CONTEMP REVIEWER Flashcards
1
Q
“Diversification and globalization
are the keys to the future.”
A
Fujio Mitarai
2
Q
“Too often we participate in the
globalization of indifference. May we
strive instead to live global solidarity.”
A
Pope Francis
3
Q
Globalization refers to the expansion
and intensification of social relations
and consciousness across world-time
and world-space. It is a multi-
dimensional phenomenon involving
economics, politics, culture, ideology,
environment, and technology.
A
Manfred B. Steger
4
Q
It is the increasing economic
interdependence of national economies
across the world through a rapid
increase in cross- border movement of
goods, services, technology, and
capital.
A
Economic globalization
5
Q
It is the transmission of ideas, meanings,
and values around the world in such a
way as to extend and intensity social relations
A
Cultural Globalization
6
Q
it is the growth of the worldwide
political system, and its institutions in
size and complexity
A
Political Globalization
7
Q
It accounts for the idea of considering
planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere.
A
Ecological Globalization
8
Q
Basic Features of Globalization
A
- Trade and Transactions
- Capital and Investment Movements
- Migration and Movement of People
- Dissemination of Knowledge
9
Q
Forces of Globalization
A
- High Competition
- Increase in Consumer Demand
- Reduction in Cross-trade Barriers
- Advancement of Technologies
10
Q
-it is an ideology based on the belief
that people, information, and goods
should be able to cross national
borders unrestricted.
-The idealogical component of globalization.
A
Globalism
11
Q
-It is the spread of technology,
products, information, and jobs
across nations.
A
Globalization
12
Q
Established the 1944
190 member countries
A
IMF (INTERNATIONAL MONETARY FUND)
12
Q
works to stabilize the system and help countries facing balanced of payment and debt crises.
A
IMF (INTERNATIONAL MONETARY FUND)
13
Q
-Established 1945
-189 member countries
A
WORLD BANK
14
Q
Founded to help reconstruct postwar Europe, it now provides loans and policy advice to developing countries.
A
WORLD BANK
15
Q
-Established 1948, as the General Agreement on Tariffs and Trade (GATT)
-164 member countries
A
WORLD TRADE ORGANIZATION
16
Q
Bulwark of Western security alliance
A
NATO (NORTH ATLANTIC ORGANIZATION )
17
Q
Sets rules for international trade and adjudicates trade disputes.
A
WORLD TRADE ORGANIZATION
18
Q
-It involves increasing interconnection
between people and regions
throughout the world.
A
Globalization
19
Q
According to him, different kinds of globalization occur on multiple and intersecting dimensions of intersections which he calls “scapes” such as ethnoscapes, mediascape, technoscape and ideoscape
A
Arjun Appadurai
20
Q
For ________ (2014), economic globalization can thus have several interconnected dimensions such as the following:
1. The globalization of trade of goods and services;
2. The globalization of financial and capital markets;
3. The globalization of technology and communication; and
4. The globalization of production
A
Benczes
21
Q
-is a historic process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders (as cited by Benczes, IMF 2008).
A
economic globalization
22
Q
To ________, it is a process making the world economy an “organic system” by extending transnational economic processes and economic relations to more and more countries and by deepening the economic interdependence among them.
A
Szentes (2003)
23
Q
To________, globalization began since homo sapiens began from migrating from the African continent to populate the rest of the world.
A
Grills and Thompson (2001)
23
who considered the Silk Road (Asia, Europe, Africa) the best example for archaic globalization 5,000 years ago.
Frank and Grills (1993)
24
considered the discovery of America by Christopher Columbus in 1492 and the discovery of the direct sea route to India by Vasco de Gama in 1498 as the two (2) greatest achievements of human history.
Adam Smith (1776)
25
According to ______, if global economy did exist during 1500 to 1800, it was only in the sense of trade and exchange rather than production. Countries were mostly self-sufficient and autarkic, the UK and the Netherlands being the only exceptions.
Gereffi (2005)
26
According to________, the real breakthrough came only in the 19th century. The annual average compound growth rate of world trade saw a dramatic increase 4.2 per cent between 1820 to 1870, and was relatively high, at 3.4 per cent between 1870 and 1913.
Maddison (2001)
27
According to historians __________, the age of globalization began when “all important populated continents began to exchange products continuously and its values sufficient to generate crucial impacts on all trading partners.” They traced this back in 1571 with the establishment of galleon trade that connected Manila in the Philippines and Acapulco in Mexico. This was the first time the Americas were directly connected to Asian trading routes (as cited by Claudio and Abinales, 2018).
Dennis Flynn and Arturo Giraldez
28
According to Salvatore (2007), ___________ refers to rules, customs, instruments, facilities, and organizations for effecting international payments.
international monetary system
29
According to _______, international monetary system refers to rules, customs, instruments, facilities, and organizations for effecting international payments. In the liberal tradition, the main task of IMS is to facilitate cross-border transactions involving trade and investment.
