Globalization

WHAT IS GLOBALIZATION?
GLOBALIZATION has been commonly understood

either as a PROCESS, a CONDITION or an
IDEOLOGY. (Steger, Ideologies of Globalization)
https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

Page 1 of 74
CRITERIA IN DETERMINING
IDEOLOGIES
• Degree of uniqueness and morphological sophistication
• Context-bound responsiveness to broad political issues
• Produce effective conceptual DECONTESTATION CHAINS

Page 2 of 74
Steger’s 6 Core Claims:
● Globalization is about the Liberalization and Global Integration of

Markets
● Globalization is Inevitable and Irreversible
● Nobody is in Charge of Globalization
● Globalization Benefits Everyone in the Long Run
● Globalization further the Spread of Democracy
● Globalization requires a Global War on Terror

Page 3 of 74
Theoretical Paradigms of Globalization
• World Systems- views globalization not as a recent
phenomenon but as virtually synonymous with the birth and
spread of World Capitalism. (Wallerstein)
• Global Capitalism- tend to see globalization as a novel stage in
the evolving system of World Capitalism- “Capitalist
Globalization”.
• The Network Society of School of Thought- capitalism does
not fuel globalization but technology and technological change
as the underlying cause of globalization. (Castell)

Page 4 of 74
• Space, Time and Globalization- the conceptual essence of globalization
is “time-space distanciation”- which Giddens defines 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.”
• Transnationality and Transnationalism- Transnational processes and
practices are defined broadly as the multiple ties and interactions-
economic, political, social and cultural- that link people, communities and
institutions across the borders of nation-states. Transnationalism is an
umbrella concept encompassing a wide variety of transformative
processes, practices and developments that take place simultaneously at a
local and global level.
• Global Culture- emphasize the rapid growth of the mass media and
resultant global cultural flows and images in recent decades evoking the
image famously put forth by Marshal McLuhan of the “the global
village”.

Page 5 of 74
THE GLOBAL ECONOMY

Page 6 of 74
Learning goals
• Economic globalization
• Actors that facilitate economic globalization
• The role of international financial institutions in the
creation of a global economy
• The modern world system
• Attributes of global corporations
• Stance on global economic integration

Page 7 of 74
N L K E
r w i π
Consumer expenditure
goods services
Subsidies Taxes
Investments Savings
Imports Exports

Page 8 of 74
Major goals of Macroeconomics

Page 9 of 74
Page 10 of 74
Source: International Monetary Fund - 2011 World Economic Outlook

Page 11 of 74
Page 12 of 74
Page 13 of 74
International trade

Page 14 of 74
International Trade
• International Trade is the process by

which nations export and import goods,
services and financial capital
• International trade is vital to economic

growth because it expands a nation’s
consumption possibilities.

Page 15 of 74
Economic Basis of Trade
1. Different nations are endowed with various kinds and

amount of natural resources
2. The production of varied goods and services require
different combinations of economic resources and also
particular technology.
3. Various nations have different specializations that make
their products highly differentiated.

Page 16 of 74
Page 17 of 74
• Economic globalization is a historical process, the result
of human innovation and technological progress. It refers
to the increasing integration of economies around the
world, particularly through the movement of goods,
services, and capital across borders. The term sometimes
also refers to the movement of people (labor) and
knowledge (technology) across international borders.
(IMF, 2008]
István Benczes. 2014. The Globalization of Economic Relations.

https://www.researchgate.net/publication/293358032

Page 18 of 74
• ‘In economic terms globalization is nothing but a process
making the world economy an “organic system” by
extending transnational economic processes and economic
relations to more and more countries and by deepening the
economic interdependencies among them.’ (Szentes. 2003:
69)
István Benczes. 2014. The Globalization of Economic Relations.

https://www.researchgate.net/publication/293358032

Page 19 of 74
When did globalization start?

