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Contemp Flashcards

1
Q

refers to the ongoing process of increasing interconnectedness, integration,
and interdependence among individuals, businesses, nations, and economies worldwide. It is
a multifaceted phenomenon characterized by the exchange of goods, services, information,
technology, capital, and ideas across national boundaries

A

Globalization

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2
Q

is the increasingly interaction of people, states, or countries through the
growth of the international flow of money, ideas, and culture.

A

Globalization

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3
Q

It is the liberalization of countries of their impact protocols and welcome foreign
investment into sectors that are the mainstays of its economy.

A

Globalization

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4
Q

4 INDUSTRIAL REVOLUTION
TECHNOLOGIES

A

(robotic, internet of
things, virtual reality, AI)

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5
Q

3 INDUSTRIAL REVOLUTION
TECHNOLOGIES
(Diko sure gulo ng sa ppt)

A

automation information,
Information
communication technology

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6
Q

They conclude that the existing
accounts of globalization are incorrect, imprecise, or exaggerated, pointing out
as proof the indiscriminate way that “just about everything that can be linked to
some transnational process is cited as evidence for globalization and its growing
influence.”

A

Globaloney

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7
Q

refers to the increasing interconnectedness and
interdependence of countries through the exchange of goods, services, capital, technology,
and information on a global scale. It has been a defining feature of the contemporary world
and has significantly influenced economic systems, policies, and practices worldwide

A

Globalization, as an economic process

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8
Q

refers to the growing interdependence and influence of
political actors, institutions, and policies on a global scale. It involves the interactions and
coordination of governments, international organizations, non-state actors, and citizens
across borders in addressing global challenges and shaping global governance structures.
Globalization has significantly impacted political systems, ideologies, and dynamics in the
contemporary world

A

Globalization, as a political process

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9
Q

refers to the diffusion, exchange, and blending of
cultural practices, values, beliefs, ideas, and expressions on a global scale. It involves the
interconnectedness and interaction of cultures across borders, leading to the creation of a
global cultural landscape. In the contemporary world, globalization has had a profound
impact on cultural identities, practices, and experiences.

A

Globalization, as a cultural process

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10
Q

According to _____ a writer, globalization is the expansion
of local economies and businesses into a broader international marketplace

A

Neil Kokemuller

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11
Q

small businesses have gotten active in the global environment as the ____
and _______ have enabled communication across continents and
countries

A

Internet, Mobile technology

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12
Q

Globalization has become important for a number of reasons, including the
overall need for businesses to _______, according to Kokemuller

A

Compete

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13
Q

The internet revolutionized the business arena because it created a whole new
_____ that expands beyond physical and geographical
boundaries. Companies in foreign countries can now compete for customers in
the United States by leveraging their own country’s resources, lower costs of
labor, and affordable distribution processes

A

virtual marketplace

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14
Q

(Importance of Globalization for everyone) Even if you want to avoid the globalization movement, you often
have no choice but to compete. The influx of foreign competitors in the
U.S. limits the number of companies in some industries that can succeed
domestically

A

Competition

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15
Q

The creation of the _____ had
made it possible in stimulating increased cross border trade

A

World Trade Organization (WTO)

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16
Q

Reasons for globalization ( just click it )

A

-Rapid shrinking of time and distance across the globe. One can easily cross the
bridge going to the other side of the marketplace due to advanced tools of technology
than before.
 Domestic markets are no longer rich as a consequence of many interlocking factors.
 Companies and institutions go global to find political and economic stability which is
relatively good in other countries than the country of origin
 To get technological and managerial know-how of other countries due to their
advancement in science, technology, education, health, and other fields of discipline.
To reduce high transportation costs if one goes globally
using the advance tools of communication and information.
 To be close to raw materials and to markets for their
finished products which are not available in the country of
origin

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17
Q

has been responsible for remarkable changes in the
20th century. It is one of the most widely spread recent cultural, social,
economic, and political phenomenon which has strongly marked the
discourse of the humanities and social sciences

A

Globalization

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18
Q

Advantages of Globalization ( Just Click it )

A

 An open economy spurs fast innovations with fresh ideas from
abroad.
 Export jobs often pay more than other jobs.
 Free of capital flow keeps interest rates low.
 Living standards go up faster
 Productivity grows more quickly when countries produce goods and
services in which they are of comparative advantage.
 Countries liberalize their visa rules and procedures so as to permit
the full flow of people from country to country.
 It results in freeing up the unproductive sector to investment and the
productive sector to export related activities resulting in a win-win
situation for the world economy.

