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.