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Globalization And democracy > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Globalization

A

Process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between screens worlds governments and economies

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2
Q

Political Economy

A

study of production of trade and their links with custom government and law

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3
Q

International political economy

A

study of economics and international relations

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4
Q

Institutions

A

set of rules for economic purposes

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5
Q

Arbitrage

A

Purchase and sale of an asset to profit from a difference in the price

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6
Q

Transaction costs

A

expenses incurred when buying or selling a good or service

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7
Q

Specialization

A

method of production where I buns es focuses on production of certain product or services

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8
Q

David Ricardo

A

Principles of Politicsl Economy and Taxation

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9
Q

Returns to scale

A

changes in output as all factors change by the same proportion

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10
Q

Comparative Advantage

A

Ability of any actor to produce goods at lower opportunity costs than other economic actors

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11
Q

Supply / Demand

A

you know what this is

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12
Q

Static gains from trade

A

increase in utility or level of welfare where there is trade between two countries

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13
Q

Protectionism

A

theory shielding a country’s domestic industries from foreign competition by taxing imports

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14
Q

Tarrif

A

tax imposed on import d goods/services used to restrict trade

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15
Q

Factors

A

Land Labor Capital- Factor Endowment input used in production

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16
Q

Heckscher-Ohlin model

A

Theory countries export what can be most efficiently produced
Land vs Capital

Export goods high factor endowment
Import goods with lower FE

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17
Q

Stopper Samuelson

A

Rise in relative price of good will lead to rise in return to that factor which used used most intensively in production of good.

Price of capital intensive good go up owners of capital win, if go down labor wins
Long run attempts effects of relative changed of factor incomes

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18
Q

Ricardo-Vine Model

A

Immobile factors in export competing industry benefit from free trade: those in import competing lose

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19
Q

Rybcznksi model

A

Increasing one factor endowment increase output of industry that uses the factor intensively decrease output of the other industry

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20
Q

Mercantilism

A

economic nationalism purpose of building wealthy and powerful state, restraining imports, encouraging exports

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21
Q

Terms of trade

A

Value of export of a country relative to the value of its import

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22
Q

BEIC

A

Joint stock company

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23
Q

Jean Baptise colbert

A

French East India Company, Mercantilism, French secratary of state

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24
Q

Gold Standard

A

commitment by participating countries to fix the prices of their domestic currencies to gold

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25
Q

Corn Laws

A

Restricted imports on grain imposed tariffs on imported grain

26
Q

Anti Corn League

A

Laisserz faire, industrialists, Whigs

27
Q

Inflation

A

Rate at which goods rising

28
Q

Hegemon

A

Influence control over another country

29
Q

Bretton Woods Summit

A

Avoid protectionism, 740 delegates, try to rebuild Europe

July 1, 1994 Keynes and White

30
Q

Breton woods monetary system

A

Fixed exchange rate system, all currencies fixed to US fixed to gold

31
Q

IMF

A

New international lender, aid in development

32
Q

Fixed exchange rate

A

Exchange rate ties to another countries gold or currency

33
Q

Floating exchange rates

A

Currency price is set by the forex market based on S/D

34
Q

Indirect gold standard

A

Bretton woods

35
Q

Keynes

A

Advisor to UK, wanted currency to denominate all others

36
Q

Harry Dexter White

A

wanted US to have predominant role in global economics, assistant to secretary of treasure

37
Q

World Bank

A

Rebuilding Europe for infrastructure financing and education

38
Q

Capital and Capital controls

A

Funds used for production controlled by countries. (Limit taking money out on account)

39
Q

Post Bretton Woods

A

Fixed and floating regimes

40
Q

Reserve currency

A

Held by central banks as means to pay off international debt obligations

41
Q

Balance of payments

A

Record summarizes economies transactions with the r st of the world for a time

42
Q

Impossible trinity

A

Free capital flows, independent monetary policy, fixed exchange rates

43
Q

GATT

A

Trade treaty to boost economic recovery, increase trade through eliminating tariffs

44
Q

Speculative attack

A

Massive shorting and devaluing of currency

45
Q

Money role

A

Medium of exchange by a government

46
Q

Money supply

A

Entire stock of currency in economy
M1 = cash + deposits
MB= cash + reserved

47
Q

Interest rate

A

Amount charged as percentage of principle

48
Q

Bonds

A

Stock

49
Q

Creation of money by commercial banks

A

M1 = cash plus deposits

50
Q

Federal reserve

A

Central bank of US , adjust long term IR

51
Q

Federal open market committee

A

Sets federal funds rate; banks must follow

52
Q

Board of Governance Janet Yellen

A

Federal reserve board

53
Q

Reserve requirements

A

Amount of cash a bank must hold in reserve against deposits made by customers

54
Q

Discount window rate

A

Federal money rate, fed charges for overnight loans

55
Q

OMO

A

Buying and selling of government to expand/contract amount of money in banking system (buying selling of bonds to regulate economy)

56
Q

Quantitative easing

A

Massive purchasing of OMO

57
Q

Mortgage backed securities

A

Asset Secured by mortgage

58
Q

Government securities

A

Bond by government authority of promise of payment upon maturity

59
Q

Policy goals of central banks

A

Maintain stable prices

Reduce time consistency

60
Q

Expectations

A

Inflation interest rates

61
Q

4 major alternative approaches to globalization

A

Liberalism, Marxism, Constructivism, Realism

Globalization And democracy (1 decks)

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