Generation – traditionally used to refer to a group of people born and living during the

same period of time, which usually spans 15 years.

DIFFERENT GENERATIONS:
Baby Boomers (Born 1946-1964)
Gen X (Born 1965-1976)
Millennials/Gen Y (Born 1977-1994)
Gen Z (Born 1995-2010)

Generation Aspiratio Workforce Attitude Attitude Communicatio

n toward toward n Media
career technolog
y
Baby Boomer Job Workaholi Organization Largely Formal
Security cs al-careers are disengage Letter/Telepho
defined by d ne
employers
Gen X Work-life Committed Loyal to Digital E-mail/Text
balance to juggling ‘profession’ immigrant messages
work with not
family necessarily to
time and employer
favour
work-life
balance
Millennials/ Freedom Considere Digital Digital Mobile text
Gen Y & d the most entrepreneur natives messages/
Flexibilit independe s-work “with” social media
y nt workers organizations
not “for”
Gen Z Security Most tech Multi-taskers technoholi
and competent – seamlessly cs
Stability of any movers in
generation making
business
GLOBALIZATION

- Describes the growing interdependence of the world’s economies, cultures, and populations.
- Steger (2005): the term globalization should be confined to a set of complex, sometimes
contradictory, social processes that are changing our current social condition based on the
modern system of independent nation-states.
- Scholarly Definitions:
o The process of world shrinkage (Larsson, 2001)
o Compression of time and space (Harvey, 1989)
o The onset of borderless world. (Ohmae, 1992)
o It is what we in Third World have for several centuries called colonization (Khor, 1995)

THEORIES OF GLOBALIZATION

a. World System Theory

 A macro sociological perspective that seeks to explain the dynamics of the capitalist world
economy as a total social system (Martinez-Vela, 2001)
 A multicultural territorial division of labor in which the production and exchange of goods and
materials is important for surviving everyday life (Wallerstein)

Three Independent Regions:

1. Core
 Advanced or highly developed countries/incorporate higher levels of education, higher salaries
and more technology/generate more wealth in the world economy.
2. Semi-periphery
 Acts as defense zone between core and periphery
 Has a mix of the kinds of activities and institutions that exist on them
 May be exploited by the core but in turn exploit the periphery
3. Periphery
 Less developed (Third World) countries, incorporates lower levels of education, lower salaries
and less technology
 Generate less wealth in the world economy

b. World Polity Theory

 Considered as a response to modernization theory
 Argues that this conformity reflects the existence of a common global culture
 Emphasizes culture not economy and focuses on how culture affects us by providing norms
 Envisions a densely interconnected global network, the theory’s dynamic implications are
actually stronger.
 States are becoming more similar as they are integrating more deeply into the world polity, as
many studies and hypotheses suggest.
 c. World Culture Theory
 Focuses on the way in which participants in the process became conscious of and give meaning
to living in the world as a single place.
 Globalization refers both to the compression of the world and the intensification of
consciousness of the world as a whole (Lechner, nd)
 He also added that the structure of world culture works based on the following ideas:
o Relativizition
o Emulation
o Glocalization
o Inherent dynamics of globalization
o Movements of de/reglobalization
o Multiple Sources

d. Neoliberalism
 It is the theory of political economic practices that proposes that human well-being can best be
advanced by liberating individual entrepreneurial freedoms and skills characterized by strong
private property rights, free markets, and free trade.
 The concept also suggests its meaning – revival of liberalism. From the word neo which new or
revived.

HISTORY OF GLOBALIZATION

Silk Roads

- Ancient network of trade routes that connect the east and the west. These routes have been
useful to carry out goods and services.
- Silk is one of the most common products for trading at that time. Silk is a fiber obtained from
silkworms which can be woven into textiles.

16th Century

- Europeans was recognized worldwide by building trade connections on their own terms,
bringing their culture to different regions by settling vast areas, and defining the ways in which
different people were to interact with each other.
- The main focus of the Islamic trade in the Middle Ages was spices. The spices were traded
mainly by sea since ancient times, unlike silk. But by the Medieval Era, spices had become the
focus of international trade.
- Globalization at this time still didn’t take off, but the original Belt (sea route) and Road (Silk
Road) of trade between East and West did now exist (Vanham, 2019)
- During this period, colonization took place in different parts of the world.

First wave of globalization (19th century)

 - This marked the period of intense globalizations, when millions migrated trade greatly
expanded, and new norms and organizations came to govern international conduct.
- International relations and cross-border activities started to change with the first wave of
globalization, which roughly occurred over the century ending in 1914.
- According to Schwab (2016)
o The first industrial revolution traversed around 1760 to 1840. It is triggered by the
invention of steam engine and construction of railroads.
o The second industrial revolution which started in the late 19th century and into the early
20th century, made mass production possible, fostered by the advent of electricity and
the assembly line.
o The third industrial revolution began in the 1960’s. It is usually called the computer or
the digital revolution because it was catalyzed be the development of semi-conductors,
main frame computing and the internet.
o Nowadays, we are at the beginning of the fourth industrial revolution or the
globalization 4.0. It is characterized by a much more present mobile internet, by smaller
and more powerful sensors that have become cheaper, and by artificial intelligence and
machine learning.

