CONTEMPORARY-WORLD-CONTEMPORARY-WORLD.pptx

you can use this on your contemporary world subject

1. The Global Economy Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

2. Group 2 Ainne Booc Haide Molde Crislyne Melgo Erika Jill Lozano Doven Almonia Evangeline Soposo Shawn Kirby Giangan

3. INTRODUCTION The United Nations (UN) tried to address the different problems in the world. Their efforts were guided by the eight Millennium Development Goals, which they created in the 1990s. Among these eight goals, the eradication of extreme poverty and hunger ranked as the first. The other seven goals include: Achieving universal primary education Promoting gender equality and women empowerment Reducing child mortality Improving maternal health Combating diseases like HIV/ AIDS and malaria Ensuring environmental sustainability Having a global partnership for development Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

4. In the Philippines, a person is officially living in poverty if he makes less than 100,534 pesos per year , around 275 pesos a day. This is called the poverty line or poverty threshold. But we are going to focus on extreme poverty which, according to the UN(2015), is a condition characterized by severe deprivation of basic human needs including food, safe drinking water, sanitation facilities, health, shelter, education, and information. The UN defines extreme or absolute poverty as living on less than $1.25 a day. It was three years ago and the results were in. The UN(2015) reported that 836 million people still live in extreme poverty but that is down from 1.9 billion. The World Bank or predicted that by 2030 the number of people living in extreme poverty could drop to less than 400 million. However, climate change has to be considered since it is a threat to these improvements in global poverty. Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

5. So why is extreme poverty falling? Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

6. The answer to this is really complicated. A set of factors like better access to education, humanitarian aid, and the policies of international organizations like the UN have made a difference. However, the greatest contributor is economic globalization. Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

7. Economic globalization refers to the increasing interdependence of world economies through trade, capital flows, and technology spread. World War II shifted the dominant economic policy from protectionism to trade liberalization Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5 Economic Globalization and Global Trade

8. There are two different types of economies associated with economic globalization; protectionism and trade liberalization . Protectionism- " a policy of systematic government intervention in foreign trade with the objective of encouraging domestic production. This encouragement involves giving preferential treatment to domestic producers and discriminating against foreign competitors". Trade liberalization- Free trade agreements and technological advances in transportation and communication mean goods and services move around the world more easily than ever. Economic globalization has both positive and negative impacts, and fair trade seeks to address inequities in the global economy . Globalization made some countries, especially the developing ones , to gain more in the global economy at the expense of other nations. Fair trade- defined by the International Fair Trade Association, is the "concern for the social, economic, and environmental well being of marginalized small producers. Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

9. Give at least 5 main ingredients or raw materials in manufacturing the chosen product. Identify the corresponding country from which each ingredient or raw material came from. Aside from the Philippines, list other countries in which the product is being sold. Cite the kinds of technology that made the creation of the product possible. Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

10. There are some significant downsides to globalize trade and perhaps the strongest argument against economic globalization is its lack of sustainability. Sustainable development aims to balance economic growth with the preservation of the earth's resources for future generations . Globalization and sustainability are multidimensional, involving economic, political, and technological aspects. Continuous production and consumption of natural resources have led to positive effects such as energy utilization and technological advancements but have also accelerated climate change and perpetuated global inequality. Economic Globalization and Sustainable Development

11. Economic development, particularly during the Industrial Revolution, has led to environmental degradation . Efficiency means finding the quickest possible way of producing large amounts of a particular product. Increased production and efficiency have resulted in carbon emissions and waste disposal, damaging the atmosphere and marine biodiversity. Many experts question the sustainability of a growing global economy due to deforestation, pollution, and climate change. Environment Degradation

12. Harvey (2005) noted that neoliberals and environmentalist debate the impact of free trade on the environment. Two groups that have different views on the issue: Environmentalist argue that environmental concerns should be prioritized over economic ones. On the other hand, neoliberals view the efforts of environmentalist as barriers to trade. They argue that economic growth, facilitated by free trade, can lead to better resources for environmental protection. Proponents of the ecological modernization theory believe that globalization can both protect and enhance the environment. Environment Degradation