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19
Q

Globalization Disadvantages ( Just Click it )

A

Several people lose their jobs when companies import cheap labor
or materials or shift production abroad.
 Workers face pay cut demands from employers who often threaten
to export jobs.
 Unregulated globalization can cause serious problems to poor and
developing countries in terms of labor force, wages, benefits, job
termination, and others.
 High foreign stake in industries where it is not necessarily needed
could affect the economic growth of domestic enterprise.
 Sovereignty of a country and company/institutions may be at stake.

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20
Q

a perspective that globalization is
essentially the expansion of the capitalist system around the globe.
Capitalist world-system originated in the 16th century, when
European’s traders established enduring connections with Asia, Africa
and the America. The core of the system, the dominant classes were
supported by strong states as they exploited labor, resources, and
trade opportunities, most notably in peripheral areas. Central purpose
is capital accumulation by competing firms, which go through cycles
of growth and decline.

A

World System Theory

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21
Q

ate remains an important component of
world society, but primarily attention goes to the global cultural and
organization. All-encompassing world-polity and its associated with
world culture, which supplies a set of cultural rules or scripts that
specify how institution around the world should deal with common
problem.

A

Word Polity Theory

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22
Q

Globalization
is a process of relativization. World society thus consists of a complex
set of relationships among multiple units in the global field.
Globalization compresses the world into a single entity, and people
necessarily become more and more aware of their relationship to this
global presence.

A

World Culture Theory

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23
Q

Certain activities or institutions become
global, they must displace existing local
variable activities and institution. If there are
more linkages, global institutions, and global
values, presumably this means that more
people will have more in common.

A

Homogenous World

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24
Q

(Interdisciplinary Understanding of Globalization) Political activity increasingly takes place at the global level.
Under globalization, politics can take place above the state through
political integration schemes such as the European Union, the ASEAN
integration where Philippines is involved though intergovernmental
organizations such as the IMF, the WB, and the WTO.

A

Political Scientist

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25
Q

(Interdisciplinary Understanding of Globalization)
Integration through international trade of markets in goods and
services as reflected in variety of possible measures (direct measures of
barriers such as tariffs and transport costs, trade volumes and price
related measures).

A

Economist

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26
Q

(Interdisciplinary Understanding of Globalization)
An on-going process that involves interconnected changes in the
cultural and social spheres.it involves the spread and diffusion of
ideologies- values, ideas, norms, beliefs and expectations - that foster,

A

Sociologist

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27
Q

(Interdisciplinary Understanding of Globalization)
___ follow rather than lead the way. Globalization is not
new as a phenomenon but the word itself took hold only recently
which records shows first use in English in 1930 and shows that usage
soared suddenly in 1990’s

A

Historian

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28
Q

Refers to the processes by which more people
across large distances become connected
(connectivity and interconnectivity) in more
different ways.

A

Globalization

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29
Q

is the process through which
the constraints of physical space lose their hold on
social relations ()

A

Deterritorialization

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30
Q

The process by which capitalism expands across
the globe as powerful economic actors seek profit
in global markets and impose their rules
everywhere.
* Also known as Neoliberalism.
* Means different things to different people.

A

Globalization

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31
Q

Involves cultural,
economic, political transformations.
ARGUMENT:Theorizing on how these domains
intersect, overlap, and influence one
another.
The general
consensus of the
theorists:

A

Globalization

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32
Q

Globalizing forces have been evolving since the
beginning of human history (over _____ years).

A

5000

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33
Q

Who said Globalization began with the rise of the modern
era and the development of capitalism; 500
years ago

A

(Immanuel Wallerstein).

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34
Q

Globalization became intense in the ___(post-industrial economies
and contemporary restructuring of capitalism.

A

2nd half of the second century

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35
Q

It was with the emergence of the
modern world economy in the 16th
century Europe that we saw the
economic predominance of market
trade.
This was the system called

A

Capitalism

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36
Q

perspective that globalization is
essentially the expansion of the capitalist system around the
globe.

A

World System Theory

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37
Q

The capitalist world system originated in the _____
when European traders/colonizers established
connections/colonies in Asia, Africa, and Latin America.