Globalization 4.0 (20th Century)

- Globalization in the 20th century is considered as the golden age of globalization

- Movement of people, goods and services across national borders was at least as free and
significant as it is today.
- In a world dominated by two powerful countries, China and the US, the new partition of
globalization is the cyber world. Digital economy, in its early years during the 3rd wave of
globalization, is now becoming a strength to reckon with through 3D printing, digital services,
and e-commerce. It is further empowered with artificial intelligence, but is threatened by cross-
border hacking and cyber-attacks
- Negative globalization is enlarging too, through climate change.

MARKET GLOBALIZATION

 Manfred Steger (2005) introduced the idea of market globalism as a rising political system.
According to him, it reflects the concepts of globalization.
 It seeks to endow globalization with free market norms and neoliberal meanings. He used six
core claims to better understand its meaning. These six core claims play crucial semantic and
political roles.

Market Globalism’s six core claims:

1. Globalization is focused on the global integration and liberalization of markets.
2. Globalization is irreversible and inevitable
3. No one is in charge of globalization
 4. Globalization benefits everyone (in the long run)
5. Globalization furthers the spread of democracy in the world
6. Globalization requires a war on terror

Structures of Globalization
1. Global Economy
2. Market Integration
3. The Global Interstate System
4. Contemporary Global Governance.

GLOBAL ECONOMY
 Economic globalization according to international monetary fun of IMF (2008) is a
historical process demonstrating the result of technological progress and human
innovation.
 It is distinguished by the increasing integration of economies around the world
through the movement of goods, services, and capital across borders. These
changes are all products of people, organizations, institutions, and technologies.
 Economic globalization is not only about extending and increasing economic
activities (e.g. production, trade, etc.) but more of creating a functional
integration among the said activities across borders.

Elements of Economic Globalization:

According to Stiglitz (2003), the growth in cross-border economic activities takes five
principal forms:
1. International Trade
- It is the economic transactions made between countries.
- It allows products to be sourced, assembled, packaged, and sold in different areas
of the world.
2. Foreign Direct Investment
- According to Organization for Economic Cooperation and Development (OECD),
FDI is a category of cross-border investment in which an investor resident in one
economy establishes a lasting interest in and a significant degree of influence
over an enterprise resident in another economy.
 3. Capital Market Flows
- The term capital flows refers to the movement of capital (money for investment)
from one country to another as a consequence of investment flows.
4. Migration (movement of labor)
- Migration is the movement of people from one country to another. In economics,
it is in consonant to the movement of labor
5. Diffusion of technology
- Technology plays a vital role in expediting the process of globalization. It is
considered as a major facilitator and a driving force in the globalization processes.

MARKET INTEGRATION
 Just like your favourite series, economic globalization is also narrating stories with
several actors performing. These actors are making a new script for the world
economy.
 Generally, they are termed as international economic institutions and the
transnational corporations. Netflix, as a transnational corporation, has also a role
in economic globalization.
International Economic and Financial Institutions
 In July 1944, countries assembled the Bretton Woods Conference, and
countersigned a framework for the international economic cooperation after WW
II.
 Two international economic organizations resulted from the Bretton Woods
Conference – the International Monetary Fund (IMF) and International Bank for
Reconstructions and Development (IBRD) or what is known today as the World
Bank – and in 1974 the General Agreement on Tariffs and Trade (GATT), became
the primary global trade organization.
 The Bretton Woods institutions were known as keystone international economic
organization (KIEOs) due to their central role in trade, development and monetary
relations (Cohn, 2011).

TYPES OF MARKET INTEGRATION

1. Horizontal Integration
- Occurs when a firm or agency gains control of the firms or agencies performing
similar marketing functions at the same level in the marketing sequence.
- In this type of integration, some marketing agencies combine to form a union
with a view to reducing their effective number and the extent of actual
competition in the market.
- It is advantageous for the members who join the group.
2. Vertical Integration
- Occurs when a firm performs more than one action, the sequence of the
marketing process.
- It is a linking together of two or more functions in the marketing process within a
single firm or under a single ownership.
- This type of integration makes it possible to exercise control over both quality and
quantity of the product from the beginning of the production process until the
product is ready for the consumer.
- It reduces the number of middle men in the marketing channel.
3. Conglomeration
- A combination of agencies or activities not directly related to each other may,
when it operates under a unified management, be termed a conglomeration.