain that the so-
called liberalized trading system called for by industrial nations serves to keep the developing nations in
poverty.
Economic interdependence also has a direct consequences for a student taking an introductory
course in international economics. As consumers, we can be affected by changes in the international
values of currencies. Should the Japanese yen or UK pound appreciate against the U.S. dollar, it would
cost us more to purchase Japanese television sets or UK automobiles. As investors, we might prefer to
purchase Swiss securities if Swiss interest rates rise above U.S. levels. As members of the labor force, we
might want to know whether the president plans to protect U.S. steel and autoworkers from foreign
competition.
In short, economic interdependence has become a complex issue in recent times, often resulting
in strong and uneven impacts among nations and among sectors within a given nation. Business, labor,
investors, and consumers all feel the repercussions of changing economic conditions and trade policies in
other nations. Today’s global economy requires cooperation on an international level to cope with the
myriad issues and problems. (Carbaugh 2009)
Image: dhsworldgeo.weebly.com

International Trade
fromEdexcel Economics
by Quintin Brewer
Globalization has led to a phenomenal increase in world trade. One measure is to consider
exports as a proportion of world GDP.
The pattern of world trade has also been greatly affected by the entry of China as a
major manufacturer.
The basis of free trade law: the law of comparative advantage
The law states that, even if one country has an absolute advantage in the production of all goods,
it can still benefit from specialization and trade, if it specializes in the production of goods in which it has
a comparative advantage.
A country has a comparative advantage in producing a product if the opportunity cost of producing it is
less than its potential trading partner.
Say the UK take 5 hours to make cheese, and China 1. Also, the UK takes 15 hours to make cars,
but China 2. China clearly has an absolute advantage in producing both cars and cheese. However, look at
the opportunity cost. The UK gives up 3 cars if it producing 1 cheese. China gives up 2 cars if it’s
producing 1 cheese. Therefore China has a comparative advantage in cheese production. The UK gives up
1/3 a car if it produces one cheese, and China gives up 1/2. So, the UK has a comparative advantage in
car production. Therefore, the UK should specialize in producing cars, and China should produce cheese.
For trade to be beneficial, the terms of trade must lie between opportunity cost ratios. In other words, the
UK will only trade for cheese with china if the price is above 1/3 of a car, and China will only trade if it is
below 1/2 of a car.
Terms of trade = (index of export prices / index of import prices) x 100
You should note that, if opportunity costs were the same, then there would be no benefit from
specialization and trade.

However, widespread acceptance of the law of comparative advantage amount economists and
the benefits of free trade, various criticisms can be made:
 Free trade is not fair trade i.e. the rich countries might exert their monopsony power to force
producers in developing countries to accept low prices.
 The law of comparative advantage is based on unrealistic assumptions such as constant costs of
production, zero transport costs, and no barriers to trade.
Limits of free trade: the case for protectionism
The term protectionism refers to measures designed to limit free trade. Arguments supporting the
need for protectionism might include the following:
 To protect infant industries: this argument might be particularly relevant to developing countries
that are in the process of industrialization. Without protection, infant industries might be unable to
compete because they have yet to establish themselves and are too small to benefit from economies
of scale.
 To protect geriatric industries: these are industries that might demand protection so that they have
time to restructure and rationalize production so that they can become competitive again.
Typically, these occur in developed economies that are losing their comparative advantage.
 To ensure employment protection: cheap imports might threaten jobs in the domestic economy and
workers might demand that the government takes action to limit imports.
 To prevent dumping: the term dumping refers to goods exported to another country below at a
price below the average cost of production. It is a form of predatory pricing and, if it can be
proved, it is illegal under WTO rules. This is one of the few arguments in favor of protectionism
that can be justified under economic theory because it unfairly distorts comparative advantage
 To correct a balance of payments deficit on current account: restrictions on imports might help to
reduce the imbalance of between the value of import and the value of exports. However, under the
floating exchange rates system, it is possible that this correction will happen automatically
 To restrict imports from counties whose health and safety regulations and environmental
regulations are less stringent: some argue that developing countries have an unfair comparative
advantage because production is not under the same laws and regulations as developed countries,
so enabling them to produce at lower average cost
 For strategic reasons: a country might introduce protectionist policies on goods of strategic
importance in time of war so that it is not dependent on imports. Food, defense equipment and
energy are items frequently used as examples of such goods.
 To raise tax revenues: tariffs may be an important source of tax revenue for developing countries.
 In retaliation: barriers to trade may be imposed by a country because another country has restricted
the imports of its goods.
Types of protection/import barriers
There are numerous ways by which free trade can be prevented. The most common are tariffs,
quotas and subsidies to domestic producers and administrative regulations. In countries where the
exchange rate is not freely floating, the authorities might also hold down the value of the
currency artificially to give their good a competitive advantage.
Tariffs

