Economic Globalization Flashcards
PRE-COLONIAL ERA ECONOMIC SYSTEMS
The simplest economic system.
Hunting & Gathering
PRE-COLONIAL ERA ECONOMIC SYSTEMS
An economic system also known as “isang kahig, isang tuka” in Tagalog, and “Hand-to-Mouth Subsistence” in English.
Hunting & Gathering
ECONOMY DURING THE AGRICULTURAL REVOLUTION
TRUE or FALSE: Money had already been invented during the Agricultural Revolution.
(Specifically for example, during Mesopotamia)
FALSE
ECONOMY DURING THE AGRICULTURAL REVOLUTION
Wealth was measured by how much ______ one had.
Livestock (specifically sheep and cattle)
PRE-COLONIAL ERA ECONOMIC SYSTEMS
A form of trade done before the invention of money. This involves an exchange of goods for goods
Barter Trade
PRE-COLONIAL ERA ECONOMIC SYSTEMS
Barter Trade was a form of economic exchange first done in places called ___-_____.
City-States
ECONOMY IN CITY-STATES & ANCIENT KINGDOMS
When City-States eventually gave way to the development of Ancient Kingdoms, _______ was invented so that people would provide resources towards the ruling monarch(s).
Taxation
ECONOMY IN CITY-STATES & ANCIENT KINGDOMS
TRUE or FALSE: Taxation during the era of Ancient Kingdoms was in cash.
FALSE, Taxation was in kind. (For example: 10% of your harvest goes to the ruling monarch)
ECONOMY IN CITY-STATES & ANCIENT KINGDOMS
“New players” in the Barter Trade that created clothes, shoes, baskets, tools, jewelry and more.
Craftsmen and Artisans
PRE-COLONIAL ERA ECONOMIC SYSTEMS
Another term for the “Middle Men” that traded by travelling to other cities or kingdoms.
Merchants
RISE OF MERCHANTS
Trading - from just being local - expanded ______, giving way to products being sold in other locations.
Trading expanded Geographically
RISE OF MERCHANTS
TRUE or FALSE: The merchants were a wealthy social class. Arguably the second wealthiest after nobility itself.
TRUE
RISE OF MERCHANTS
____ became the trading currency as it would’ve proved incredibly difficult to trade and travel with a herd of livestock.
Gold
ECONOMY DURING THE ANCIENT EMPIRES
Kingdoms invaded other kingdoms primarily for ________ gain.
Economic Gain
ECONOMY DURING THE ANCIENT EMPIRES
The new measure of wealth - from the amount of livestock one had - became the amount of a)_____, b)______, c)___________ _____, and d)_____ one had.
a) Gold
b) Treasures
c) Agricultural Produce
& d) Slaves
ECONOMY DURING THE ANCIENT EMPIRES
The primary and most important measure of wealth at the time.
Gold
ECONOMY DURING THE ANCIENT EMPIRES
TRUE or FALSE: Money was invented during the time of Ancient Empires.
TRUE
TRUE or FALSE: Before the Age of Discovery, Merchants did not travel intercontinentally to trade their goods, but instead only operated in small, concentric circles of trade.
TRUE
AGE OF DISCOVERY
“He who has the gold is the one who rules.”
In Europe, this was known as?
The Golden Rule
AGE OF DISCOVERY
European kingdoms _______ other countries, establishing territories and plundering riches in order to accumulate as much gold as possible.
Colonized
AGE OF DISCOVERY
Empires became _____-______ upon establishing their colonies.
Inter-continental
AGE OF DISCOVERY
The New World Order during this era dictated that the seat of power was in…?
Europe
ECONOMY IN THE INDUSTRIAL REVOLUTION
Europe became the “_____” of economy - which now became global after the establishing of their colonies.
“Center”
ECONOMY IN THE INDUSTRIAL REVOLUTION
If Europe was the “center” of economy, then its overseas colonies became the “_______”.
Periphery
ECONOMY IN THE INDUSTRIAL REVOLUTION
Later on, a country also rose into becoming a “center” of economic power alongside Europe.
This country was…?
The United States
ECONOMY IN THE INDUSTRIAL REVOLUTION
Where the factories resided.
“Centers” (Ex: Spain, The United Kingdom, America)
ECONOMY IN THE INDUSTRIAL REVOLUTION
Where the farms - sources of raw materials - resided.
“Peripheries” (Ex: India, The Philippines, Indonesia)
ECONOMY IN THE INDUSTRIAL REVOLUTION
The “centers” became richer, and the “peripheries” remained poor - creating an..?
Imbalance
POST-COLONIAL ERA
After which global event did the “centers” release their “peripheries” - granting them back their sovereignty and their territories?
World War II
POST-COLONIAL ERA
A new form of colonialism focusing on economy rather than politics.
Neo-Colonialism
POST-COLONIAL ERA | NEO-COLONIALISM
The “Neo” in Neo-Colonialism means what, exactly?
