GE 4 - Contemporary Flashcards
What is globalization?;
Globalization is the interaction of people, states, or countries through the growth of the international flow of money, ideas, and culture.
What are the basic features of globalization?
Social networks and activities overcome traditional boundaries, intensification of interconnectedness
What does Anthony Giddens define globalization as?
The intensification of worldwide social relations linking distant localitieswhere local happenings are shaped by faraway events.
How does Roland Robertson describe globalization?
As the compression of the world and the intensification of consciousness of the world as a whole.
What is Manfred Steger’s view on globalization?
A multidimensional set of social processes that create and intensify worldwide social interdependencies and exchanges.
What are the four basic aspects of globalization identified by the IMF?
Trade and Transactions, Capital and Investment
How has globalization affected trade barriers?
Countries have opened their economies and removed trade barriers such as tariffs to allow imported goods.
What opportunities has globalization created for individuals?
Increased interest in travel learning new languages
What is globalism?
A belief that global integration of economic markets is beneficial for everyone spreading freedom and democracy.
What modern innovation allows countries to cooperate politically and economically?
Advancements in science and technology.
What are some indicators of globalization?;
Interdependence of countries environmental issues
What role does transportation play in globalization?
It allows for quick movement from one place to another.
How has digital media impacted globalization?
It makes goods and services accessible almost everywhere.
What is one reason companies expand to other countries?
To access new markets and resources.
What is a significant advantage of globalization?
Free trade and open economies.
What is a major disadvantage of globalization?;
Wealth inequality between rich and poor.
What do anti-globalization advocates argue?;
- They want globalization to end
- Globalization only favors the first world
countries over third-world countries - It favors corporations over the needs of the
citizens and communities - Profit-seeking rather than sustainable
development
What is the definition of the global economy?
Concerned with transnational trade and the opening of markets
What are the types of economic globalization?;
- Globalization of production
- Globalization of Finance and Market
- Globalization of Technology
- Existence of organizations, regimes, and
institutions - Multinational corporations and labor
What is market integration?
The prices of the same products in different locations follow a similar pattern over a long period of time.
What happens to prices of the same products in different locations when they increase or decrease?
They often move proportionally.
Who noted that globalization began with continuous exchange of products between populated continents?;
Dennis O. Flynn and Arturo Giraldez.
What economic practice sought to increase a nation’s power through restrictive trade in the 16th to 18th century?
Mercantilism.
What significant change occurred in the 1860s regarding trade?
Prohibited trade isolationism and developed a common basis for currency prices.
What major global event occurred during the 1920s to 1930s?
The Great Depression.
What was established at the Bretton Woods Conference in 1944?
A global economic system to prevent financial crashes and encourage free trade.
What are some institutions established under the Bretton Woods system?;
International Monetary Fund (IMF), World Bank, WTO
What triggered the International Debt Crisis in 1982?
The quadrupling of oil prices by OPEC and subsequent loans taken by developing countries.
What measures were taken to help developing countries struggling with debt?
Debt Forgiveness and Debt Payment Rescheduling
What is the Washington Consensus?;
A 10-point policy concerning free market ideas supported by the IMF, World Bank, EU,
and the US
Who coined the term ‘Washington Consensus’ and when?
John Williamson in 1989.
What was a key recommendation of the Washington Consensus regarding government expenses?
Government expenses should be kept at a minimum.
What significant event started the East Asian Economic Crisis?
The crisis started in Thailand in July 1997.
What caused the Thai Baht to be unpegged from the US dollar?
Thailand lacked reserves to back up their currency.
What was a major factor in the 2007-2009 Economic Recession?
The US government failed to control and regulate bad and risky housing investments.
What assumption did banks make regarding housing loans before the recession?
Banks assumed borrowers would not default and could reclaim houses for resale.
Who developed the world-systems theory?
Immanuel Wallerstein.
How does Wallerstein categorize countries in his world-systems theory?;
Core
Semi-periphery
Periphery
External
What characterizes Core countries in Wallerstein’s model?;
They are powerful, wealthy, and independent
countries
Financially dominant and highly industrialized (military)
What is the goal of Semi-periphery countries according to Wallerstein?
To become a core country (industrialized).
What defines Periphery countries in Wallerstein’s analysis?
They are dependent on other countries economically and militarily with the least diverse economy.
What are International Financial Institutions (IFI)?
Organizations created by one or more countries subject to international law with stakeholders being national governments.
Name a notable International Financial Institution.;
International Monetary Fund (IMF).
What is the role of international organizations in political globalization?
They enable diplomatic interactions between independent states.
What is the definition of a state?
A community of persons permanently occupying a territory having a government to which inhabitants render obedience and enjoying freedom from external
control.
What are the elements of a state?;
People and territory, Government, Sovereignty
How does economic globalization affect states?
It is beneficial for states but can also perpetuate global poverty.
What is the concept of the nation-state?;
A relatively new organization of people based on identities such as tribes, culture, or religion
Can a single nation exist across multiple states?
Yes, for example, North and South Korea
What is an example of a state that has multiple nations?
The United Kingdom which includes Scotland, Northern Ireland, England, and Wales
What are the four domains of the state as described in the text?
Terrestrial, fluvial, maritime, and aerial
What does the term ‘government’ refer to?
The agency through which the will of the state is formulated, expressed and carried out
What is sovereignty?
The supreme power of the state to command and enforce obedience to its will from people within its jurisdiction and to have freedom from foreign control.
What are the two types of sovereignty mentioned?
Internal sovereignty (power to rule within territory) and external sovereignty (freedom from foreign control).
What historical event marked the beginning of the contemporary international system?
The Treaty of Westphalia in 1648 which ended the Thirty Years’ War.
What were the results of the Peace of Westphalia?;
Sovereignty, national armies, core groups (Austria, Russia, Prussia, England, France, and the United Provinces)
What concept did legitimacy derive from during the European revolutions?
The monarch derives legitimacy from the governed.
What was a significant outcome of the Napoleonic Wars?
The Congress of Vienna which aimed to establish relative peace in the international political system.