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Contemporary World > Economic Globalization > Flashcards

Economic Globalization Flashcards

1
Q

is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders

A

economic globalization

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2
Q

economic globalization is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders

who defined it this way

A

international monetary fund

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3
Q

IMF meaning

A

International Monetary Fund

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4
Q

define economic globalization

A

the movement of people (labor) and knowledge (technology) across international borders

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5
Q

Economic globalization involves the following interrelated aspects

A

the globalization of trade of goods and services

the globalization of financial and capital markets

the globalization of technology and communication

the globalization of production

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6
Q

refers to the worldwide movement of goods from and to different directions

A

globalization of goods

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7
Q

has been intensified because of the development in information and communication technology.

A

globalization of services

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8
Q

has made the globalization of services even more intensified as work from home has seemingly become the new normal.

A

COVID-19 pandemic

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9
Q

refers to the movements of currencies through direct and portfolio investments making the world market the playing ground of the Transnational Corporations.

A

globalization of financial and capital markets

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10
Q

means the availability of technologies all over the world.

A

globalization of technology and communication

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11
Q

efers to the system wherein the various parts of a certain product are manufactured in different parts of the world taking into consideration the principle of competitive advantage

A

globalization of production

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12
Q

whos principle that states that a country should focus on a product in which it has better edge than other countries

A

David Ricardo

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13
Q

refers to the worldwide supply chains where a certain company, for example, gets its products from different countries in the world.

A

globalization of production

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14
Q

scholars differ in their definitions of globalization, they also differ in their ideas on when and how globalization began

who said

A

Istvan Benczes

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15
Q

However, if globalization refers to the “organic system of the world economy,” according to him, we must look beyond the last three decades for its origin. But, how far should we look back, he asks

A

Istvan Benczes

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16
Q

states that globalization started from the time the Homo sapiens began to populate the world, impliedly claiming that migration is one of the drivers of globalization.

A

Gills and Thompson

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17
Q

globalization can be traced back to the existence of the world-system which existed some 5, 000 years ago.

who said

A

Frank and Gills

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18
Q

the land routes that connected Asia, Africa and Europe as proof of the existence of this ancient globalization

A

Silk Road

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19
Q

who mark the 16th Century, the start of the long distance trade, as the origin of modernity and globalization.

A

world system analysts

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20
Q

according to the world system analysts what is the origin of modernity and globalization

A

16th century
start of long distance trade

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21
Q

considers two historical events as mankind’s greatest achievements: “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.

A

Adam Smith

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22
Q

what two historical events does Adam Smith consider as mankind’s greatest achievement

A

Discovery of America
Discovery of direct sea route to India by Vasco de Gama

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23
Q

These achievements, however, were overshadowed, according to him, by the technological and methodological developments introduced by the

A

British Industrial Revolution

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24
Q

While international economic integration was slowed down by the adoption of economic nationalism and monopoly in trade in what centuries

A

16th and 17th centuries

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25
Q

when did international economic integration gained impetus

A

19th century

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26
Q

the annual average compound growth rate of world trade saw a dramatic increase of 4.2 per cent between 1820 and 1870

what gained momentum during 19th centruy

A

international economic integration

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27
Q

haracterized of relative peace, free trade, and financial and economic stability

what period

A

last quarter of 19th century and first quarter of 20th century

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28
Q

considered as golden age of globalization

A

last quarter of 19th century and first quarter of 20th century

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29
Q

has a different take on the history of globalization. For him, globalization is a historical process that evolved from one stage to another

A

Thomas Friedman

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30
Q

book of Thomas Friedman

A

The World is Flat

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31
Q

what globalization has flattened the word

A

Globalization 3.0

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32
Q

declares that the world is flat or the world has been flattened

A

Thomas Friedman

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33
Q

means that “[the] global competitive playing field was being leveled

A

flattening the world

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34
Q

When the world is ___, the barriers that separate people all over the world are removed thereby giving them equal access to the resources of the world.

A

flatenned

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35
Q

ten (10) significant events that have flattened the world

A

(1) Fall of Berlin Wall

   (2) Introduction of Netscape to the public 

   (3) Invention of Work Flow Software

   (4) Outsourcing

   (5) Offshoring

   (6) Open-sourcing

   (7) Insourcing 

   (8) Supply-chaining

   (9) Informing

   (10) Steroids
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36
Q

what two ideologically opposed nation states were established

A

west germany (capitalism)
east germany (communism)

37
Q

when did the Berlin wall ell

A

November 9, 1989

38
Q

signaled the fall of the Soviet Union and communism as an ideology

A

fall of berlin wall

39
Q

it] tipped the balance of power across the world toward those advocating democratic, consensual, free-market-oriented governance, and away from those advocating authoritarian rule with centrally planned economies

A

fall of berlin wall

40
Q

The second flattener of the world, according to Friedman, is the

A

introduction of netscape

41
Q

the introduction of netscape happened on

A

August 9, 1995

42
Q

why is the introduction of Netscape important?

A

brought the Internet alive by giving us the browser to display images and data stored on Web sites

Netscape stock offering triggered the dot-com boom, which triggered the dot-com bubble, which triggered the massive overinvestment of billions of dollars in fiber-optic telecommunications cable

43
Q

The third flattener is the

A

invention of workflow software

44
Q

enabled more people in more places to design, display, manage, and collaborate on business data pre­viously handled manually. As a result, work started to flow within and between companies and continents faster than ever.