A

16th century

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38
Q

is capital accumulation through profit
gained by competing firms, which go through cycles of growth
and decline

A

Central purpose

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39
Q

3 types of world systems ( (e.g., Rome, medieval
China) )

A

World empires

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40
Q

3 types of world systems (no one nation has
control)

A

World economies

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41
Q

3 types of world systems ( does not/has not
existed)

A

Socialist world gov’t

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42
Q

Capitalist
nations/highly
developed(FINISHED
PRODUCTS)

A

Core nations

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43
Q

Capitalist nations

A

Semi-peripheral core nations

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44
Q

Developing nations(struggling
and exploited nations) export
raw materials

A

Peripheral nations

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45
Q

Globalization has been happening for a long time.
(_____ as the original source.)

A

16th century europe

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46
Q

the period of intense globalization,
when million migrated, trade generally expanded and
new norms (Western orientation) and organizations
came to govern international conduct.

A

Late 19th century

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47
Q

gave globalization a new impetus.
Obscured by Cold War divisions, the transformation
of world society – in terms of linkages, institutions,
culture, and consciousness was nevertheless
profound

A

World War 2

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48
Q

movement of people, goods, and
finance across national borders was at least as free
and significant as it is today. The 2nd half of the
_____ was a significant period of
globalization in its own right

A

20th century

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49
Q

Is the process of offering a
product or service to a wider section of an existing
market or into a new demographic, psychographic or
geographic market.

A

Expanding Market

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50
Q

Activities or institutions become global,
displacing existing local variable
activities and institutions.
* Linkages, global institutions, and global
values—– means that more people will
have more in common (outcome of
interconnectivity)

A

Homogenous World

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51
Q

The tension between _____ is integral to globalization.

A

homogeneity and
heterogeneity

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52
Q

Eight Millenium Goals ( just click it )

A

eradication of extreme poverty and hunger;
* achieving universal primary education
* promoting gender equality and women’s empowerment
* reducing child mortality
* improving maternal health
* combating diseases like HIV/AIDS and malaria
* ensuring environmental sustainability,
* global partnership for development (United Nations, 2015)

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53
Q

The United Nations (UN) tried to address the different problems
in the world. Their efforts were guided by the _____ , which in they created in 1990s

A

Eight Millennium
Development Goals

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54
Q

Global economic integration, characterized by the increasing
interconnectedness and interdependence of economies worldwide, has become a
defining feature of the contemporary world. This topic explores the challenges and
opportunities associated with global economic integration, considering factors such
as ____, _____, ____ and ____

A

Trade liberalization, financial flows, technological advancements,
and geopolitical dynamics

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55
Q

refers to the international exchange of goods and services that is
expressed in monetary units of money. It may also mean the free movement of
goods, capital, services, technology, and information.

A

Global economy

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56
Q

plays a pivotal role in shaping the contemporary
world and influencing the economic landscape of nations. In this era of
increasing interconnectivity and globalization, countries like the
Philippines are intricately linked to the global economic system.

A

Global Economy

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57
Q

regards “economic globalization” as a
historical process representing the result of human innovation and
technological progress

A

International Monetary Fund

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58
Q

_____ is an international development organization owned
by ___ countries

A

World Bank, 189

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59
Q

is the oldest
known international trade route. It had a network of routes that connected
different parts of the ancient world from China to what is the Middle East today
and to Europe.

A

Silk Road

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60
Q

The galleon trade took place during the ___
During the 16th century until the 18th century, countries, mainly in
Europe, competed with one another to sell more goods in order to
increase their country’s income (which was soon termed monetary
reserves).

A

age of mercantilism.

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61
Q

was also a global trade system that
had multiple restrictions.

A

Mercantilism

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62
Q

has emerged as a dominant economic and political
ideology in the contemporary world, shaping the policies and practices
of nations across the globe. Since its inception in the late 20th century,
___ has significantly influenced economic systems,
governance structures, and societal norms, promoting free markets,
individualism, and limited government intervention.

A

Neoliberalism

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63
Q

is rooted in the belief that economic growth and
individual freedoms are best achieved through free markets and minimal state
intervention. It advocates for deregulation, privatization, and the reduction of
government expenditure and welfare programs. emphasize
the importance of competition, entrepreneurship, and global trade as drivers
of economic development.

