8.06 Globalization Flashcards
What were some of the effects of World War II?
Besides Pearl Harbor, none of the US land or industries were really hurt form the war, so there was really no rebuilding they needed to do. The Great Depression was basically over as well, and because of all of this, the economy soared.
Another thing that took place was the GI Bill of Rights, which gave veterans from the war special perks like reduced college rates and medical coverage.
When all of these troops were coming home from the war, they just wanted to settle down and start a family, and because of that, there was a huge “Baby Boom”, and there were 79 million babies born in the US from 1946 to 1964. More child-care services and schools were built to take care of all of these kids.
What is a free trade agreement (FTA)?
An agreement between countries to reduce tariffs on trade as they exchanged goods. FTAs are supposed to benefit all countries involved in it.
What are trading blocs?
Group of countries that exclusively trade with each other, lowering the price of, or getting rid of completely, the tariffs on the exchanged goods. Things like NAFTA, the African Union, DR-CAFTA, those are trading blocs.
What are cultural diffusion and outsourcing?
Cultural diffusion is when things from one culture like language, cuisine, and values, make their way into other cultures. An example of this is how Chinese food is very common in the United States, and how Japan adopted things from Korean and Chinese culture into their own, like language, and religion.
Outsourcing is when a company gives jobs and tasks to outsiders of a business rather than its own employees, because its cheaper. An example of this is how tech companies set up their technical support jobs in India. The cost of living in India is significantly less there, so companies don’t have to spend as much money by hiring them.
What demographic changes happened after World War II?
Countries were able to spend more time working on their healthcare and various medical things, so people’s life expectancy went up after the war. Immigration also increased. There were many countries out there that were torn from the war, so many sought refuge in countries that really weren’t effected by the war, like America, Mexico, Canada, yeah that continent really wasn’t touched at all.