Page 20 of 74
Gills and Thompson (2006)

Page 21 of 74
Frank and Gills (1993)

Page 22 of 74
Fernand Braudel (1973)

Page 23 of 74
The real break-through came only in the nineteenth century. (Held et
al., 1999)

Page 24 of 74
• GOLDEN AGE OF GLOBALIZATION (1870 to 1913)

Page 25 of 74
Page 26 of 74
Going beyond simple economics….
• Economic systems must be analyzed within

the context of the overall social system of a
country and, indeed, within an international,
global context as well.
• “Social system” - the interdependent
relationships between economic and non-
economic factors.

Page 27 of 74
Page 28 of 74
Page 29 of 74
Page 30 of 74
Page 31 of 74
Page 32 of 74
Page 33 of 74
Page 34 of 74
Page 35 of 74
Development
• Amartya Sen (1998 Nobel laureate in economics) argues that

the “capability function” is what really matters for status as a
poor/non-poor person.
• “Economic growth cannot be sensibly treated as an end in itself.
Development has to be more concerned with enhancing the
lives we lead and the freedoms we enjoy.”

Page 36 of 74
• Contemporary globalization is, however,
considered to be a myth (Bairoch, 1993) not just
because it is not without precedents. More
concerns have been raised with regard to its
impact on the worldwide distribution of income.

Page 37 of 74
• According to Wallerstein, capitalism, ‘a historical social system’ (1983: 13),
created the dramatically diverging historical level of wages in the economic
arena of the world system. Thus, growing inequality, along with economic
and political dependence, are not independent at all from economic
globalization.

Page 38 of 74
World Economy: Defined
• Large geographic zone within which there is a division
of labor and hence significant internal exchange of
basic or essential goods as well as flows of capital
and labor. A defining feature of a world-economy is
that it is not bounded by a unitary political structure.
Rather, there are many political units inside the world-
economy, loosely tied together in our modern world
system in an interstate system

Page 39 of 74
• Examples:
• EU as a trading block
• North Korea is supposed to be isolated but it has

continued to be a player in the global economy
trading with China, India, France and the Philippines

Page 40 of 74
• What unifies the global economic system most is the
division of labor.
• Although the economic global system has some
common cultural patterns, called geoculture. (eg.US-
Central America; Australia-Pacific Islands) It does
mean that neither political nor cultural homogeneity is
to be expected or found in a world-economy

Page 41 of 74
• Relationship between US and Central America
• Europe and India/Pakistan/Indonesia
• Neo-colonies

Page 42 of 74
Capitalism fuels World Economy
• Old concept: Capitalism is the existence of persons or

firms producing for sale on the market with the intention
of obtaining a profit.
• Capitalism today: a system gives priority to the endless
accumulation of capital: it means that people and firms
are accumulating capital in order to accumulate still
more capital, a process that is continual and endless.

Page 43 of 74
Ex. Henry Sy and SM Holdings
(Malls, Banking, education, real
estate, etc)
G8 controls 50% of world economy
(CA, FR, DE, IT, JP, RU*, UK, US,
EU)

Page 44 of 74
• The capitalist system therefore ensures that the
economic status quo is maintained
• Capitalist system requires a very special
relationship between economic producers and the
holders of political power. Capitalists need a
large market and need a multiplicity of states, so
that they can gain the advantages of working
with states but also can circumvent states hostile
to their interests in favor of states friendly to
their interests. Only the existence of a
multiplicity of states within the overall division
of labor assures this possibility.

Page 45 of 74
• contemporary globalization is equated primarily with
TNCs

Page 46 of 74
Page 47 of 74
• Ex: MNCs/TNCs based in countries that are
bastions of democracy like US and Western
European states continue to work with China
and other states even with a poor human rights
record to maintain the capitalist system – it
ensures that the division of labor is
undisturbed

Page 48 of 74
THE WORLD MARKET IN A CAPITALIST
GLOBAL ECONOMIC SYSTEM
• A market is both a concrete local structure in which individuals or
firms sell and buy goods, and a virtual institution across space where
the same kind of exchange occurs
• In principle, in a capitalist world-economy the virtual market exists in
the world-economy as a whole
• Myth: there are often interferences with these boundaries, creating
narrower and more "protected" markets.( ex ASEAN overlapping
trade agreements)