A

Neoliberalism

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64
Q

The ideology emphasizes the
importance of individualism, personal responsibility, and market-
oriented solutions to societal problems. As a result, governments
have increasingly embraced privatization, outsourcing public
services, and reducing social welfare programs

A

Political and Social Implications of Neoliberalism

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65
Q

neoliberalism has
permeated cultural and societal norms. It has promoted consumerism,
emphasizing individual choice and personal gratification.

A

Cultural Dimensions

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66
Q

Employed ten economic policies to
standardize economic reforms among nations through IMF and WB,
this failed because of limited instruments used especially for
developing countries.
— “one-size fits” all to development

A

Washington Consensus

67
Q

has been a significant driver of economic activity in the
Philippines

A

International Trade

68
Q

Involves the integration of functions and processes of
economic activities ( Dicken, 2004). This means that economic integration requires
not just having an international consumer or exporting goods from one country to
another, but also involves creating institutions for market integration and
globalization.

A

Economic Integration

69
Q

______ accelerated and global in equality was
not eradicated. This means that development, although beneficial at
one hand, entails cost on the other.

A

Climate Change

70
Q

Development, especially economic development, was hastened
by the industrial Revolution.
 The earth’s atmosphere is damaged by more carbon emissions from
factories around the world.
 The destruction of coral reefs and marine biodiversity as more and
more wastes are thrown into the ocean

A

Environmental Degradation

71
Q

There are two main types of economic inequality:

A

wealth inequality
and income inequality.

72
Q

refers to the net worth of a country. It
takes into account all the assets of a nation – may they be natural,
physical, and human – less the liabilities

A

Wealth

73
Q

is generally referred to as a multinational corporation
(MNC). An MNC is a company that operates in two or more countries,
leveraging the global environment to approach varying markets in
attaining revenue generation.

A

Global Company

74
Q

are defined by the existence of a division of labor.
The modern world-system has a multi-state political structure (the
interstate system) and therefore its division of labor is international
division of labor

A

World Systems

75
Q

The ___ is based on the theory of Wallerstein
(1974), which posited that the global economy is divided into the core,
semi-periphery, and periphery.

A

Modern world system

76
Q

is sometimes referred to as world
governance. Global is a movement towards political cooperation among
transnational actors, negotiating responses to problems that affect more
than one state or region.

A

Global Governance

77
Q

happens when a firm gains control of other firms
performing similar marketing functions at the same level in the marketing
sequence.

A

Horizontal Integration

78
Q

happens when one company owns the operations
and products from one stage to the other along the supply chain. For
example, an iron mining company operates a steel manufacturing firm.

A

Vertical Integration

79
Q

Is a process by which economies are becoming more
interdependent and interconnected in terms of commodity flows
including externalities and spillover of impacts

A

Market Integration

80
Q

refers to the process of linking separate markets together to create a
unified and interconnected economic system. It involves the removal or reduction of barriers,
such as tariffs, quotas, and trade restrictions, that hinder the free flow of goods, services,
capital, and labor across national boundaries

A

Market integration

81
Q

are global financial institutions that
support a country’s economic growth through support that is loans,
technical assistance to governments and now other private sectors

A

International Financial Institutions

82
Q

is chartered by more than one
country and therefore are subjects to international law. Its owners or
shareholders are generally national governments, although other
international institutions and other organizations occasionally figure
as shareholders.

A

International Financial Institutions

83
Q

is an international organization with
183 member countries that promotes international monetary
cooperation and exchange stability to foster economic growth and high
employment and to provide short-term financial assistance to countries
to help ease balance of payments adjustment

A

International Monetary Fund (IMF)

84
Q

The role of IMF is to provide _____ to prevent devaluation
and retain the state’s fixed exchanged rate in instances of the
temporary balance of payment deficits.

A

Short term loans

85
Q

The primary purpose of the IMF is to ___. The institution, created in
1945

A

provide global monetary
cooperation and international financial stability

86
Q

Furthers the objectives of the European Union by providing long-term project
funding, guarantees and advice. It supports projects both within and outside
the EU. Its shareholders are the Member States of the EU.

A

European Investment Bank

87
Q

The purpose of the Bank is to foster
economic development and social progress of member countries and Muslim
communities in non-member countries individually as well as jointly in
accordance with the principles of Shari’ah i.e., Islamic Law.

A

Islamic Development Bank (IDB

88
Q

provides loans, grants and technical
assistance to its developing member countries, to the private sector and
through public-private partnerships to support the building and maintenance of
infrastructure.