A

invention of workflow software

45
Q

This third flattener has brought about the six other flatteners

A

invention of workflow software

46
Q

six other flatteners that invention of workflow software has brought

A

outsourcing
offshoring
open sourcing
insourcing
supply chaining
informing

47
Q

When my software applications could connect seamlessly with all of your applications, it meant that all kinds of work – from accounting to software-writing – could be digitized, disaggregated and shifted to any place in the world where it could be done better and cheaper.

what flattener

A

Outsourcing

48
Q

It is the system of putting up factories outside one’s country, the operation of which may be directed from the country of origin.

what flattener

A

offshoring

49
Q

The system in which engineers, scientists, and other professionals collaborate online in order to produce something usually for free.

what flattener

A

open-sourcing

50
Q

The system in which the company hires an independent contractor to perform its various operations.

what flattener

A

insourcing

51
Q

“This is Wal-Mart’s specialty. I create a global supply chain down to the last atom of efficiency so that if I sell an item in Arkansas, another is immediately made in China. (If Wal-Mart were a country, it would be China’s eighth-largest trading partner.)” (Friedman 2005)

what flattener

A

supply-chaining

52
Q

“[T]his is Google, Yahoo and MSN Search, which now allow anyone to collaborate with, and mine, unlimited data all by themselves.”

what flattener

A

informing

53
Q

“[T]hese are wireless access and voice over Internet protocol (VoIP). What the steroids do is turbocharge all these new forms of collaboration, so you can now do any one of them, from anywhere, with any device.”

what flattener

A

steroids

54
Q

Why is outsourcing a world flattener for Friedman?

A

With the invention of software apps, works may be performed in any place around the world

55
Q

Is process whereby products sold by a company are supplied by different economic players around the world

A

supply chaining

56
Q

Is the process whereby an independent contractor is allowed to enter the system of a company to perform some of its operations

A

insourcing

57
Q

The world is flat means equal opportunity for all

A

True

58
Q

Globalization 1.0 happened in 1800-2000

A
59
Q
A
60
Q

Refers to the integration of economies around the world

A

economic globalization

61
Q

Economic globalization is incompatible with regionalization

t/f

A

false

62
Q

Which is not an aspect of economic globalization?

Globalization of trade and services
Globalization of production
Globalization of culture
Globalization of finance and capita

A

globalization of culture

63
Q

which is not one of the flatteners of the world according to Friedman?

A

networking

64
Q

Economic globalization requires internationalization

T/f

A

false

65
Q

Why is the fall of the Berlin Wall a world flattening event according to Friedman?

A

It brought about the symbolic collapse of the ideological divide between capitalism and communism

66
Q
  1. is the process by which the tasks of a company are performed by workers residing in different countries
A

outsourcing

67
Q
  1. The different aspects of globalization are independent processes

T/F

A

false

68
Q
  1. Globalization is a new phenomenon

t/f

A

false

69
Q
  1. The Fall of London Bridge is one of the flatteners of the world

t/f

A

False

70
Q
  1. Thomas Friedman is the author of the book, The World is Flat.

T/F

A

true

71
Q
  1. ____ is the growth of economic activities between and among countries
A

internationalization

72
Q
  1. For Benczes, the major players of the globalization 2.0 were the multinational corporations

T/f

A

false

73
Q
  1. _____ is the process by which people around the world may collaborate on a certain project.
A

outsourcing

74
Q
  1. Globalization is nothing but the integration of the economies around the world

T/F

A

False

75
Q

may include developments in the field of transportation, information and communication.

A

human innovation and technological progress

76
Q

Development in information and communication brought about by the invention of computer, its operating systems and applications, is what Friedman calls the

A

flattener of the world

77
Q

as the Ideology behind Economic Globalization

A

neoliberalism

78
Q

may be defined as a system of widely shared ideas, patterned beliefs, guiding norms and values, and ideals accepted as truth by some group.

A

ideology

79
Q

offers a more or less coherent picture of the world not only as it is, but as it ought to be.

A

ideology

80
Q

implifies tremendous complexity, it is often distorted as well.

A

ideology

81
Q

is a system of ideas, beliefs, norms, values, and ideals believed to be true by its advocates

A

ideology

82
Q

as an ideology is the system of thoughts that seeks to legitimize or justify the prevailing form of economic globalization.

A

neoliberalism

83
Q

eoliberalism is “a combination of classical liberalism’s commitment to individual liberty with neoclassical economics devoted to the free market and opposed to state intervention in that market.”

who defined it

A

David Harvey

84
Q

Core concept of neoliberalism

A

Great faith is placed in the free market and its rationality

Related to the belief in the free market is a parallel belief infree trade.

There is a strong and generalized belief in limited government

The neo-liberal state is very interested in privatizing various sectors

85
Q

calls this market fundamentalism, or the idea that “markets will take care of all our needs.”

A

George Soros

86
Q

idea that “markets will take care of all our needs

A

market fundalism

87
Q

There are three major institutions with the powers to oversee the smooth functioning of the wheels of economic globalization, namely

A

World Bank
International Monetary Fund
Worldwide Trade Organization

88
Q

hinges on the promise that the global free market economy will bring about an amazing prosperity in the world

A

economic globalization

89
Q

argue that economic globalization, in the long run, will benefit not only the highly developed but also the developing and underdeveloped countries.

A

globalists

Contemporary World (6 decks)

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