Page 49 of 74
• Quest for Free Market
• Myth: One of the reasons it is not a day-to-day
reality is that a totally free market, were it ever to
exist, would make impossible the endless
accumulation of capital.
• A free market would bring down profit levels (Ex: It
takes only USD28 to make a pair of Nike shoes
which sells for USD100)
• Capitalist bat for a free market when they have the
upperhand

Page 50 of 74
• What sellers always prefer is a monopoly which are
extremely difficult to create, and rare, but quasi-monopolies
are not.
• Quasi-monopolies are supported by patent laws. (The
patent laws gives the companies time to establish
themselves in the world market – it protects the capitalist
for a time)
Example: Pharmaceuticals
• These are called OLIGOPIES instead of monopolies

Page 51 of 74
• Unequal exchange is not the only way of moving
accumulated capital from politically weak regions to
politically strong regions. There is also plunder
• The conquistadores and gold in the Americas
• Diamonds and oil in Africa
• TODAY: Money laundering , Enron Case

Page 52 of 74
Core-Peripheral State Relations
• Remember: Division of Labor between industrialized North America
and Central America
• Since quasi-monopolies depend on the patronage of strong states, they
are largely located-juridically, physically, and in terms of ownership
within such states. There is therefore a geographical consequence of the
core-peripheral relationship. Core-like processes tend to group
themselves in a few states and to constitute the bulk of the production
activity in such states. Peripheral processes tend to be scattered among a
large number of states and to constitute the bulk of the production
activity in these states.

Page 53 of 74
• The modern capitalist system is unique in the sense that it created political
structures that guaranteed an endless appropriation and accumulation of
surpluses from the poor (or the periphery) to the emerging (or the semi-
periphery) and – in particular – the advanced industrialized (or the core)
countries. It is, however, not just that the periphery is dependent on the core:
the latter’s development is also conditioned on the former. The link between
these groups is provided via trade and financial transactions, and is
organized by a dense web of businessmen, merchants, financial entrepreneurs
and state bureaucrats. Globalization, the product of the long process of capitalist
development, is, therefore, nothing new for world-system analysts; it is simply
the relabelling of old ideas and concepts (Arrighi, 2005).

Page 54 of 74
• Reflecting upon the division of labour between developed
and developing countries in the nineteenth century,
Bairoch claimed that ‘the industrialisation of the former
led to the de-industrialisation of the latter’ (1998: 11).

Page 55 of 74
THE STRUCTURES OF GLOBALIZATION
Susan Strange defines the underlying foundations of the system of the
international political economy into four structures:
1. Production and Trade
2. Money and Finance
3. Security
4. Knowledge and Technology
She describes these structures as “webs” of complex arrangements
consisting of rules, conventions, norms that govern and facilitate the
interactions of state and non-state actors with each other (cited in Balaam and
Dillman, 2014, p. 15).

Page 56 of 74
POST WWII ECONOMIC SYSTEMS
The Bretton Woods Conference (formally known as the United Nations
Monetary and Financial Conference), held at New Hampshire, USA in
July 1944, marked the birth of a new international economic framework.
Delegates from 44 countries agreed on the creation of two
international economic organizations: International Monetary Fund
(IMF) and World Bank or the International Bank for Reconstruction and
Development. These two were called the Bretton Woods institutions.
It also included a third entity, the General Agreement on Tariffs and
Trade (GATT) which served as the primary global trade organization.
These institutions were known as the Keystone International
Economic Organizations (KIEOs).

Page 57 of 74
INTERNATIONAL MONETARY FUND
(IMF)
The role of the IMF is to promote global monetary cooperation and
international financial stability. The institution, created in 1945, was
designed to monitor the system of pegged or fixed exchange rates. In
this system, official exchange rate of currencies were related to the
gold and U.S. dollar. (Cohn, 2011)
The IMF provide short-term loans to prevent devaluation and retain
the state’s fixed exchange rate in instances of the temporary balance
of payment deficits.