A

Asian Development Bank (ADB)

89
Q

is a
development bank that provides project financing for banks, industries
and businesses, both new ventures and existing companies. It
prioritizes support for countries in Central and West Asia, and North
Africa

A

European Bank for Reconstruction and Development (EBRD

90
Q

a development bank committed
in improving the quality of life for all Latin Americans and Caribbeans.
Their actions promote sustainable development and regional
integration.

A

Development Bank of Latin America

91
Q

The ____ is the most
important multilateral source of development financing for Latin America and
the Caribbean. It aims to reduce poverty and inequality and to promote
sustainable economic development in the region

A

Inter-American Development Bank Group (IADB

92
Q

As the premier development finance
institution on the continent, the ____’s mission is to help reduce poverty,
improve living conditions for Africans and mobilize resources for the
continent’s economic and social development.

A

African Development Bank (AfDB)

93
Q

meets its commitment to
actively support infrastructure projects that contribute to climate change
mitigation, adaptation and resilience, and reinforces its mission to promote
sustainable infrastructure development in Asia and beyond.

A

Asian Infrastructure Investment Bank (AIIB)

94
Q

Membership Composition of IFIs ( just click )

A
  1. Only sovereign countries are admitted as member owner
  2. Broad country membership to include borrowing developing
    countries and developed donor countries
  3. Membership in regional development banks include countries
    around the world as members (not limited to countries from the
    region)
  4. Has its own independent legal and operational states
95
Q

Regulates international trades,
ensures smooth flow of trade and provides a forum for negotiations
for trade agreement among countries and regions of the world
(International Monetary Fund, 2019)

A

World Trade Organization (WTO

96
Q

responsible for global
researchers on medicines and vaccines including the World Health
Report and Survey

A

World Health Organization (WHO)

97
Q

deals with labor problems
and international labor standards and social protection for workers

A

International Labor Organization (ILO)

98
Q

contributes to peace and security by promoting
international collaboration through educational, scientific, and cultural
reforms

A

UNESCO

99
Q

thirty five member countries aim to stimulate economic progress and
world trade by providing a platform to compare policy experiences and
identify good practices in domestic and international economic policies
and programs of its members.

A

Organization for Economic Cooperation and Development (OECD)

100
Q

leads
international efforts to defeat hunger, eliminate food insecurity and
malnutrition, and increase resilience of livelihoods and food.

A

Food and Agriculture Organization of the United Nations (FAO)

101
Q

is one that operates in more than one country. Particularly
in the United States, the term can mean different things to different context, with the
characteristics of a global corporation varying accordingly.

A

Global Corporation

102
Q

play a significant
role in global wealth creation and distribution, including global economic
development (Neubauer, 2014).

A

IFIs and global corporations,

103
Q

The Euro eliminates currency exchange costs
and fluctuations within the Eurozone, making trade between member countries more
efficient and less costly. It has also stimulated cross-border investments and encouraged
economic integration.

A

Enhanced Trade and Economic Integration

104
Q

The Euro facilitates price transparency across member
states, enabling consumers to compare prices easily and promoting competition. This has
led to increased efficiency and reduced price differentials within the Eurozone

A

Price Transparency and Competition

105
Q

The Euro has facilitated greater ____ within
the Eurozone, promoting cross-border banking and capital flows. This integration has led to
more efficient financial markets, enhanced access to credit, and improved risk-sharing
mechanisms.

A

Increased Financial Integration

106
Q

The Euro provides a stable and
attractive investment environment, attracting higher levels of FDI into the
Eurozone. This has contributed to economic growth and job creation in
member countries.

A

Increased Foreign Direct Investment (FDI)

107
Q

The European Central Bank (ECB)
oversees monetary policy for the Eurozone, which promotes stability and
consistency in interest rates and inflation across member states. This has
helped maintain macroeconomic stability and reduce exchange rate risks.

A

Improved Monetary Policy and Stability

108
Q

The Euro eliminates exchange rate
volatility between member states, reducing uncertainty for businesses and
investors. This stability encourages long-term investment planning and fosters
economic growth.

A

Elimination of Exchange Rate Uncertainty

109
Q

Asian Integration is
Established on ___ in ___ , ___

A

August 8, 1967, Bangkok Thailand

110
Q

Founding members of Asian integration

A

Indonesia
Malaysia
Philippines
Singapore
Thailand

111
Q

Brunai joined on __; Vietnam on ; Lao PDR and
Myanmar on___ and Cambodia on ___.