Salvatore (2007)
30
To ______, IMS is, however, more than just money or currencies; it also reflects economic power and interests as money is inherently political, an integral part of high politics of diplomacy.
Cohen (2000)
31
It refers to an entity created by treaty, involving two or more nations, to work in good faith, on issues of common interest.
International governmental organizations
32
It include charities, non-profit advocacy groups, business associations, and cultural associations.
International non-governmental
organizations (NGOs)
33
Many businesses now have international supply chains, favoring manufacturing in low-cost countries. Some engage in international outsourcing to low-wage countries, which involves the contracting out of a business process and operational, and/or non-core functions to another party.
Businesses
34
4 Global Factors
IGO
NGO
Businesses
Migrants
35
International ______ transfer significant amounts of money through remittances to lower-income relatives.
Migrants
36
tends to increase at a much greater rate than the growth in world trade, helping boost technology transfer, industrial restructuring, and the growth of global companies
Foreign Direct Investment (“FDI”)
37
Increased competition from globalization helps stimulate new technology development,
particularly with the growth in FDI, which
helps improve economic output by making
processes more efficient
Technological Innovation
38
Globalization enables large companies to realize economies of scale that reduce costs and prices, which in turn supports further
economic growth, although this can hurt many small businesses attempting to compete domestically
Economies of Scale
38
Globalization leads to the interdependence between nations, which
could cause regional or global instabilities if
local economic fluctuations end up impacting
a large number of countries relying on them.
Interdependence
39
Some see the rise of nation-states, multinational or global firms and other international organizations as a threat to sovereignty. Ultimately, this could cause some leaders to become nationalistic or xenophobic
National Sovereignty
40
It is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product (GDP).
INTERNATIONAL TRADING SYSTEM
40
The benefits of globalization can be unfairly skewed towards rich nations or individuals, creating greater inequalities and leading to potential conflicts both nationally and internationally as a result
Equity Distribution
41
The ________ agreement established a new
global monetary system. It replaced the gold standard with the U.S. dollar as the global currency.
1944 Bretton Woods
42
The _______collapsed in the 1970s but created a lasting influence on international currency exchange and trade through its development of the IMF and World Bank
Bretton Woods System
43
*It is a monetary system where a country's currency or paper money
has a value directly linked to gold.
THE GOLD STANDARD
44
a term to describe currency that is used because of a government's order, or
fiat, that the currency must be accepted as a means of payment.
fiat money
45
Member countries needed it to
bail them out if their currency values got too low. Each member of the Bretton Woods
system agreed to contribute to a fixed pool of national currencies and gold to be held by the IMF. They were then entitled to
borrow what it needed, within the limits of its contributions.
IMF
46
*The gold standard was completely replaced by ______
fiat money
47
both known for their strong belief in free-market capitalism
Friedrich Hayek and Milton Friedman
48
It was set up to lend to the
European countries devastated
by World War II. Now the
purpose of the ______ is to
loan money to economic
development projects in
emerging market countries.
WORLD BANK
49
A broadly neoliberal policy has seen a widening inequality of both wealth and income in the Western world.
Monopoly and monopsony power
50
Critics argue that advocating the use of free
markets in areas, such as health and education is misplaced because by
nature these are public services, which are not subject to the same profit
motivation.
Market fundamentalism
51
Government intervention in economies distort the proper functioning of the market. Critics labelled this thinking as ________
neoliberalism
51
It is a policy model—bridging politics, social studies, and economics—that seeks to transfer control of economic factors to the private sector from the public sector. It tends towards free-market capitalism and away from government spending, regulation, and public ownership.
neoliberalism
52
(e.g. speculative, hot money) from capital deregulation have not necessarily helped economic development, but instead have contributed to increased financial instability, which has caused wider economic shocks, e.g. post 2007 credit crunch
The growth of financial flows
53
What year?
* Trend was toward a freer flow of capital across
borders
* Liberalization of capital markets , where funds
for investment can be borrowed.
1970s
54
Globalization has impacted nearly every aspect of modern life and continues to be a growing force in the global economy.
THE BOTTOM LINE
55
In 2004, the _________raised the fed funds rate just as the interest rates on these new mortgages reset.
Federal Reserve
55
An important problem for neoliberalism is that policies which may work in one country doesn’t necessarily work in all countries.
One size fits all.
56
It refers to the period of extreme stress in global financial markets
and banking systems between mid 2007 and early 2009.
THE GLOBAL FINANCIAL CRISIS (GFC)
57
The ________ was primarily caused by deregulation in the financial industry.
financial crisis
58
It is the fusing of markets into one
Market Integration
59
Globalization took off
1820
60
* long distance trade existed for centuries
* Driven buy growing population and income.
