Archaic globalization Archaic globalization conventionally refers to a phase in the history of globalization including globalizing events and developments from the time of the earliest civilizations until roughly the s. This term is used to describe the relationships between communities and states and how they were created by the geographical spread of ideas and social norms at both local and regional levels. The first is the idea of Eastern Origins, which shows how Western states have adapted and implemented learned principles from the East.
Odious debt is unfair debt resulting from illegitimate loans. A useful summary from Jubilee USA: Odious debt is an established legal principle.
Legally, odious debt is debt that resulted from loans to an illegitimate or dictatorial government that used the money to oppress the people or for personal purposes.
They cannot legitimately expect repayment of such debts. Great Britain was also denied similar claims against Costa Rica in Many poor countries today have started their independent status with heavy debt burdens imposed by the former colonial occupiers.
South Africa as another example, has found it now has to pay for its own past repression: But it is not just South Africa paying for this; surrounding countries that have been destabilized from this are paying debts incurred to deal with it.
The organization Action for Southern Africa summarizes this clearly, albeit in a report from Apartheid wrought vast destruction across the region; now the people of Southern Africa want to rebuild.
In a remarkable spirit of reconciliation, the people of Southern Africa want to forgive the horrors of the past and look forward. But the banks, international financial institutions, and individual countries which lent to both sides in the apartheid war are demanding repayment.
After the Second World War, the United States allowed Britain to repay debt at a very low rate so that it could rebuild.
Now the nations of Southern Africa want to rebuild a post-apartheid society, but the creditors of today, are not willing to offer them the space Britain received from the US and the Allies gave to Germany.
Various other nations have found that they have to pay debts incurred by their previous military dictators many of which were installed as clients of the rich countries.
As Steve Mandel, of the New Economics Foundation argues, because so much of these loans were knowingly given to unaccountable and corrupt leaders, there should be a shift in discussion from odious debt to odious lending, and thus there should be more of a spotlight on the banks who made large loans to illegal regimes, in effect, sustaining them.
Mandel also notes the scale to which odious debt has been overpaid, and is quoted at length here: Long after odious debts are technically off the books, subsequent generations are still effectively paying for them.
This [New Economics Foundation] research paper examines 13 clear cases that present a picture of the extent and impact of odious lending. This means that people in these—often desperately poor—countries end up paying three times for loans ostensibly taken out in their name: Also, if debt cancellation only comes through the procedures of the Paris Club and the Heavily Indebted Poor Countries HIPC initiative, they pay a fourth time when IMF conditionality imposes the often disastrous policies of trade and capital account liberalisation, privatisation, and restrictions on social expenditure.
Back to top Mismanaged Lending Further debt resulted from mismanaged spending and lending by the West in the s and 70s. As summarized from Jubilee and reposted here: Oil-producing countries, pegged to the dollar were affected as the value of the dollar decreased.
Inthe oil-producing countries hiked their prices as a result, earning a lot of money, which they put in to western banks.Globalization clearly is an ever-increasing force. Its consequences for the United States and other countries are not fully understood.
It is driven by the profitability it affords companies and as such, globalization is insensitive to its effects on individual countries. Labor in the Era of Globalization [Clair Brown, Barry J. Eichengreen, Michael Reich] on blog-mmorpg.com *FREE* shipping on qualifying offers.
The third quarter of the twentieth century was a golden age for labor in the advanced industrial countries. 4. What are the major causes of desertification? What social, economic, and policy factors can contribute to desertification?; Does globalization play a role in desertification?; How can land use affect desertification?
"Desertification is caused by a combination of factors that change over time and vary by location.
These include indirect factors such as population pressure. COMPARATIVE POLITICAL STUDIES / August-September Garrett / CAUSES OF GLOBALIZATION Themostimportantcausesofglobalizationdifferamongthethreemajorcomponentsofinterna- tional market integration: trade, multinational production, and international finance.
Other causes of globalization include the growth of global media, the reduction in tariff barriers and the increased mobility of labor.
Additionally, the rapid growth of multinational corporations, such as IBM and Apple, is both a cause and consequence of globalization. ADVERTISEMENTS: Globalization: Causes, Consequences and Regionalization!
The recent economic development in the world in the form of stimulation to liberalization and privatization of economy and other activities related to it or even otherwise, is regarded as globalization. Various scholars have defined globalization in various ways.