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Contemporary World (2MT-Q) > Global Economy > Flashcards

Global Economy Flashcards

1
Q

Who stated that Globalization is about the liberalization and global integration of markets

A

Manfred Steger: 1st core claim

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2
Q

Who defined globalization as the expansion and intensification of social relations and consciousness across world-time and across world-space/

A

Manfred Steger

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3
Q

Reason why we establish good rapport with other nations

A

Economics

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4
Q

was an ancient network of trade paths that stretched from China through Central Asia to Mediterranean.

A

Silk Road

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5
Q

It facilitated the exchange of commodities, ideas, art, culture, language, and religion across different civilizations during the 2nd century B.C. -14the century A.D.

A

Silk Road

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6
Q

Who defined economic globalization as a historical process representing the result of human innovation and technological process?

A

IMF (International Monetary Fund)

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7
Q

is a historical process representing the result of human innovation and technological process

A

Economic Globalization

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8
Q

It refers to the integration of economies through the movement of goods, services, and capital which are products of people, organizations, institutions, and technologies.

A

Economic Globalization (IMF, 2008)

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9
Q

When did silk route occur

A

during the 2nd century B.C.-14th century A.D.

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10
Q

It refers to the expanding interdependence of
world economies

A

Economic Globalization

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11
Q

Economic Globalization is the International exchange of goods and services that is expressed in monetary units of ?

A

Money by cardi b

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12
Q

Who is the person who provided attributes in economic globalization?

A

Shangquan (2000)

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13
Q

What are the 3 attributes of Shangquan in economic globalization?

A
  1. Growing scale of CROSS-BORDER TRADE of commodities and services
  2. flow of INTERNATIONAL CAPITAL
  3. wide and rapid spread of TECHNOLOGY
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14
Q

When did European Council President Charles Michel has invited Philippines President Ferdinand “Bongbong” Marcos, Jr. to visit Brussels.

A

June 5, 2022

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15
Q

Who did BBM meet? and when

clue: European Commission President

A

his father in hell EMI LANG

si Ursula von der Leyen from July 31 to August 12023

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16
Q

Who said this

“The continued exchanges between Her
Excellency and myself which started in Brussels last year, is a testament to join our
desire to bring our bilateral relationship to
Greater Heights. Let this be a new beginning for the strengthening and the
deepening of all our ties with the EU and
the Philippines.”

A

Marcos Jr. na walang kwenta

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17
Q

a concept under FLOW OF INTERNATIONAL CAPITAL wherein it is a type of investment in which a company establishes a business in another country for production of goods and services and still takes part in the management of
that business (for economic growth).

ex: toyota motor

A

FDI (Foreign Direct Investments)

18
Q

Benczres (2014) identifies four interconnected
dimensions of economy namely:

A
  1. Globalization of trade of goods and services
  2. Globalization of financial and capital markets
  3. Globalization of technology and communication
  4. Globalization of production
18
Q

Interconnected Dimensions of Economy:

Establishment of the World Trade Organization ( WTO)

Emergence of China as the major supplier and exporter of goods that affected
the world’s economy

Increasing number of business process outsourcing ( BPO)

A

Globalization of trade of goods and services

19
Q

Ensures that trade flows smoothly, predictably , and freely as possible

A

World Trade Organization (WTO)

20
Q

has the second-largest population in the world, which provides a huge
potential labor force, market, and consumer base.

A

China

21
Q

key driver of china’s economic growth and helped it become the second-largest
economy in the world by nominal GDP.

A

Chinese Population

22
Q

What is the reason why the number BPO companies are increasing?

A

Cheap labor cost, English Proficiency, costumer service skills

23
Q

Interconnected Dimensions of Economy:

cross-listing of shares on one or more foreign stock exchange

cross-hedging and diversification of portfolio

round -the -clock trading worldwide

A

Liberalization of financial and capital markets

24
Q

Interconnected Dimensions of Economy:

various transactions and interactivities, internet , communication technology

(easy way to make transactions w/other countries & easy way to communicate)

A

Globalization of technology and communication

25
Q

Interconnected Dimensions of Economy:

creation of the product (from raw materials to something)

Facilitated by multinational companies ( MNCs) and transnational
corporations ( TNCs)

Have branches outside their mother country

ex: Jollibee

A

Globalization of production

26
Q

corporate organizations that own or control production
of goods or services in TWO OR MORE countries other than their home countries.

have a centralized management system

ex: Coca-cola, 7 Eleven, Ajinomoto, Honda, Huawei, KFC, Knorr, Yakult, Yamaha Corporation, Walt Disney Company, Miniso, etc.

A

Multinational (MNCs)

27
Q

have many companies around the world but do not have a centralized management system.

ex: Nestle, Ford Philippines, Shell Philippines, Morgan Stanley, Mitsubishi UFJ Financial Group Inc., Bank of America Corporation, etc

A

Transnational Companies

28
Q

What are the three Actors of Globalization/ facilitators of globalization

A
  1. Nation-States
  2. Global Corporation
  3. International Monetary Systems
29
Q

Facilitators of Globalization:

a sovereign state whose citizens or subjects are relatively homogenous in
such factors as language or common descent

manager of national economy

has its own political economic power over a territory

ex: Imposing tariffs in economic trade

A

Nation-States

30
Q

Facilitators of Globalization:

local companies that expanded outside their home country

transnational and multinational corporations that bring/move the products, capital, resources and technology

Manager of national economy

ex. Jollibee, San
Miguel Corporation

A

Global Corporations

31
Q

Facilitators of Globalization:

international structure for
MONEY, POWER, and INTEREST in order to set a system in the
financial and economic relations

A

International monetary systems (IMS)

32
Q

What are the 3 International monetary systems (IMS)

A
  1. Gold standard
  2. Bretton Wood system
  3. European Monetary System ( EMS).
33
Q

How did globalization come about?

history kineme to

A

1st – Silk Road

2nd – Galleon Trade/Age of Mercantilism

3rd – Gold Standard

4th – Great Depression

5th – The Bretton Woods System

6th – Global Keynesianism

7th – Oil Embargo

8th – Neoliberalism

9th – Washington Consensus

10th – Shock Therapy

34
Q

What are the drastic economic changes in the world because of globalization?

A
  1. GDP increase
  2. Investments are moving
  3. Increase speed and frequency of trading
  4. Item selling and trading
35
Q

Globalization UNITES OR DIVIDES:

  1. It fosters universal economic growth and development
  2. It allows a worldwide distribution of incomes
  3. It reduces poverty
  4. It creates mutual dependence between developing and
    developed countries.
A

Globalization UNITES

36
Q

Globalization UNITES or DIVIDES:

  1. The sources of goods and services are
    exploited.
  2. It does not benefit all nations.
  3. It leads to inequality according to
    expertise, experience and skills.
A

Globalization DIVIDES

37
Q

is a central tenet of
globalization.

A

International economic integration

38
Q

Economics is just one window into the phenomenon of
globalization; it is not the entire thing. (T or F)

A

T

39
Q

globalization is unrelated to changes in the economy. (T or F)

A

F (globalization is ANCHORED ON changes in the economy

40
Q

International policymakers, therefore, should strive to think of ways to make trading deals fairer. (T or F)

A

T

Contemporary World (2MT-Q) (9 decks)

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