Page 58 of 74
WORLD
BANK
The World Bank (WB), in comparison to the IMF, was created to grant long-
term loans for the economic development of less developed countries and
reconstruction of war-torn countries in Europe.
The WB is made up of two institutions:
1. International Bank for Reconstruction and Development (IBRD) -
provides lending to middle-income and credit-worthy low- income countries.
2. International Development Association (IDA)- grants loans to lowest-
income countries.

Page 59 of 74
GATT and WTO
The purpose of GATT was to avoid trade wars by raising protectionist
barriers as witnessed during the interwar period.
While it was effective in liberalizing trade, GATT was unable to address
the expansion of trade in services, investment and intellectual property. It
was also incapable of providing a strong and efficient system for dispute
settlement.
GATT was eventually superseded by a more formal World Trade
Organization (WTO) in 1995 that managed to address these issues.

Page 60 of 74
The International-Dependence Model
• Neocolonial dependence model

• False-paradigm model
• The Dualistic-Development Thesis

Page 61 of 74
WORLD ECONOMY PATTERN
• As more and more firms enter the market of the erstwhile
quasimonopoly, there will be "overproduction“ and
consequently increased price Competition thus lowering the
rates of profit,.
• There will be stagnation or recession in the world-economy.
• This shift puts pressure on the wage levels in the processes still
remaining in core zones, and wages threatened to become lower
as well. (Ex. Collapse of textile industry in the PH because of
their relocation to Indo-China or Bangladesh)

Page 62 of 74
• Economic recession - A downturn in real
GNP for two or more successive quarters

Page 63 of 74
Economic Depression
• A prolonged period
characterized by high
unemployment, low output and
investment, depressed business
confidence, falling prices, and
widespread business failure.

Page 64 of 74
• The process of the expansion of the world-
economy when there are quasi-monopolistic
leading industries and contraction in the world-
economy when there is a lowering of the intensity
of quasimonopoly- can be drawn as an up-and-
down curve of so-called A- (expansion) and B-
(stagnation) phases.

Page 65 of 74
Kondratieff Cycle,
• A cycle consisting of an A-phase followed by a B-phase is
sometimes referred to as a Kondratieff cycle,
• Kondratieff cycles have up to now have been more or less
fifty to sixty years in length. Their exact length depends on
the political measures taken by the states to avert a B-phase,
and especially the measures to achieve recuperation from a
B-phase on the basis of new leading industries that can
stimulate a new A-phase.

Page 66 of 74
Page 67 of 74
Page 68 of 74
Page 69 of 74
Page 70 of 74
Foreign Exchange
• Foreign Exchange Rate

denotes the price of a
foreign country’s
currency in terms of our
own

Page 71 of 74
• Group Activity
Simulation…..

Page 72 of 74
Learning goals…
• How countries take a stand on particular issues

based on their individual interests?
• Find out whether globalization is driven by
integration or furthering of self interest….

Page 73 of 74
Rubrics…
• Rationalization of answers • 40%

• Integration of concepts • 40%
• Clarity of presentation • 20%
• Audience impact
• Vital Statistcs
• Confidently beautiful with a heart

Page 74 of 74

Globalization

Uploaded by

Document Information

Copyright

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Globalization

Uploaded by

Copyright:

WHAT IS GLOBALIZATION?

GLOBALIZATION has been commonly understood

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

● Globalization is about the Liberalization and Global Integration of

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• International Trade is the process by

• International trade is vital to economic

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

1. Different nations are endowed with various kinds and

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

István Benczes. 2014. The Globalization of Economic Relations.

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

István Benczes. 2014. The Globalization of Economic Relations.

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• Economic systems must be analyzed within

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• Amartya Sen (1998 Nobel laureate in economics) argues that

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• North Korea is supposed to be isolated but it has

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• Old concept: Capitalism is the existence of persons or

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• Neocolonial dependence model

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM

• Foreign Exchange Rate

https://dl-mail.ymail.com/ws/download/mailboxes/@.id==VjN-K_-EbzGfANktypxTr1JO6…4khFcKSWJXhnmj56wWZjtiEZhtmD-U4uxv5_THbn1aHVWQPonKq2x236OSj64rSSjwoc6v 06/09/2018, 9`01 AM