Before the tariff is imposed:
 the price paid by consumers is P1, domestic output is Q1, imports are Q1 to Q2.
Once the tariff is imposed:
 the price paid by the consumer increases to P2, reducing consumer surplus
 domestic output rises to Q4, increasing producer surplus
 imports fall to Q4Q3
 tax revenue collected by the government is KLMN
 net deadweight welfare loss is the loss in consumer welfare that is not made up for by producer
welfare or government revenue – X and Y
Quotas
Import quotas place a physical restriction on the amount of goods that can be imported. They
have a similar effect as tariffs, in that the price of imported goods will rise and domestic producers should
gain more business.
However, unlike tariffs, the government does not gain any extra revenue.
Subsidies to domestic producers
Grants given to domestic producers artificially lower their production costs, so enabling their
goods to become more competitive. Subsidies therefore act as a barrier to trade
Administrative regulations
These take a variety of forms, including labelling, health and safety regulations, environmental
standards and documentation on country of origin. In effect, such regulations increase the costs of foreign
producers and so act as a barrier to trade.
The case against protectionism
There are several problems with protectionism including:
 Inefficient resource allocation: trade barriers distort comparative advantage and reduce
specialization, which will result in lower world output and therefore reduce living standards
 Higher prices and less choice for consumers
 Less incentive for domestic producers to become more efficient in order to compete on a global
scale
 Difficulty of removing trade barriers. Once such barriers are introduced, it might prove to be
difficult to remove them because of the adverse effect on domestic producers (Brewer 2012)
Global Actors
A global actor refers to any social structure which is able to act and influence and engage in the
global or international system. These specific actors include:

 International Economic and Financial Organizations. International economic and financial
organizations provide the structure and funding for many unilateral and multilateral development
projects. Such organizations deal with the major economic and political issues facing domestic
societies and the international community as a whole. Their activities promote sustainable private and
public sector development primarily by: financing private sector projects located in the developing
world; helping private companies in the developing world mobilize financing in international
financial markets; and providing advice and technical assistance to businesses and governments.
(Lund University Libraries, 2018)
 International Governmental Organizations (IGOs). IGOs have international membership, scope

and presence. Their primary members consist of sovereign states. These organizations bring member
states together to cooperate on a particular theme or issues that have global impacts and implications
such as human rights, trade, development, poverty, gender or migration. (Lund University Libraries,
2018)
 Media. Media are the communication outlets or tools used to store and deliver information or data.
The term refers to components of the mass media communications industry, such as print media,
publishing, the news media, photography, cinema, broadcasting (radio and television), and
advertising. (Wikipedia “Media,” 2019)
 Multilateral Development Banks. Multilateral development banks are international financial

