Economic Globalization

Question 1

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

Answer 1

economic globalization

Question 2

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

Answer 2

international monetary fund

Question 3

IMF meaning

Answer 3

International Monetary Fund

Question 4

define economic globalization

Answer 4

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

Question 5

Economic globalization involves the following interrelated aspects

Answer 5

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

Question 6

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

Answer 6

globalization of goods

Question 7

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

Answer 7

globalization of services

Question 8

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

Answer 8

COVID-19 pandemic

Question 9

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

Answer 9

globalization of financial and capital markets

Question 10

means the availability of technologies all over the world.

Answer 10

globalization of technology and communication

Question 11

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

Answer 11

globalization of production

Question 12

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

Answer 12

David Ricardo

Question 13

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

Answer 13

globalization of production

Question 14

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

who said

Answer 14

Istvan Benczes

Question 15

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

Answer 15

Istvan Benczes

Question 16

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.

Answer 16

Gills and Thompson

Question 17

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

who said

Answer 17

Frank and Gills

Question 18

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

Answer 18

Silk Road

Question 19

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

Answer 19

world system analysts

Question 20

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

Answer 20

16th century
start of long distance trade

Question 21

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.

Answer 21

Adam Smith

Question 22

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

Answer 22

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

Question 23

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

Answer 23

British Industrial Revolution

Question 24

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

Answer 24

16th and 17th centuries

Question 25

when did international economic integration gained impetus

Answer 25

19th century

Question 26

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

Answer 26

international economic integration

Question 27

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

Answer 27

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

Question 28

considered as golden age of globalization

Answer 28

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

Question 29

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

Answer 29

Thomas Friedman

Question 30

book of Thomas Friedman

Answer 30

The World is Flat

Question 31

what globalization has flattened the word

Answer 31

Globalization 3.0

Question 32

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

Answer 32

Thomas Friedman

Question 33

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

Answer 33

flattening the world

Question 34

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.

Answer 34

flatenned

Question 35

ten (10) significant events that have flattened the world

Answer 35

(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

Question 36

what two ideologically opposed nation states were established

Answer 36

west germany (capitalism) east germany (communism)

Question 37

when did the Berlin wall ell

Answer 37

November 9, 1989

Question 38

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

Answer 38

fall of berlin wall

Question 39

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

Answer 39

fall of berlin wall

Question 40

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

Answer 40

introduction of netscape

Question 41

the introduction of netscape happened on

Answer 41

August 9, 1995

Question 42

why is the introduction of Netscape important?

Answer 42

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

Question 43

The third flattener is the

Answer 43

invention of workflow software

Question 44

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.

Answer 44

invention of workflow software

Question 45

This third flattener has brought about the six other flatteners

Answer 45

invention of workflow software

Question 46

six other flatteners that invention of workflow software has brought

Answer 46

outsourcing offshoring open sourcing insourcing supply chaining informing

Question 47

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

Answer 47

Outsourcing

Question 48

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

Answer 48

offshoring

Question 49

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

Answer 49

open-sourcing

Question 50

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

Answer 50

insourcing

Question 51

"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

Answer 51

supply-chaining

Question 52

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

Answer 52

informing

Question 53

"[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

Answer 53

steroids

Question 54

Why is outsourcing a world flattener for Friedman?

Answer 54

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

Question 55

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

Answer 55

supply chaining

Question 56

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

Answer 56

insourcing

Question 57

The world is flat means equal opportunity for all

Answer 57

True

Question 58

Globalization 1.0 happened in 1800-2000

Question 60

Refers to the integration of economies around the world

Answer 60

economic globalization

Question 61

Economic globalization is incompatible with regionalization t/f

Answer 61

false

Question 62

Which is not an aspect of economic globalization? Globalization of trade and services Globalization of production Globalization of culture Globalization of finance and capita

Answer 62

globalization of culture

Question 63

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

Answer 63

networking

Question 64

Economic globalization requires internationalization T/f

Answer 64

false

Question 65

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

Answer 65

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

Question 66

12. is the process by which the tasks of a company are performed by workers residing in different countries

Answer 66

outsourcing

Question 67

13. The different aspects of globalization are independent processes T/F

Answer 67

false

Question 68

14. Globalization is a new phenomenon t/f

Answer 68

false

Question 69

15. The Fall of London Bridge is one of the flatteners of the world t/f

Answer 69

False

Question 70

16. Thomas Friedman is the author of the book, The World is Flat. T/F

Answer 70

true

Question 71

17. ____ is the growth of economic activities between and among countries

Answer 71

internationalization

Question 72

18. For Benczes, the major players of the globalization 2.0 were the multinational corporations T/f

Answer 72

false

Question 73

19. _____ is the process by which people around the world may collaborate on a certain project.

Answer 73

outsourcing

Question 74

20. Globalization is nothing but the integration of the economies around the world T/F

Answer 74

False

Question 75

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

Answer 75

human innovation and technological progress

Question 76

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

Answer 76

flattener of the world

Question 77

as the Ideology behind Economic Globalization

Answer 77

neoliberalism

Question 78

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

Answer 78

ideology

Question 79

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

Answer 79

ideology

Question 80

implifies tremendous complexity, it is often distorted as well.

Answer 80

ideology

Question 81

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

Answer 81

ideology

Question 82

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

Answer 82

neoliberalism

Question 83

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

Answer 83

David Harvey

Question 84

Core concept of neoliberalism

Answer 84

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

Question 85

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

Answer 85

George Soros

Question 86

idea that "markets will take care of all our needs

Answer 86

market fundalism

Question 87

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

Answer 87

World Bank International Monetary Fund Worldwide Trade Organization

Question 88

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

Answer 88

economic globalization

Question 89

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

Answer 89

globalists