13. Various efforts are underway to deal with climate change. However, strong resistance on the part of governments and corporations counters these. For instance , the Kyoto Protocol aimed at a reduction of global carbon emissions, but failed to take off largely because it was not ratified by the United States (Armitage , 2005). However, momentum is being built up in corporate circles in dealing with environmental problems. how to explain this Environment Degradation

14. Implementing measures like "carbon tax" and "carbon neutrality" presents significant challenges ( Ritzer , 2015 ). Finding alternatives to fossil fuels is difficult. The use of ethanol, for example, is less efficient and has led to an increase in corn prices ( Barrionuevo , 2007). Biofuels produce lower emissions, but their extraction and transport contribute significantly to total emissions. A global perspective is necessary when addressing environmental issues. Focusing on specific regions overlooks impacts elsewhere. A global perspective is necessary when addressing environmental issues. Focusing on specific regions overlooks impacts elsewhere. Environment Degradation

15. Food Security The demand for food is projected to increase by 60% by 2050, requiring global food security for a population of 9 billion people. Food security is a priority for all countries, regardless of their development level. Environmental challenges, such as deforestation, industrial fishing, decline in freshwater availability, pollution, and climate change, impact food security. The United Nations and organizations like the World Economic Forum have set goals and initiatives to address global food security through sustainability and public-private partnerships.

16. Economic Globalization, Poverty, And Inequality Economic globalization creates winners and losers, with corporations and consumers benefiting from cheaper products, while high-wage workers may lose their jobs. Low-wage foreign workers often receive higher wages compared to other job opportunities in their countries, but they may face hazardous working conditions. Critics argue that economic globalization can lead to exploitation and oppression, putting profits before people and disregarding labor and environmental regulations. Proponents of globalization argue that it creates more opportunities for workers, leading to competition for labor and higher wages

17. Economic Globalization, Poverty, And Inequality Economic globalization has helped lift millions of people out of extreme poverty, but the challenge is to address poverty while ensuring environmental sustainability. Enabling people to participate in the economy, such as through microcredit, can improve their lives and support entrepreneurship. However , many people participating in the global economy still face poor working conditions and low wages compared to developed countries.

18. Global Income Inequality Global economic inequality is closely linked to globalization, with divisions between developed and less developed nations. There are two main types of economic inequality: wealth inequality and income inequality. Wealth inequality refers to the distribution of assets, while income inequality focuses on the distribution of new earnings. Global wealth is estimated to be around 3.5 trillion dollars and is not distributed equally among countries. The Industrial Revolution and economic globalization have contributed to the widening income gap between rich and poor nations .

19. Global Income Inequality Globalization and market capitalism have improved living standards for many, but wealth concentration has increased for the few. Skill-based technological change and the outsourcing of low-skilled manufacturing jobs have contributed to income inequality.

20. The Third World And the global south The terms "First World," "Second World," and "Third World" originated during the Cold War to categorize countries based on political and economic blocs. After the Cold War, the category of Second World countries became obsolete, but the terms "First World" and "Third World" persisted. These terms are outdated and inaccurate, as they do not accurately reflect the economic stability of countries labeled as "Third World." A more accurate and simplified classification is the division between the "Global North" (developed countries) and the "Global South" (developing countries).

21. The Third World And the global south The terms "Global North" and "Global South" highlight common economic and political issues faced by countries in the South and aim for equality worldwide. The distinctions between the Global North and the Global South are influenced by racial inequality, with a disproportionate representation of whites in the Global North and blacks primarily in the Global South. Economic differences between the wealthy Global North and the poor Global South have historically been characterized by a racial dynamic.

22. The Global City Globalization has had a significant impact on the rural-urban differentiation and agricultural production. The rise of global agribusiness and factory farms has led to the South producing non-traditional products for export and becoming dependent on industrialized food imports from the North. This shift in agricultural production has resulted in the displacement of local farmers and a change in the staple diet of rural economies. The concept of global cities, such as New York, London, and Tokyo, describes urban centers that exert control over the world's political economy. Global cities are characterized by inequalities both between cities and within each city. While cities are major beneficiaries of globalization, they also face unique political problems in dealing with global issues at the local level. Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

