CTWD 2 Prelims

Question 1

Process of making the world
economy an ‘organic system’ by
extending transnational economic
processes and relations to more and
more countries and by deepening
the economic interdependencies
among them (Szentes, 2003)

Answer 1

Economic Globalization

Question 2

Refers to the expanding
interdependence of world
economies

Answer 2

Economic Globalization

Question 3

______ and ________ globalization began since Homo sapiens began from migrating from the African continent to populate the rest of the world

Answer 3

Grills and Thompson

Question 4

_____ and ______ considered the Silk Road or Silk Route (Asia, Europe, Africa) the best example for archaic globalization 5,000 years ago, this route also led the discovery of the Philippine islands when Portuguese and Spaniards were in search of spices, and then laid colonization

Answer 4

Frank and Grills

Question 5

____ _____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

Answer 5

Adam Smith

Question 6

_______ ___________ ___________spread to Continental Europe and North America

Answer 6

British Industrial Revolution

Question 7

Globalization began in ____

Answer 7

1571

Question 8

To ______ _. _____ and ______ ________, globalization began when all important populated continents began to exchange products continuously (directly or indirectly)

Answer 8

Dennis O. Flynn and Arturo Geraldez

Question 9

_______ _____ (Manila – Acapulco monopolized trade)

Answer 9

Galleon Trade

Question 10

This was the first time that ________ were directly connected to Asian trading routes

Answer 10

Americas

Question 11

____________ trade from 16th to 18th century (protectionism/trade restrictions)

Answer 11

Mercantilism

Question 12

__th – __th century, economic nationalism and monopolized trade such as the British (1600) and the Dutch (1602) East India Companies

Answer 12

17th - 19th

Question 13

__th century transport revolution is considered the “golden age of globalization” because it promoted relative peace, free-trade, and financial and economic stability.

Answer 13

20th

Question 14

Four Interconnected Dimensions of Economy

Answer 14

• Globalization of Goods and Services
• Globalization of financial and
  capital markets
• Globalization of technology and
  communication
• Globalization of production

Question 15

Existence of multinational
corporations and transnational
corporations

Answer 15

Globalization of Production

Question 16

Shows the contribution of different
financial and economic institutions
that facilitated the growth of the
global economy.

Answer 16

Market Integration

Question 17

Facilitators of Economic Globalization

Answer 17

• Nation-state
• Global Corporations
• International Monetary Systems

Question 18

• the role of ______-______ as manager
  of the national economy is being
  redefined by the globalization, but
  still act as buffer to globalization’s
  negative effects (Boyer & Drache,
  1996)
• “Midwives of globalization”

Answer 18

Nation-state

Question 19

• Existed as the primary economic
  organization unit in the global
  market, meanwhile, nation-state
  has ceased

Answer 19

Global Corporations

Question 20

• A firm that has a
  power to coordinate
  and control operations
  in more than two
  countries

Answer 20

Multinational Corporations

Question 21

• A firm that
  operates in one or
  more companies

Answer 21

Transnational Corporations

Question 22

*Importers and
exporters who have
no investment outside
of their homegrown
countries

Answer 22

International Corporations

Question 23

*Internationally agreed
rules, conventions, and
institutions for facilitating
international trade,
investments and flow of
capital among states

Answer 23

International Monetary
Systems

Question 24

Three Global International
Monetary Systems

Answer 24

*Gold Standard
*Bretton Woods System
*European Monetary System

Question 25

• Sees the state as neutral arbiter
  among competing interests and
  groups in society, a vital guarantee
  of social order
• Favors openness, debate and selfdetermination

Answer 25

Liberalism

Question 26

Key Principles

Answer 26

• Individual freedom
  *Equality of opportunity
  *Government by consent
  *States role is to safeguard freedom of the individual

Question 27

*Commonly associated with Laissez-faire
*Ideology and policy model that emphasizes the value of free market competition.

Answer 27

Neoliberalism

Question 28

• Counter-reaction of the wealthy class from the post-war economy
• Increase of prices of oil by OPEC, imposed an embargo in response to the US to supply Israeli military during the Yom-Kippur War

Answer 28

Neoliberalism

Question 29

• Private-ownership

Answer 29

Capitalism

Question 30

• State should provide the needs of the people

Answer 30

Socialism

Question 31

*Stagflation occurs
*Washington Consensus

Answer 31

Neoliberalism