A

Brunei = January 7, 1984,
Vietnam = July 28, 1985,
Lao PDR and Myanmar = July 23, 1997,
Cambodia = April 30, 1999,

112
Q

Established in 2015, Kuala
Lumpur, Malaysia is a regional economic integration initiative by the
Association of Southeast Asian Nations (ASEAN).

A

The ASEAN Economic Community (AEC

113
Q

objectives of AEC ( just click )

A

The AEC 2025 aims to establish a highly integrated and
cohesive economy among ASEAN member states. The objectives include
creating a single market and production base, facilitating the movement of
goods, services, and investments, promoting competition and innovation,
enhancing connectivity and regional economic integration, and developing a
resilient, inclusive, and sustainable economic community.

114
Q

ASEAN Community Vision 2025 ( Just click )

A

The ASEAN Community Vision 2025 aims to create a people-centered
and people-oriented community that is politically cohesive, economically
integrated, socially responsible, and environmentally sustainable. It envisions
an ASEAN community that is resilient, inclusive, and dynamic.

115
Q

ASEAN Political Security Community 2025 ( just click )

A

The APSC aims to promote political and security cooperation among
ASEAN member states, ensuring peace, stability, and resilience in the region.

116
Q

ASEAN Socio-Cultural Community (ASCC) ( just click )

A

aims to promote social progress,
cultural development, and human resource capacity-building within ASEAN.

117
Q

5 core principles:
This principle aims to create a seamless and efficient
flow of goods within the ASEAN region

A

Free flow of goods

118
Q

5 core principles:
This principle focuses on liberalizing trade in
services within ASEAN. It involves reducing restrictions on the movement
of service providers, facilitating the recognition of professional
qualifications, and promoting cross-border trade in services.

A

Free flow of services

119
Q

5 core principles:
This principle aims to attract and promote
investment flows within ASEAN by creating a conducive and transparent
investment environment.

A

Free flow of investment

120
Q

5 core principles:
This principle focuses on facilitating the movement of
capital within ASEAN.

A

Free flow of capital

121
Q

5 core principles:
This principle aims to promote the mobility
of skilled labor within ASEAN. It involves facilitating the movement of
professionals, skilled workers, and talents across borders within the
region.

A

Free flow of skilled labor

122
Q

World largest economy in order ( just click ) ( number is value in trillions

A
  1. United States 20.4
    2 China 14
    3 Japan 5.1
    4 Germany 4.2
    5 United Kingdom 2.94
    6 France 2.93
    7 India 2.85
    8 Italy 2.18
    9 Brazil 2.14
    10 Canada 1.8
123
Q

Refers to the increasing interconnectedness,
integration, and interdependence of markets worldwide. It is characterized by
the flow of goods, services, capital, and information across national borders,
facilitated by advancements in technology, transportation, and communication.

A

Market Globalization

124
Q

enables businesses to access a global customer base,
source inputs from various countries, and establish production facilities in
different regions.

A

Market Globalization

125
Q

Key aspects:
Globalization has facilitated a surge in international trade. Nations can
specialize in producing goods and services in which they have a
comparative advantage, leading to greater efficiency and higher
productivity.

A

Increased International Trade

126
Q

Key Aspects:
Globalization has contributed to economic growth, particularly in
emerging economies. Access to international markets and investments
has accelerated the development of these countries, lifting millions out
of poverty and improving living standards.

A

Boosting Economic Growth

127
Q

Key aspects:
Financial globalization has interconnected global financial markets,
allowing for greater capital mobility and investment diversification.
However, it has also increased the susceptibility to financial crises, as
shocks in one part of the world can quickly spread globally.

A

Financial Integration

128
Q

Key aspects:
Globalization has been fueled by technological advancements, making
it easier to communicate, share information, and conduct business
across borders. The rise of the internet and digital communication has
facilitated e-commerce, enabling companies to reach consumers
worldwide and revolutionizing the way business is conducted.

A

Technological Advancements:

129
Q

Key Aspects:
Multinational corporations have been major drivers of globalization.
These companies can operate in various countries, leveraging
economies of scale, accessing new markets, and creating
employment opportunities. However, the influence of large
corporations has raised concerns about their power and impact on
local economies.