23. Theories of Global Stratification Global stratification refers to inequalities in wealth and power between societies. Theories of global stratification include modernization theory, dependency theory, world systems theory, and neoliberalism. Modernization theory suggests societies progress through stages of development. Dependency theory argues underdevelopment is due to dependence on more powerful nations. World systems theory views global stratification as a result of the capitalist world economy. Neoliberalism emphasizes free markets and globalization as drivers of development. These theories provide different perspectives on global stratification. Reporter 1 Reporter 2 Reporter 3 Reporter 4 Reporter 5

24. Modernization Theory Modernization theory explains global stratification as a result of technological and cultural differences between nations. The theory highlights the Columbian Exchange and the Industrial Revolution as two historical events that contributed to Western Europe's faster development. The Columbian Exchange brought agricultural staples and trade opportunities to Europe but had devastating effects on Native American populations due to diseases. The Industrial Revolution, with advancements in technology and mechanization, led to significant improvements in living standards in industrialized countries. Modernization theory suggests that the tension between tradition and technological change is a barrier to growth, and societies more rooted in tradition may be resistant to adopting new technologies. The Protestant work ethic, emphasizing progress and financial success as signs of personal virtue, played a role in Europe's modernization.

25. Walt Rostow’s Four Stages Of Modernization Walt Rostow's theory of modernization identifies four stages: traditional, take-off, drive to technological maturity, and high mass consumption. The traditional stage is characterized by small, local communities with limited resources and technology, focused on labor-intensive food production. The take-off stage occurs when individuals begin to use their talents to produce beyond necessities, creating new markets for trade and greater individualism. The drive to technological maturity is marked by technological growth, population growth, poverty reduction, and social change. The high mass consumption stage is reached when a country's production becomes more focused on wants rather than needs, often accompanied by social support systems for basic necessities. Modernization theory argues that investing in better technologies can raise production and overall well-being, and rich countries can help others through technology exports and foreign aid.

26. Walt Rostow’s Four Stages Of Modernization Critics argue that modernization theory is often seen as promoting capitalism as the only path to development and overlooks historical factors, Eurocentric biases, and downsides of economic progress. Critics also argue that modernization theory blames poor countries for their lack of development without acknowledging external factors.

27. Dependency Theory And The Latin American Experience European colonialism in the Americas, Africa, and Asia led to the exploitation of natural and human resources, including the transatlantic slave trade. Dependency theory emerged as a critique of the traditional explanation for underdevelopment, emphasizing the impact of colonialism and unequal trade relationships. Dependency theory argues that liberal trade leads to greater impoverishment for less developed countries and advocates for import substitution as a self-sustaining path to development. Core nations, more industrialized and wealthier, exploit peripheral nations through the unequal distribution of wealth.

28. Dependency Theory And The Latin American Experience The theory highlights the reliance of peripheral economies on manual labor and the export of raw materials, while core countries process and sell these materials at higher prices. Dependency theorists argue that the international system has prevented the development of certain countries. The North American Neo-Marxist and Latin American structuralist approaches are sub-theories within dependency theory. Dependency theorists recognize the interconnectedness of interests between dominant classes within both developed and less developed countries. The historical-structural version of dependency theory allows for the possibility of changing dependent relations over time.

29. The modern world-system, as described by sociologist Immanuel Wallerstein , is characterized by a capitalist world economy with high-income core nations, low-income periphery nations, and middle-income semi-periphery nations. The periphery remains economically dependent on the core through unequal trade patterns, where raw materials are cheaply exported and processed and sold at higher prices by richer nations. Dependency theory argues that the problem lies in the unequal distribution of global wealth, with poor nations lacking resources, industrial capacity, and accumulating debt. Critics of dependency theory argue that the world economy is not a zero-sum game, and innovation and technological growth can benefit all nations . The Modern World System

30. They also point out that colonialism alone cannot explain current economic disparities, as some non-colonized countries remain poor while former colonies have flourishing economies. Dependency theory is criticized for its narrow focus on the capitalist market system and its lack of practical solutions for combating global poverty. While global stratification remains a pressing issue, there has been progress in reducing global poverty rates, with the share of people living on less than $25 per day halving since 1981. The Modern World System

31. THANK YOU! Ainne Booc Haide Molde Crislyne Melgo Erika Jill Lozano Doven Almonia Evangeline Soposo Shawn Kirby Giangan