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1ST YEAR PRELIM > CONTEMPO WORLD > Flashcards

CONTEMPO WORLD Flashcards

1
Q

The result of human innovation and technological
process.

  • International Monetary Fund (IMF)
A

Economic Globalization

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2
Q

the increasing integration of economies around the globe through the movement of good, services across
borders

A

Economic Globalization

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3
Q

When did the FULL International Trading System begin?

A

OTTOMAN
EMPIRE
CLOSED THE
SILK ROAD

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4
Q

WHO:“all important populated continents began to exchange products continuously”

A

Dennis O. Flynn & Arturo Giraldez

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5
Q

When did Galeon Trade Start?

A

1565

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6
Q

When did Galeon Trade End?

A

Sept. 14, 1815

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7
Q

Galeon Trade is at the age of _______

A

MERCANTILISM

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8
Q

An economic policy that is designed
to maximize the exports and minimize the imports for
an economy.

A

MERCANTILISM

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9
Q

What destroyed mercantilism in 1700s?

A

Democracy and Free Trade

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10
Q

Mercantilism was very dominant in Europe during ____ and ____

A

1500s; 1800s

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11
Q

TRUE OR FALSE: American and Spanish revolutions formalized large nations ruled by democracy.

A

FALSE: American and FRENCH

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12
Q

When did gold standard started?

A

1867

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13
Q

Where did gold standard started?

A

United States and
other European Nations

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13
Q

Countries established a common basis
for currency price and a fixed exchange
rate system- all based of the value of
gold.

A

GOLD STANDARD

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14
Q

When did Britain stopped using the gold standard?

A

1931

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15
Q

When did the US stopped using the gold standard?

A

1933

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16
Q

When was the remnants of the gold standard system completely abandoned?

A

1973

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17
Q

Argentina’s Currency

A

Argentinean Peso

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18
Q

Why did the Great Depression occur?

A

There were more receipts than gold. people were starting to doubt banks, leading to their bankruptcy.

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19
Q

The only currency that was accepted to change into gold

A

US Dollars

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20
Q

Mauritius’ Currency

A

Mauritius Rupee

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21
Q

Russia’s Currency

A

Ruble

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22
Q

Who said “Economic crises occur not
because a country does not have enough money, but because the money is not being spent or not moving.”

A

John Maynard Keynes

23
Q

Established a new global monetary system. at
the UNITED NATIONS MONETARY AND FINANCIAL CONFERENCE at Bretton
Woods, New Hampshire

A

The Bretton Woods agreement of 1944

24
Q

Why was Bretton Woods agreement established?

A

To prevent Catastrophes

25
Q

It replaced the gold standard with the U.S. dollar as the global currency.

A

Bretton Woods agreement/ system

26
Q

When did the Bretton Woods system collapse?

A

1971

27
Q

When was General Agreement on Tariff and Trade (GATT) established?

A

1947

28
Q

responsible for funding postwar reconstruction projects.

A

INTERNATIONAL BANK FOR RECONSTRUCTION (IBRD or
WORLD BANK)

29
Q

the global lender in order to prevent each country from increasing monetary
crisis/economic crisis

A

INTERNATIONAL MONETARY FUND (IMF)

30
Q

-As demand increased, so did the prices.

-general economic growth and reduced unemployment.

A

GLOBAL KEYNESIANISM

31
Q

The duration of GLOBAL KEYNESIANISM

A

1940s to early 1970s

32
Q

His ideas fundamentally changed economic theory and practice

A

John Maynard Keynes

33
Q

THEORY: Aggregate demand drives economic growth and employment

A

Keynesian Theory

34
Q

THEORY: Government intervention in the economy is necessary

A

Keynesian Theory

35
Q

Components of Stagflation

A
  1. Inflation
  2. Low GDP
  3. Higher Rate of Unemployment
  4. Recession in most of the Economic Activities
  5. Poor implementation of Government Policies
36
Q

WHO: “the gov’t’s practice of pouring money into
their economies had
caused inflation by
increasing demand
for goods without
increasing supply.”

A

Friedrich Hayek & Milton Friedman

37
Q

HAYEK vs KEYNES: The economy can be steered

A

Keynes

38
Q

HAYEK vs KEYNES: Must avoid boom-bust cycles (long term focus)

A

Hayek

39
Q

HAYEK vs KEYNES: Pro-Government
Government acts in best interest of public

A

Keynes

40
Q

When did IMF, World Bank, WTO codified strategies

A

1980s

41
Q
  • minimal gov’t spending
    – Privatization
    – Shock Therapy
A

WASHINGTON CONSENSUS

42
Q

When did Washington Consensus happen?

A

1980’s to 2000’s

43
Q

The economic downturn from 2007 – 2009 resulting from
the bursting of the US housing bubble and the global
financial crisis.

A

The great recession

44
Q

The Contemporary world =

A

The Modern World

45
Q

WHAT: The increasing interaction of people, states, or countries
through the growth of the international flow of money, ideas, and culture.

A

Globalization

46
Q

It is the free movement of goods, services, and people across the world in a seamless and integrated manner

A

Globalization

47
Q

It is the creation of a successful interconnected marketplace without any limitation of time zone and national boundaries.

A

Globalization

48
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

49
Q

It refers to countries acting like magnets attracting global capital by opening up their economies to multinational corporations.

A

Globalization

50
Q

WHO: People are incorporated into a single world society.

A

MARTIN ALBROW

51
Q

WHO: Intensification of the worldwide social relations link distant localities

A

ANTHONY GIDDENS

52
Q

WHO: The compression of the world & the intensification of the consciousness of the world as a whole.

A

ROLAND ROBERTSON

53
Q

Characteristics of Globalization

A
  • There is a social mobility of movement of people regardless of reason
  • There is an intensification of interactions
  • It’s an active process
  • Borderless Interaction
  • Spread of ideas, knowledge, technology. Culture, religion. Et.
54
Q

Reasons for Globalization

A
  • Rapid shrinking of time and distance across the globe.
  • To reduce high transportation costs if one goes globally using the advance tools of communication.
  • To be close to raw materials & to markets for their finished products w/c are not available in the country of origin
  • Domestic markets are no longer rich as a consequence of many interlocking factors

-To get technological & managerial know-how of other countries due to their advancement in science technology, education, health, etc.

  • Companies & institutions go global to find political & economical stability w/c is relatively good in other countries than the countries of origin
  • The creation of the World Trade Organization (WTO) had made it possible in stimulating increased across borders trade.
55
Q

POSITIVE IMPACTS OF GLOBALIZATION

A
  • Improved Technology in Transportation and Telecommunications
  • Exports jobs
  • Competition
  • Cross-Cultural Management
56
Q

NEGATIVE IMPACTS OF GLOBALIZATION

A
  • Environmental Damage
  • Abandonment of Culture
  • Illicit Market
  • Widening of rich and poor
  • Terrorism

1ST YEAR PRELIM (10 decks)

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