A

Transnational Corporations

130
Q

Key Aspects:
Globalization has led to cultural exchange, with people from different
cultures interacting and sharing ideas and values. However, there are
concerns about cultural homogenization, as global media and consumer
trends sometimes overshadow.

A

Cultural Exchange and Homogenization

131
Q

Key aspects:
While globalization has lifted many out of poverty, it has also exacerbated
income inequality, both within and between countries. Developed
countries often benefit more from globalization, leaving some developing
nations behind and creating income disparities within countries.

A

Income Inequality

132
Q

Key aspects:
Globalization’s demand for increased production and transportation has
raised environmental concerns. Issues like carbon emissions, deforestation,
and resource depletion need to be addressed to achieve sustainable
globalization.

A

Environmental Impact

133
Q

Key aspects:
Globalization has presented challenges for policymakers, as they must strike
a balance between promoting economic growth and ensuring social and
environmental welfare. Cooperation among nations is necessary to manage
global issues such as climate change and financial stability effectively.

A

Policy Challenges

134
Q

Technological advancements, such as the internet,
telecommunications, and transportation systems, have revolutionized
global communication, production, and distribution.

A

Technology

135
Q

have allowed businesses to reach customers worldwide,
while advanced logistics have facilitated the efficient movement of
goods across continents

A

E-commerce platforms

136
Q

Trade agreements, such as those within regional
blocs (e.g., European Union, ASEAN) and global institutions (e.g.,
World Trade Organization), have reduced tariffs, quotas, and other
trade barriers, encouraging international trade and market integration.

A

Trade liberalization

137
Q

___ are at the forefront of market
globalization. Their global operations, investment in multiple
countries, and establishment of subsidiaries and branches have
enabled the flow of goods, services, and capital on a global scale.

A

Multinational Corporations

138
Q

is a multinational technology company known for its iconic
products like the iPhone and MacBook. By leveraging global supply
chains and outsourcing manufacturing to countries like China, _____
has achieved cost efficiency and quick product delivery. Its products
have a significant impact on local markets worldwide, driving demand
for related services and accessories.

A

Apple Inc.

139
Q

is a leading global fast-food chain operating in numerous
countries. Through franchising and localized menus, ____ tailors
its offerings to suit the tastes and preferences of local consumers. The
company’s global presence has not only influenced eating habits but
also created employment opportunities and contributed to local
economies.

A

McDonald’s Corporation

140
Q

is a multinational beverage corporation that operates in over
200 countries. Its global marketing campaigns and product distribution
have made ____ one of the most recognizable brands worldwide.
The company’s presence has impacted local markets by influencing
consumer preferences and supporting local bottling and distribution
networks.

A

Coca-Cola Company:

141
Q

particularly during the 16th to the 20th centuries, played
a significant role in laying the groundwork for market globalization. European powers
established colonies, extracting resources and establishing trade networks that
connected their colonies to the global economy.

A

Colonialism and Imperialism

142
Q

which began in the 18th century in Britain and later
spread to other parts of Europe and the United States, revolutionized
production processes

A

Industrial Revolution

143
Q

The devastation caused by World War II prompted the need for international
cooperation and economic reconstruction. The establishment of international
institutions like the International Monetary Fund (IMF) and the World Bank
aimed to stabilize economies and foster global trade and investment.

A

Post-World War II Reconstruction:

144
Q

have played a crucial role in enabling market globalization. The
development of transportation technologies, such as steamships, railways, and later air
travel, reduced the cost and time required for long-distance trade.

A

Technological Advancements

145
Q

including the reduction of tariffs, quotas, and trade barriers,
have been instrumental in promoting market globalization. Trade agreements, such as the
establishment of the European Union and the North American Free Trade Agreement
(NAFTA), have created regional economic blocs that encourage trade and investment.

A

Trade Liberalization

146
Q

Positive or Negative impact of what:
Market globalization has led to an increase in global
trade volumes and diversification of products. Countries can specialize
in producing goods and services where they have a comparative
advantage, resulting in efficiency gains and broader consumer choices.

A

Trade:
Positive Impact:

147
Q

Positive or Negative impact of what:
Increased competition from global markets can
negatively impact some domestic industries, leading to job
displacements and trade imbalances. Additionally, trade liberalization
may result in the erosion of domestic industries that face competition
from lower-cost imports.

