Economic Globalization 2 (Economic Systems during the Age of Colonialism) Flashcards
people operated only in small concentric circles of trade. Merchants don’t travel too far, or inter-continental, just to trade their goods
Age of Mercantilism
European kingdoms tried to accumulate as much gold as possible. Empires now operated inter-continentally.
Age of Discovery
He is the national personification of Great Britain / UK
John Bull
Europe became the “center” of the economy, which is now a global economy. Farm-Factory relationship of nations.
Industrial Revolution
overseas colonies became ____________
periphery
they also became a “center” of economic power aside from Europe
USA
where the factories are
center
the farms, the sources of raw materials
periphery
After World War 2, the “centers” released their respective “peripheries”. The Western Powers gave independence to their colonies.
Post-Colonial Era
The 1st World continued to flourish economically, while the 3rd World (agriculture-based economies) struggle to improve economically. Old economic order remained.
Neo-colonialism
newly-independent countries who still exports raw materials to their former colonizers
3rd World
Western Powers who exports finished products to the former colonies
1st World
they loaned money to the 3rd World countries
Banks of the 1st World (like IMF and WB)
trade happens only among themselves
2nd World (communist bloc)
where did petroleum was discovered
Middle East
they rose to become economic powers by exporting oil to the rest of the world
Middle Eastern countries
the new set of countries that are powerful economically created a new organization called
Organization of Petroleum Exporting Countries (OPEC)
If Arab states drill oil quickly and in large quantities, there will be an over-supply and prices will go _______
down
If Arab states slowed down the drilling of oil, there will be a shortage of supply and prices will go _________
up
labeling system evolved to _________ and __________
Developed and Developing countries
Latest way of classifying countries which refers to the rich countries
Global North
(former 1st World, Japan, Singapore, Australia, New Zealand)
Latest way of classifying countries which refers to the poor countries
Global South
(former 3rd World, Mongolia, North Korea)