institutions owned by countries. In addition to the World Bank Group, there are four regional
multilateral development banks: the Inter-American Development Bank, the African Development
Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development.
These institutions provide loans, grants, guarantee, private equity and technical assistance to public
and private sector projects in developing countries. (Lund University Libraries, 2018)
 Nation-States. Nation-states refer to a certain form of state that derives its political legitimacy from
serving as a sovereign entity for a nation within its sovereign territorial space. The state is a political
and geopolitical entity while the nation is a cultural and/or ethnic entity. The term "nation-state"
implies that the two geographically coincide, and this distinguishes the nation state from the other
types of state, which historically preceded it. (Lund University Libraries, 2018)
 Non-Governmental Organizations (NGOs). Non-governmental organization (NGO) refers to a

legally constituted organization created with no participation or representation of any government and
driven. These organizations are task-oriented perform a variety of service and humanitarian functions.
Some are organized around specific issues such as human rights, environment, gender, or health. In
many jurisdictions these types of organization are defined as "civil society organizations." (Lund
University Libraries, 2018)
 Trans-National Corporations (TNCs). "Transnational Corporations exert a great deal of power in

the globalized world economy. Many corporations are richer and more powerful than the states that
seek to regulate them. Through mergers and acquisitions corporations have been growing very rapidly
and some of the largest TNCs now have annual profits exceeding the GDPs of many low and medium
income countries. It is important to explore how TNCs dominate the global economy and exert their
influence over global policy making." (Global Policy Forum, 2005)
 United Nations (UN) System. The United Nations System consists of the United Nations, and the six
principal organs of the United Nations: the General Assembly, Security Council, Economic and
Social Council (ECOSOC), Trusteeship Council, International Court of Justice (ICJ), and the UN
Secretariat, specialized agencies, and affiliated organizations. The executive heads of some of the
United Nations System organizations and the World Trade Organization, which is not formally part
of the United Nations System, have seats on the United Nations System Chief Executives' Board for
Coordination (CEB). This body, chaired by the Secretary-General of the United Nations, meets twice
a year to co-ordinate the work of the organizations of the United Nations System. (Wikipedia “United
Nations System,” 2019)
The World’s Best Regarded Companies 2019

Below is the Top 25 World’s Best Companies in 2019 according to Forbes:

Rank Company Industry Headquarters
1 Visa Consumer Financial San Francisco, California
Services
2 Ferrari Auto & Truck Maranello, Italy
Manufacturers
3 Infosys Computer Services Bangalore, India
4 Netflix Internet & Catalog Retail Los Gatos, California
5 PayPal Consumer Financial San Jose, California
Services
6 Microsoft Software & Programming Redmond, Washington
7 Walt Disney Broadcasting & Cable Burbank, California
8 Toyota Motor Auto & Truck Toyota, Japan
Manufacturers
9 Mastercard Consumer Financial Purchase, New York
Services
10 Costco Wholesale Discount Stores Issaquah, Washington
11 Apple Computer Hardware Cupertino, California
12 Siemens Conglomerates Munich, Germany
13 Kellogg Food Processing Battle Creek, Michigan
14 IBM Computer Services Armonk, New York
15 Cemex Construction Materials San Pedro Garza García,
Mexico
16 Amazon Internet & Catalog Retail Seattle, Washington
17 Kraft Heinz Food Processing Chicago, Illinois
Company
18 Carlsberg Beverages Copenhagen, Denmark
19 Emirates NBD Regional Banks Dubai, United Arab Emirates
20 Emaar Properties Real Estate Dubai, United Arab Emirates
21 Nintendo Recreational Products Kyoto, Japan
22 Tata Consultancy Computer Services Mumbai, India
Services
23 Samsung Securities Investment Services Seoul, South Korea
24 Volvo Group Heavy Equipment Gothenburg, Sweden
25 Electrolux Group Household Appliances Stockholm, Sweden
(Forbes 2019)

Name_________________________________________Score _________
Quiz: Essay
Answer each question in exactly 140 words:

(1) Why does the Philippines import rice from other countries even though rice can be produced in
our country?
(2) Do you believe in “buying Filipino” even if you have to pay a higher price? Why?
1.
2.
Lesson 4: Market Integration
In This Lesson
 Define market integration.