* Created a demand for new products.
First Millenium BC
61
It means that the price
differences between
countries are eliminated
as all markets become
one.
Global Market Integration
62
* Global economy was highly
integrated
* Unprecedented flows of capital, goods and labor across borders
Eve of World War I
63
* Technological change helped
integrate markets because of steam
powered transport invention.
19th century Onwards
64
* Governments imposed tariffs which
were intended to switch the demand
for domestically produced goods.
Great Depression of the 1930s
65
* Enacted in the United States which
raised tariffs on imported goods.
* Tariffs reduced demand for foreign
goods
Smoot-Hawley Tariff
66
* Markets are more integrated as transportation
cost have continued to fall
* Most tariffs have been scrapped altogether
End of the 20th Century
67
_________ revolution -
steamship
-railroads
- invention of refrige
Transport
68
-slashed the journey time between
Europe and Asia
Opening of Suez Canal
69
Price differences started to close –up because of :
1. Transport revolution
2. Opening of Suez Canal
70
is a group of 27 countries that operates as a cohesive economic and political block
European Union (EU)
71
It governs common economic, political, social and security policies of its member states
European Union (EU)
72
27 member countries
Austria
Belgium,
Bulgaria
Croatia
Cyprus
Czech Republic,
Denmark
Estonia
Finland
France
Germany,
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg, Malta, Netherlands,
Poland, Portugal, Romania, Slovakia, Slovenia,
Spain, and Sweden
73
plays important roles in diplomacy,
the promotion of human rights, trade,
development and humanitarian aid and
working with multilateral organisations
EU
74
is the official currency in 19 European countries, 13 of which belong to the EU.
Euro
75
Three bodies run the EU
The EU Council
The Parliament
The European Commission
76
-represents national governments
-gets the second read on all laws and can accept the Parliament’s position, thus adopting the law.
The EU Council
77
-gets the first read of all laws the Commission proposes. Its members are elected every five years.
- elected by the people
EU PARLIAMENT
78
-proposes new legislation. The commissioners serve a five year term
-is the EU staff. They make sure all
members act consistently in regional, agricultural, and social policies.
European Commission
79
In ______, the concept of a European trade area was first established.
1950
79
In 1957, the ______ established a
common market.
Treaty of Rome
80
The European Coal and
Steel Community had six founding members:
Belgium, France, Germany, Italy, Luxembourg, and the Netherlands
81
established the European Union common market.
Treaty of Maastricht
82
It is the study of the policies that states have regarding interactions with each other. It involves the interconnectedness of politics, economics and law on a global level.
INTERNATIONAL RELATIONS
83
It refers to the growth of the worldwide
political system, both in size and complexity
POLITICAL GLOBALIZATION
83
increased the powers of the European Parliament. It gave the EU the legal authority to negotiate and sign international treaties.
Treaty of Lisbon
84
It explores the deepening of interactions
between states
Internationalization
85
It encompasses a multitude of
connections and interactions that cannot
be reduced to the ties between
governments
Globalization
86
It denotes a region of land defined by
geographical features or political
boundaries.
COUNTRY
87
It is a stable community of people, formed on the basis of a common
language, territory, economic life, ethnicity or psychological make
up manifested in a common culture
NATION
88
A compulsary political organization with a centralized government that maintains a monopoly of the legitimate use of force within a certain geographical territory; it refers to a country and its government.
STATE
89
It is a geographical area belonging
to or under the jurisdiction of a
governmental authority.
Territory
90
It is the full right and power of a
governing body over itself, without
any interference from outside
sources or bodies; internal and
external authority
Sovereignty
91
It sets and administers public policy
and exercises executive, political and
sovereign power through customs,
institutions, and laws within a state
Unity of Organization
or Government
92
It refers to the whole number of
people or inhabitants in a country or
region
Population | Citizenry
93
It is a political principle which transcends
nationalism and advocates a greater political or economic cooperation among nations and people.
Internationalism
94
It is a foreign policy doctrine that argues that liberal states should intervene in other sovereign states in order to pursue liberal objectives.
Liberal Internationalism
95
It is the perception of all communist revolutions as
being part of a single global class struggle rather
than separate localized events.
Socialist Internationalism
96
It holds that all states are defined through their relationship to other states or through participation in the world economy, and that divisions between
states help to divide the world into a core
(industrialized capitalist countries), periphery and semi-periphery
Interstate System
97
it was a system of dispute resolution adopted by the major conservative powers of Europe to maintain their power, oppose revolutionary movements, weaken the forces of nationalism, and
uphold the balance of power.
Concert of Europe/ Congress System
98
It is the principle of international law that each nation state has exclusive sovereignty over its territory.
