Chapter 1 Flashcards
it is a term used to describe the changes of societies and the world economy that are the result of dramatically increase trade and cultural exchange
globalization
according to this report that there are still around 1 billion people surviving on less that 1 dollar a day
UN’s Human Development Report
it is a historical process, the result of human innovation and technological progress
economic globalization
the term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders
economic globalization
a nobel laureate and frequent critic of globalization, noted that globalization “has reduce the sense of isolation…”
joseph stiglitz
it also reduces the variety of goods available and generated inefficiency by reducing competition and encouraging resources to flow into protected sectors
restricting international trade
they concluded that since 1980, globalization has contributed to a reduction in poverty as well as a reduction in global income inequality
David Dollar and Aart Kraay
these ancient road connects Asia, Europe, and Africa, is an excellent example of transformative power of global exchange
silk road
this global movement aimed at eliminating trade boundaries and promoting globalization
north american free trade agreement (NAFTA)
this conference enabled the leaders to agree in the foundation of the united nations after the 2nd world war
valta conference
it is a period in our history that the sovient union and the united stated divided the world into a bipolar system
cold war era
it refers to the increased in market potential, trade and investment potential and resource accessibility enables firms to access worldwide resources
global market opportunities
this is the basic institutions and public facilities upon which economy’s development depends
infrastructure
this idea calls for free movement of goods, services, capital. and money (but not people) across national boundaries.
neoliberalism
Myths of globalization
- downward pressure on wages
- the “race to the bottom”
- globalization is irreversible
- openness to globalization will, on its own, deliver economic growth
- the shrinking state
often a source of economic growth for developing nation
exports
_ promotes economic resilience and flexibility
trade
refers to the increases in the number and level of competition, and the level of uncertainty destructive to firms performance
global market threats
6 core claims of globalization
- globalization is about the liberalization and global integration of markets
- globalization is inevitable and irreversible
- nobody is in charge of globalization
- globalization benefits everyone
- globalization furthers the spread of democracy in the world
- globalization requires war on terros