New
POST-COLONIAL ERA | NEO-COLONIALISM
TRUE or FALSE: Neo-colonialism meant that the 1st World continued to economically flourish while the 3rd World struggled to improve their economic state.
TRUE
POST-COLONIAL ERA | NEO-COLONIALISM
The name for a raw material made of dried coconut meat.
Copra
POST-COLONIAL ERA
The 1st World control the _____ ______ ____, which lent money to the newly-independent 3rd World who then have to pay it back with interest - adding onto the cycle of neo-colonialism.
IMF World Bank
ECONOMY IN THE 2ND WORLD
TRUE or FALSE: The Communist block traded with other countries.
FALSE. They only traded amongst themselves.
ECONOMY IN THE 2ND WORLD
The big Communist countries - ____ & ____ export and trade military hardware to the smaller communist states like Cuba, North Korea and North Vietnam.
USSR & China
ECONOMY IN THE 2ND WORLD
Smaller Communist states like Cuba, North Korea and North Vietnam were also known as?
Satellite States
POST-COLONIAL ERA ECONOMIC SYSTEMS
After World War II, ________ was discovered in the Middle East, making them rise into economic power.
Petroleum
DISCOVERY OF OIL
Another term for petroleum.
Black Gold
(““He who has the gold is the one who rules.”)
DISCOVERY OF OIL
A Middle Eastern country like Saudi Arabia could not be classified as 1st World because it has an Absolute Monarchy, meaning it is not democratic.
It cannot be classified as 2nd World, nor can it be classified as 3rd World.
Middle Eastern countries like this therefore created an organization to classify themselves under.
This organization is called…?
Organization of Petroleum Exporting Countries [OPEC]
THE OPEC
If oil is drilled quickly and in large quantities, an over-supply occurs - meaning worldwide, prices will…?
Prices will go down
THE OPEC
What does [OPEC] stand for again?
Organization of
Petroleum
Exporting
Countries
THE OPEC
If oil is drilled slowly a shortage of supply occurs - meaning worldwide, prices will…?
Prices will go up
THE NEW WORLD ORDER
The ______ __ _______ in the 1990s and the _______ __ ____ meant that the 1st, 2nd, and 3rd labelling of countries became outdated.
Collapse of Communism & Discovery of Oil
THE NEW WORLD ORDER
What were the 2 new labelling systems for countries?
“Developed” & “Developing” countries
THE NEW WORLD ORDER
2 more recent labels or a more recent dichotomy for countries is being used up till today. These are..?
The Global North (because most rich countries are in the north)
& the Global South (most poor countries are in the south)
THE NEW WORLD ORDER
TRUE or FALSE: The Global North and Global South dichotomy is rigid, meaning every country in the North hemisphere is rich and every country in the South hemisphere is poor.
FALSE. There can be patches of Global North in the South (For example: Indonesia) and patches of Global South in the North (For example: North Korea and Mongolia)
THE AGE OF ECONOMIC COOPERATION
A group of former 1st World Western European countries that banded together economically.
The European Union [EU]
THE EUROPEAN UNION
What is the name of the single, common currency used amongst countries belonging in the European Union?
Euro
THE EUROPEAN UNION
You do not need a visa to travel from one EU country to another because they have _____ ____.
Porous Borders
THE EUROPEAN UNION
Due to a ______ __ ____ ______, it means less taxes for sellers, resulting to their higher income.
Relaxing of Trade Restrictions
An organization of countries in the Asia-Pacific who banded together for economic benefit/cooperation, inspired by the European Union.
Asia Pacific Economic Cooperation [APEC]
THE APEC
The APEC operates somewhat like the EU. For example. there is a relaxation of _____ among its member countries.
Relaxation of Tariffs
THE APEC
The downside of APEC is that some countries cannot compete economically with others.
If countries like Japan sell globally competitive finished products like cars and appliances that have large prices for less taxes to members of APEC, then they have an unfairly large income.
For _______-based countries like the Philippines who only export raw materials that have cheap prices for less taxes, they have an unfairly small income.
Agriculture-based
THE APEC
Another example of a downside in APEC is that:
Apples and ponkans are an example of Chinese fruits exported to the Philippines. Because these fruits get more patronized than our local fruits, this means _____ _____ for our local farmers.
Less Income
What does [APEC] stand for again?
Asia
Pacific
Economic
Cooperation
___ ______ ______ was proposed by Thailand in 2015 in order for ASEAN to have an EU-like set-up.
The ASEAN Integration
What does ASEAN stand for?
Association of
South
East
Asian
Nations
THE ASEAN INTEGRATION
The __ _____ was instituted to have a seamless transfer of students from one ASEAN state to another.
K12 Program
THE ASEAN INTEGRATION
TRUE or FALSE: If the ASEAN Integration was fully implemented, it would mean weaker countries like the Philippines would have to be buyers rather than sellers because the stronger countries have more to sell and less need to buy.
TRUE
