ALL THE BEST FOR REVIEW TESTS WHICH COMMENCES TOMORROW...

I enjoy econs big-time.. like really.. and i realise im falling in love with organic chemistry.. it's not pure memorising just like what people says.. it's a very conceptual subject okay.. don't underestimate its content...

btw.. if you are desperately trying to get a toned figure or lose weight.. buy this month's issue of SHAPE which features MSU first runner up jade seah... well there's prettaye cool stuff inside which calmed me spiritually and taught me to have my quality one and half our of slp finally without dreaming.. zzomg(: i felt so peaceful aft that... and well.. i realised if you wna lose one kg u gotta burn 7700 kcal.. HAHA.. which is actly near to hundreds of km of running.. o well you can run till you drop b4 u lose 1kg..

on a final note.. i apologise for not replying to smses... im not dao okay.. it's just laziness... and sometimes i dont check my phone.. cos im lazy and i dislike msging cos it's a waste of time and energy to me... if u wna talk.. call! dont sms unless it's really trivial stuff which requires a "yes" or a "no" =D

okay jiayou pple.. here's summary of our five handouts of SS notes.. the key points are all here...


Handout 1:
Globalisation can be characterized and classified into the various global flows:
Ethnoscape: movement of people due to technological advancement(related to the fluidity of borders)
Medicscape: Global distribution of electronic capabilities through the invention of the internet, we can now communicate to each other instantaneously
Technoscape: Global and fluid configuration of technology moving at high speed across previously impervious boundaries through market forces and movements
Financescape: global flows of money driven by interconnected currency markets, stock exchanges and commodity markets through the progressive deregulation of the government
Ideoscape: intensification and expansion of political interrelations across the globe: the world no longer consist of separate sovereign states but interconnected countries which are interdependent on each other socially, economically and politically
3Ps of globalisation:
Phenomenon: Compression of space and time emphasizing that with instantaneous communications, knowledge and culture which can be shared around the world simultaneously
Philosophy: Global consciousness and compression of the world
Process: processes like technological advancements, deregulation of the government which led to the current phenomenon we are experiencing
Aspects of globalisation:
Cultural: grobalisation(erode national cultures) and homogenise cultures of the individual countries/ glocalisation (heterogenise cultures of the different countries by introducing cultures instead of supplanting cultures)
Features of globalisation:
- Changing concepts of space and time
- Increasing volume of cultural interactions
- Growing interconnections and interdependences
- Network of increasingly powerful transnational actors and organizations
- Synchronization of the all the dimensions involved in globalisation
5 terms related to globalisation(makes use of the benefits of globalisation to solve problems that arose as a result of globalisation)
Globalism: express belief that people, as global citizens, share on fragile planet and we should work to create a more just and sustainable planet(Concepts: converging of expectations/goals, integration)
Internationalism: appreciation for diverse cultures and desire for world peace which advocates for greater economic and political cooperation for all and that we should view all countries as equal
Internationalisation: quantitative process of making something more international (usually accompanied by economic and cultural integration) like locating productions in other countries to cut down on costs(outsourcing)
Glocalisation: process where local integrated into global: creation or distribution of products customised to suit local cultures
Grobalisation: identified globalisaiton with culture homogenization
Global village: describe influence of the internet and World Wide Web which has resulted in the fluidity of borders that countries no longer exist as territorial sovereign states but a world characterized by interdependence and interconnection
Global city: identify cities that have a global and national importance economically, culturally and socially (usually possess an influential status in a certain arena like sports, media, vibrant cultural scene)
Handout 4:
Countries which enjoy economical success are now shifting their focus on raising environmental consciousness on ecological issues which were made them more aware of the world as a single place as a result of the increased global communications
Global flow of capital and ideas at new speeds and over great changes is facilitated by advances in electronic communications like the internet and by the altered international regulation and operation of financial markets
Neo-liberal views of globalisation: welcomes globalisation and feel that limitations of movements between countries of money, goods, services and capital- and more controversially people, should be minimized
Reformist views of globalisation: skeptical of the benefits of globalisation, although they recognise how global capitalism can be a major force for social good. However they feel that there should be accompanied by careful management(policies to counter negative potential)
Radical views of globalisation: radical criticisms of global capitalism which seek to attack bases of globalisation or reverse a tide of globalisation: has effect of destroying way of living
Handout 5:
Globalisation allows countries to specialise and increase their overall output
Global economy: interdependent national economies whose exchange of resources is facilitated by the advance in electronic communications, allowing countries to become more interconnected
Economic Restructuring: increased global flows of money and resources as a result of the development of a knowledge-based economy which values innovation and enterprise. However it threatens to increase inequality and contribute to a two-tiered society(social and economic divides) Characterised by de-industrialisation which can be detrimental to the employment rates of a country
Transnational Corporations:
- Role: central to development of the global economy
- characterized by international operations and economic dominance
- work by: a patent to retain ownership of a product while allowing them to not have direct ownership of capital yet still being able to exercise control over production, marketing and distribution of products
- Minimise costs of production by creating a worldwide demand for products through global marketing campaigns
- Driven by self-interests, little care is given to the poorly paid, low-skilled workers of developing world

Small-medium sized firms
- Able to make use of advancing electronic communications and trade liberalization to gain access a larger range of markets and give their business an extra boost
- Having operations on a smaller-scale allow them to be more responsive to changes in the patterns of consumption because they are able to adapt production to shifts in demand
Features of informal economy:
-labour intensive, small and locally owned
- not government recognized
Features of formal economy:
- Large and labour-intensive
- Government recognized