 Discuss the three basic types of market integration.
 Differentiate the pros and cons of each type of market integration.
 Define global corporation and identify the challenges encountered by multinational
corporations (MNCs).
Defining Market Integration

Markets are said to be integrated if they are connected by a process of arbitrage. A well-
integrated market system is central to a well-functioning market economy. The economic proposition of
integration is that an element of efficiency is attainable in the unified operation than in independent
actions. According to McDonald (1953), “the integrated economy is one in which various economic
processes are so functionally related to every other process that the totality of separate operation forms a
single unit of production with characteristics of its own. He gave some of the signs of integration as
below:
(a) Many diverse, specialized and independent economic processes or operations, none of which is
complete or self-sufficient.
(b) A system of relations between the various processes which serves to register this interdependence
upon the conduct of each process so that all are caused, in some manner to fall under the overall plan.
(c) A concatenation of processes in unified pursuance of the aims and purposes of the larger scheme
of things.
(d) A mutual replenishment to spent resources to the end that the continuity of each and all processes
shall not be jeopardized”.
Market integration is the phenomenon by which price interdependence takes place. As per
Faminow and Benson (1990) integrated markets are those where prices are determined interdependently;
which is assumed to mean that price change in one market affects the prices in other markets. Goodwin
and Schroeder (1991) described that markets that are not integrated may convey inaccurate price
information which might distort producer marketing decisions and contribute to inefficient product
movements. What market integration delivers to the economy will be clear from the following views.
Information on market integration presents specific pieces of evidence as to the competitiveness of the
market, the effectiveness of arbitrage (Carter and Hamilton, 1989) and the efficiency of pricing (Buccola,
1983). Monke and Petzel (1984) defined, “integrated market in which prices of differentiated products do
not perform independently. Spatial market integration refers to a situation in which prices of a commodity
in spatially separated markets move together and price signals and information are transmitted smoothly
across the markets. Spatial market performance can be evaluated by the knowing relationship between the
prices of spatially separated markets and spatial price behavior in regional markets may be used as a
measure of overall market performance (Ghosh, 2000)”.
Another definition given by Behura and Pradhan (1998) described, “market integration as a
situation in which arbitrage causes prices in different markets to move together. Here two markets are
said to be spatially integrated; when even trade takes place between them, if the price differential for a
homogeneous commodity equals the transfer costs involved in moving that commodity between them.
Equilibrium will have the property that, if a trade takes place at all between any two places which are
physically separated, then price in the importing area equals price in the exporting area plus the unit
transport cost incurred by moving between the two”. If this holds then the markets can be said to be
spatially integrated as per Ravallion (1986). According to Slade (1986), “two trading localities are
integrated if price changes in one locality cause price changes in the other. The transmission machinery
could be that price increases in one location result in the product moving into that location from the other,
hence reducing the supply of products in the exporting region and causing the price to increase. Hence, an
interrelated or interdependent movement of prices between spatially separated markets can be said to be a
situation of market integration”. (Deepak 2014)
Types of Market Integration

When two businesses are brought together through a merger or takeover, it is possible to define
the nature and type of integration based on the activities of each business and where they operate in the
supply chain of an industry.
The types of integration are illustrated in the diagram below:
The main types of integration are:
1. Backward vertical integration. This involves acquiring a business operating earlier in the
supply chain – e.g. a retailer buys a wholesaler, a brewer buys a hop farm.
2. Conglomerate integration. This involves the combination of firms that are involved in unrelated
business activities.
3. Forward vertical integration. This involves acquiring a business further up in the supply chain
– e.g. a vehicle manufacturer buys a car parts distributor.
4. Horizontal integration. Here, businesses in the same industry and which operate at the same
stage of the production process are combined. (Riley 2018)
Pros and Cons of Each Type of Market Integration