Westphalian System
99
An intergovernmental organisation founded on 10 January 1920 as a result of the Paris Peace Conference that ended the First World War. It was the first international organisation whose principal mission was to maintain world peace. Its primary goals, as stated in its Covenant, included preventing wars through collective security and disarmament and settling international disputes
through negotiation and arbitration.
LEAGUE OF NATIONS
100
is the practice of
communication and
negotiation between
representatives of states.
DIPLOMACY
101
The allotment of economic and/or
diplomatic benefits such as the
European Union's enlargement
policy; candidate countries are only
allowed to join if they meet the
Copenhagen criteria.
ALLOTMENT OF BENEFITS
102
The mutual exchange of ideas,
information, art, music, and
language among nations through
cultural diplomacy has also been
recognized by governments as an
important tool in the development
of international relations.
Cultural diplomacy
103
attempting to alter states' actions at
the international level. This is
mostly done by the large human
rights NGOs such as Amnesty
International, or Human Rights
Watch.
Naming and shaming
104
are usually a first resort after the
failure of diplomacy, and are one
of the main tools used to enforce
treaties. They can take the form of
diplomatic or economic sanctions
and involve the cutting of ties and
imposition of barriers to
communication or trade.
Sanctions
105
the use of force, is often thought of
as the ultimate tool of international
relations; It is a state of armed
conflict between states, societies
and informal groups, such as
insurgents and militias. It is
generally characterized by extreme
aggression, destruction, and
mortality, using regular or irregular
military forces.
WAR
106
It is a movement towards political
cooperation among transnational
actors aimed at negotiating
responses to problems that more
than one state or region experience.
Global Governance
107
*AUGUST 1941
*PRESIDENT ROOSEVELT AND PRIME MINISTER
CHURCHILL
*PRINCIPLES OF WAR AND PEACE
*ESTABLISHMENT OF A WIDER AND PERMANENT
SYSTEM OF GENERAL SECURITY
ATLANTIC CHARTER
108
The Big Three
1. President Roosevelt
2. Prime Minister Churchill and
3. Premier Stalin - approved the proposals drafted at the
Dumbarton Oaks Conference as a basis for drawing –up the Constitution of the United Nations.
Yalta Conference in Crimea (Feb 1945)
109
Blueprint for a better world
organization than the League of
Nations
Dumbarton Oaks , Washington D. C.
110
Main deliberative organ of the
United Nations.
Place where all member countries
meet on equal terms to consider the
problems of the world before it.
The General Assembly
111
The agency that can make important
decisions and take decisive action for
the Charter places upon it the
responsibility of maintaining peace and
security
The Security Council
112
-seeks to build a world of prosperity,
stability and justice.
-It makes studies, reports and
recommendations on international
economics , social, cultural ,educational,
health and related matters and also with
respect to human rights and fundamental
freedom for all.
The Economic and Social Council
113
Supervises and administers trust
territories
The Trusteeship Council
114
The principal judicial organ of the United
Nations which sits at the Hague in
Netherlands
International Court of Justice
115
It performs the extensive
administrative function of the
United Nations.
The Secretariat
116
Is the principal judicial organ of the United Nations. It settles legal disputes
between states and gives advisory opinions to the UN and its specialized agencies. Its Statute is an integral part of the United Nations Charter
INTERNATIONAL COURT OF JUSTICE
117
It was established to help ensure that trust territories were administered in the
best interests of their inhabitants and of international peace and security.
UN TRUSTEESHIP COUNCIL
118
It carries out the day-to-day work of the Organization. It services the other
principal organs and carries out tasks as varied as the issues dealt with by the UN:
administering peacekeeping operations, surveying economic and social trends,
preparing studies on human rights, among others
UN SECRETARIAT
119
It is a stable set of norms and rules meant to govern the behavior of states and other actors in the international system.
INTERNATIONAL ORGANIZATION
120
is the whole network of:-
-International organizations
– Treaties and
– Conventions
that were created by the United
Nation
United Nations System
121
5 SECURITY COUNCIL
CHINA
UK
US
RUSSIA
FRANCE
121
It refers to institutions that coordinate the behavior of
transnational actors, facilitate cooperation, resolve disputes,
and alleviate collective action problems.
GLOBAL GOVERNANCE
122
Is the principal organ to coordinate the economic, social and
related work of the UN and the specialized agencies and
institutions
UN ECONOMIC AND SOCIAL COUNCIL
123
It has primary responsibility for the maintenance of
international peace and security
UN SECURITY COUNCIL
124
is an International organization founded in 1945 after
the Second World War by 51 countries committed to:
§ Maintaining international peace and security
§ Developing friendly relations among nations
§ Promoting social progress
§ Better living standards and
§ Human rights.
UNITED NATIONS