A

Trade:
Negative Impact

148
Q

Positive or Negative impact of what:
Financial globalization has increased access to capital
and investment opportunities for businesses and governments. It
allows for portfolio diversification, lowering the cost of capital, and
increasing investment efficiency.

A

Finance:
Positive Impact

149
Q

Positive or Negative impact of what:
The interconnectedness of financial markets has
amplified the risk of financial contagion during crises. Capital flows can
be volatile, leading to sudden outflows that impact exchange rates and
asset prices.

A

Finance:
Negative Impact

150
Q

Positive or Negative impact of what:
Market globalization has facilitated cultural exchange
and the spread of ideas, allowing individuals from different cultures to
connect and collaborate. This exchange of cultural products and
experiences can lead to increased diversity and appreciation of global
cultures.

A

Culture:
Positive Impact

151
Q

Positive or negative impact of what:
Some argue that market globalization has led to cultural
homogenization, as dominant global cultures may overshadow local
traditions and identities. Cultural products may become standardized to
cater to global markets, potentially eroding unique cultural expressions.

A

Culture: Negative Impact

152
Q

Positive or negative impact of what: Market globalization has driven technological
advancements, particularly in communication and transportation.
Innovations in digital technologies have revolutionized global supply
chains, logistics, and online commerce.

A

Positive Impact:
Technology

153
Q

Positive or negative impact of what: Rapid technological changes can create skill gaps and
job displacement in certain sectors, leading to income inequality.
Moreover, the reliance on advanced technologies may increase the
digital divide between developed and developing nations.
Impact

A

Negative impact technology

154
Q

Positive or negative impact of what:
Globalization has facilitated international collaboration
in addressing environmental challenges. The sharing of knowledge and
technology has supported sustainable practices and global
environmental initiatives.

A

Environment:
Positive Impact

155
Q

Positive or negative impact of what: Increased production and transportation in a
globalized market can lead to higher carbon emissions, deforestation,
and resource depletion. Some environmental regulations may be
relaxed in countries aiming to attract foreign investment.

A

Environment:
Negative impact

156
Q

is the belief that economies and businesses function best when there is no interference
by the government. It comes from the French, meaning to leave alone or to allow to do. It is
one of the guiding principles of capitalism and a free market economy.

A

Laissez faire

157
Q

a theory of political economic practices that proposes that human well-being can best
be advance by liberating individual entrepreneurial freedoms and skills within an institutional
framework characterized by a strong private property rights, free markets and free trade.

A

Neoliberalism

158
Q

The role of the state in neoliberalism ( just click )

A

To create and preserve an institutional framework appropriate to such practice.
* To guarantee, for example the quality and integrity of money set up those military,
defense, police, and legal structures and functions required secure private
property rights and to guarantee, by force if need be, the proper functioning of
markets.
* If markets do not exists (in areas such as land, water, education, health care, social
security or environmental pollution) then they must be created, by the state, if
necessary.
* State interventions in markets must be kept to a bare minimum.
* The state cannot possibly possess enough information to second-guess market
signals (prices) and because powerful interest group will inevitably distort and bias
state intervention (particularly in democrats) for their own benefit.

159
Q

Key characteristics of Neoliberalism:
Neoliberalism prioritizes free markets and
emphasizes that market forces are the most efficient allocators of resources.

A

Market-Centered Approach

160
Q

Key characteristics of Neoliberalism:
Neoliberal policies often involve reducing
government regulations on businesses and privatizing state-owned enterprises.

A

Deregulation and Privatization

161
Q

Key characteristics of neoliberalism:
Neoliberalism advocates for responsible fiscal policies,
including controlling public spending and maintaining low budget deficits

A

Fiscal Discipline

162
Q

Key characteristics of neoliberalism:
Neoliberalism supports liberalizing trade and
promoting globalization to expand market access and economic opportunities

A

Free Trade and Globalization

163
Q

Key characteristics of neoliberalism:
Neoliberal economists often emphasize the role of monetary policy
in stabilizing economies and controlling inflation.

A

Monetarism

164
Q

It is the process of transferring an enterprise or industry from the
public sector to the private sector.
Some of the government owned and controlled corporations were
already transferred from public to private sector: Philippine Airlines
(PAL)Philippine Long Distance Corporation (PLDT)Manila Electric
Company (Meralco)Manila Waterworks and Sewerage System (MWSS)
now Maynilad Water Services and Manila Water Company.

A

Privatization

prelims (3 decks)

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