The table below shows the advantages and disadvantages of each type of market integration.
Horizontal Integration
Advantages Disadvantages
 Larger Market Share  Increasing the size of the company also
 Bigger Base of Customers increases the size of the problems, bigger
 Increased Revenue companies are harder to handle
 Reducing competition  Does not always yield the synergies and added
 Increasing other synergies such as marketing value that was expected

 Creating economies of scale and economies of  Can even result in negative synergies which
scope reduce the overall value of the business
 Reducing other production costs
Vertical Integration
 Decrease transportation costs and reduce  Companies might get too big and mismanage
delivery turnaround times the overall process
 Reducing supply disruptions from suppliers  Outsourcing to suppliers and vendors might be
that might fall into financial hardship more efficient if their expertise is superior
 Increase competitiveness by getting products  Costs of vertical integration such as
to consumers directly and quickly purchasing a supplier can be quite significant
 Lower costs through economies of scale,  Increased amounts of debt if borrowing is
which is lowering the per-unit cost by buying needed for capital expenditures
large quantities of raw materials or
streamlining the manufacturing process
 Improve sales and profitability by creating and
selling its own brand
Conglomerate Integration
 Through diversification, the risk of loss  Diversification can shift focus and resources
lessens. away from core operations, contributing to
 An expanded customer base poor performance.
 Cross-selling of new products, leading to  If the acquiring firm is inadequately
increased revenues. experienced in the industry of the acquired
 The new firm benefits with increased firm, the new firm is likely to develop
efficiencies with the merged company. ineffective corporate governance policies and
an inexperienced, underperforming workforce.
 It can be challenging for firms to successfully
develop a new corporate culture
Global Corporations
from lumenlearning.com
A global company is generally referred to as a multinational corporation (MNC). An MNC is a
company that operates in two or more countries, leveraging the global environment to approach varying
markets in attaining revenue generation. These international operations are pursued as a result of the
strategic potential provided by technological developments, making new markets a more convenient and
profitable pursuit both in sourcing production and pursuing growth.
International operations are therefore a direct result of either achieving higher levels of revenue or
a lower cost structure within the operations or value-chain. MNC operations often attain economies of
scale, through mass producing in external markets at substantially cheaper costs, or economies of scope,
through horizontal expansion into new geographic markets. If successful, these both result in positive
effects on the income statement (either larger revenues or stronger margins), but contain the innate risk in
developing these new opportunities. As gross domestic product (GDP) growth migrates from mature
economies to developing economies, it becomes highly relevant to capture growth in higher growth
markets.

However, despite the general opportunities a global market provides, there are significant
challenges MNCs face in penetrating these markets. These challenges can loosely be defined through four
factors:
 Public Relations: Public image and branding are critical components of most businesses.
Building this public relations potential in a new geographic region is an enormous challenge, both
in effectively localizing the message and in the capital expenditures necessary to create
momentum.
 Ethics: Arguably the most substantial of the challenges faced by MNCs, ethics have historically
played a dramatic role in the success or failure of global players. For example, Nike had its brand
image hugely damaged through utilizing ‘sweat shops’ and low wage workers in developing
countries. Maintaining the highest ethical standards while operating in developing countries is an
important consideration for all MNCs.
 Organizational Structure: Another significant hurdle is the ability to efficiently and effectively
incorporate new regions within the value chain and corporate structure. International expansion
requires enormous capital investments in many cases, along with the development of a specific
strategic business unit (SBU) in order to manage these accounts and operations. Finding a way to
capture value despite this fixed organizational investment is an important initiative for global
corporations.
 Leadership: The final factor worth noting is attaining effective leaders with the appropriate
knowledge base to approach a given geographic market. There are differences in strategies and
approaches in every geographic location worldwide, and attracting talented managers with high
intercultural competence is a critical step in developing an efficient global strategy.
Combining these four challenges for global corporations with the inherent opportunities presented
by a global economy, companies are encouraged to chase the opportunities while carefully controlling the
risks to capture the optimal amount of value. Through effectively maintaining ethics and a strong public
image, companies should create strategic business units with strong international leadership in order to
capture value in a constantly expanding global market. (Lumen Learning “Global Corporation,” 2019)
Name_________________________________________Score _________
Course and Year _____________________________ Date ___________
Activity: Film Review

