3.2 HISTORY OF GLOBAL MARKET INTEGRATION

Question 1

first big economic change.
When people learned how to domesticate plants and animals, they realized that it was much more productive than hunter-gatherer societies.
This, is turn, led to major developments like permanent, settlements, trade networks, and population growth.

Answer 1

THE AGRICULTURAL REVOLUTION

Question 2

rise of industry came new economic tools, like steam engines, manufacturing, and mass production. Factories popped up and changed how work functioned.
Overall, productivity went up, standards of living rose, and people had access to a wider variety of goods due to mass production.

Answer 2

THE INDUSTRIAL REVOLUTION (1800s)

Question 3

with more productivity came greater wealth, but also greater economic inequality.

Answer 3

robber barons

Question 4

this began to form in the late 19th century. These organizations of workers sought to improve wages and working conditions through collective action, strikes, and negotiations. Inspired by Marxist principles, it gave way for minimum wage laws, reasonable working hours, and regulations to protect the safety of workers.

Answer 4

labor unions

Question 5

two competing economic models in Industrial Revolution

Answer 5

Capitalism and Socialism

Question 6

is a system in which all natural resources and means of production are privately owned. It emphasizes profit maximization and competition as the main drivers of efficiency. (private ownership)

Answer 6

Capitalism

Question 7

the means of production are under collective ownership. It rejects capitalism’s private property and hands-off approaches. Instead, property is owned by the government and allocated to all citizens, not only those with money to afford it. Thus, the government plays an even larger role in this. (public or government ownership)

Answer 7

Socialism

Question 8

economist Adam Smith in the 1770s called this _______ of the market. The idea is that if one leaves a capitalist economy alone, consumers will regulate things themselves by selecting goods and services that provide best value.

Answer 8

“invisible hand”

Question 9

a political and economic system in which all members of a society are socially equal.

Answer 9

Communism

Question 10

Technology has reduced the role of human labor and shifted it from a manufacturing-based economy to one that is based on service work and the production of ideas rather than goods. Computers and other technologies are beginning to replace many jobs because of automation or outsourcing jobs offshore. We also see the decline in union membership.

Answer 10

THE INFORMATION REVOLUTION

Question 11

This includes jobs that provide many benefits to workers, like high incomes, job security, health insurance, and retirement packages. These are white-collar professions, like doctors, accountants, and engineers.

Answer 11

PRIMARY LABOR MARKET

Question 12

This include jobs that provides fewer benefits and include lower-skilled jobs and lower-skilled jobs and lower-level service sector jobs. They tend to pay less, have more unpredictable schedules, and typically do not offer benefits like health insurance and tend to have less job security. This sector are sometimes called as blue collar jobs.

Answer 12

SECONDARY LABOR MARKET

Question 13

are defined as organizations that exist as legal entities and have liabilities that are separate from its members. They are their own thing.

Answer 13

Corporations

Question 14

These companies that extend beyond the borders of one country are called as _________________.

Answer 14

global corporations

Question 15

Specifically, global corporations can be identified as either __________ or ____________.

Answer 15

multinational or transnational corporations (MNCs or TNCs).

Question 16

have investments in other countries, but do not have coordinated product offerings in each country. They are more focused on adapting their products and services to each individual local market. Basically, they are just national companies that have subsidiaries.

Answer 16

MNCs or Multinational Corporations

Question 17

more complex organizations which have a central corporate facility but give decision making, research and development (R&D) and marketing powers to each individual foreign markets. In other words, they employ senior executives from many countries while enforcing decisions from a global perspective rather than centralized headquarters.

Answer 17

TNCs or Transnational Corporations

Question 18

how it affects globe in _________
The emergence of MNCs and TNCs, have in a way influenced many state’s policies in relation to the particular state’s political policies. Hence, the power and influence of these foreign corporations have greatly influenced the aspects of how states have been governed.

Answer 18

in politics

Question 19

how it affects globe in ________
Since corporations like these, provide us with our needs, it is safe to claim that world economic organizations have great hegemony on the economic and political policies of a number of independent states as a matter of necessity rather than that of convenience. With this, the course of each state‟s development is, one way or another, dependent upon the programs and directions of the said world economic organizations.

Answer 19

In economics