Directions: Watch Mark Achbar and Jennifer Abbott’s “The Corporation” and let’s discover the
facts behind it! Fill in the following chart to find out.
What do you see in this film?
What do you think is happening in this film?
What materials do you think the artist used to make

this film?
Does this film remind you of anything?
What questions do you have about this film?
Pretend you can enter inside this film? What do you

see? What do you hear? What do you smell? What
do you taste?
Which part of this film do you like? Why?
If you could change one thing about this film, what

would you change?
How does this film make you feel? Can you say
why?
If you would describe this film to a friend, what kind of

words would you use?
RUBRIC
3 - Full Accomplishment - Students answered the questions about the film outlined in this chart in a
clear and consistent manner.
2 -Substantial Accomplishment - Students answered the questions about the film outlined in this chart
and do so in a somewhat consistent manner.

1 - Little or Partial Accomplishment - Students have difficulty answering the questions about the film
outlined in this chart consistently.
Name_________________________________________Score _________
Course and Year _____________________________ Date ___________
Quiz: Essay
Answer the question in exactly 140 words:

(1) How can a small local business enterprise compete against a global corporation?
1.

Contemporary Module - Prelim and Midterm

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ST.

VINCENT’S COLLEGE INCORPORATED

This course introduces

THE sustainability. Beyond

CONTEMPORAR inculcate a sense of global

JUNRIE MARK B. SUMALPONG , MBA, LPT

1 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

 Develop a nuanced definition of globalization in order to begin to understand the processes of

The Meaning of Globalization

[Globalization] is “the increased interconnectedness and interdependence of peoples and

2 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

[Globalization] is “the inexorable integration of markets, nation-states, and technologies to a

[Globalization] is “… a process in which geographic distance becomes less a factor in the

Converging Currents of Globalization

3 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Advocates and Critics of Globalization

Advantages of Globalization Disadvantages of Globalization

 An open economy promotes technological  Workers face demands of wage concessions

(Business Week “Backlash Behind the Anxiety over Globalization,” 2000)

4 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Essay: “Globalization I - The Upside” Video Evaluation Chart

I. Reaction (Check the blank below)

II. Your response to the video in six words:

IV. Make a summary of the video in ten words.

Essay: “Globalization II - Good or Bad?” Video Evaluation Chart

I. Reaction (Check the blank below)

II. Your response to the video in six words:

IV. Make a summary of the video in ten words.

7 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

 Discuss the periodization of globalization by considering when globalization began.

A Brief History of Globalization

8 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

9 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Age of Discovery (15th-18th centuries) / Image: BLR

10 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

First wave of globalization (19th century-1914)

11 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

The world wars

Second and third wave of globalization

12 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

13 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Activity: Essay Analysis Chart

Introduction (identify the work)

14 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Part 1 (explanation and details)

Part 2 (explanation and details)

Part 3 (explanation and details)

Part 4 (explanation and details)

15 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

1 point  lacks a central idea (no thesis);

Activity: Three Circle Venn Diagram

16 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Second Wave Third Wave

Venn Diagram Rubric

Objects being compared in the Venn diagram:__________________________________ ,

Strong Grasp Progressing Not in Evidence

Placement of All statements Most statements Few statements

17 | P a g e Prepared by: JUNRIE MARK B. SUMALPONG, MBA, LPTFebruary 2, 2021

Liberalism sees the process of globalization as market-led extension of modernization. At the