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CWORLD > GLOBAL ECONOMY > Flashcards

GLOBAL ECONOMY Flashcards

1
Q

Refers to the expansion and intensification of social relations and consciousness across world time and world space (Steger,2013)

A

Globalization

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2
Q

One of the many dimension of globalization that is a major driving force

A

Economic dimension

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3
Q

True or false: Economic globalization is a historical process

A

TRUE

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4
Q

Increasing ______ around the world through the movement of goods, services, and capital across borders

A

Integration of economies

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5
Q

Attributes the growing scale of cross-border trade commodities and services, flow of international capital, wide and rapid spread of technology” is said according to who?

A

(Shangquan, 2000)

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6
Q

A process making the world economy an “organic system” by extending transnational economic processes and relations to more and more countries and by deepening the economic interdependence among them (Szentes, 2003)

A

Economic globalization

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7
Q

Refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. INTERNATIONAL MONETARY FUND (IMF,2008)

A

Economic globalization

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8
Q

FDI stands for?

A

Foreign Direct Investment

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9
Q

When did economic globalization start?

A

Began since homo sapiens began from migrating from the African continent to populate the rest of the world

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10
Q

Frank and Grills considered the ______ the best example for archaic globalization 5,000 years ago

A

Silk Road (Asia, Europe, Africa)

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11
Q

Two events that Adam Smith considers as the greatest achievements of human history

A
  • Discovery of America by Christopher Columbus in 1492
  • Discovery of the direct sea route to India by Vasco de Gama in 1498
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12
Q

___________ spread to Continental Europe and North America

A

British Industrial Revolution

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13
Q

In terms of history of economic globalization, what happened in the 17th - 19th century?

A
  • British East India Companies (1600)
  • Dutch East India Companies (1602)
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14
Q

When was the “golden age of globalization”?

A

20th century

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15
Q

Why is the 20th century the golden age of globalization?

A
  • relative peace
  • free-trade
  • financial and economic stability
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16
Q

Attributes of economic globalization

A

The globalization of…
* trade of goods and services
* technology and communication
* production
* financial and capital market

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17
Q

When was WTO established?

A

1995

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18
Q

This “ensures that trade flows as smoothly, predictably, and as freely as possible”

A

World Trade Organization (WTO)

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19
Q

BPO Companies means?

A

Business Process and Outsourcing companies

20
Q

3 globalization of trades and goods

A
  1. World Trade Organization
  2. Emergence of China as a major supplier and exporter of manufactured goods
  3. Increasing number of business process outsourcing (BPO) companies in the Philippines
21
Q

Emphasizes that various transactions and interactivities that transpire instantly due to the internet and communication technology

A

Globalization of Technology and Communication

22
Q

It is illustrated by the existence of multinational corporations (MNCs) and transnational corporations (TNCs)

A

Globalization of Product

23
Q

3 Actors of Economic Globalization

A
  • Nation states
  • Global corporations
  • International financials institutions
24
Q

For _______, states ceased as primary economic organization

A

Hyperglobalists

25
Q

_______ state that the role of nation-states as manager of the national economy is being refined by globalization

A

Boyer and Brache (1996)

26
Q

______ claim that nation-states have lost an important element of economic sovereignty

A

Neo-liberals

27
Q

“Buy Taiwan, hold Italy, and sell France” is statement comparing countries to stocks. This is said by who?

A

Thomas Friedman

28
Q

A company that operates in multiple countries, with each of these operations being relatively independent

A

Multinational companies

29
Q

A company that operates across multiple coutnries but unlike in MNCs, it does not a single strong headquarters that controls its global corporations

A

Transnational companies

30
Q

_______ are constantly evolving as a result of outsourcing aactivity

A

Transnational Corporations

31
Q

We live in an ___of outsourciing

A

age

32
Q

Firms are subcontracting an expanding set of activities. Some have become “virtual” manufacturers, owing designs for so many products but making almost known for these

A

Global corporations

33
Q

An international monetary system that established rules for commercial and financial relations among the major industrial states after World War II.

A

The Bretton Woods System

34
Q

______ was established in 1994 at New Hampshire, USA, where the United Nations Monetary and Financial Conference was held in July 1944.

A

Bretton Woods Institutions

35
Q

This adopted the gold-dollar exchange standard. Various currencies were fixed to the US dollar until 1971 (Aka Fixed exchange rate system)

A

Bretton Woods Conference

36
Q

The ____ lead to the creation of the IMF

A

Bretton Woods System

37
Q

The International Bank for Reconstruction and Development (IBRD, part now of the WBG

A

Bretton Woods System

38
Q

The system faced increasing pressure due to imbalances in the global economy, particularly the growing US balance of payments decificits and the accumulation fo the U.S Foreign dollars in central banks

A

Challenge to Bretton Woods Principle

39
Q

What occurred in 1971?

A

END OF THE GOLD STANDARD

40
Q

WHICH PRESIDENT STATED THAT THE U.S WILL NO LONGER BE EXCHANGING DOLLAR FOR GOLD, EFFECTIVELY ENDING THE BRETTON WOODS SYSTEM

A

PRES. RICHARD NIXON

41
Q

THIS MOVE LED TO THE TRANSITION TO A SYSTEM OF FLOATING EXCHANGE RATES, WHERE CURRENCY VALUES ARE DETERMINED BY MARKET FORCES

A

END OF GOLD STANDARD

42
Q

Legacy of Bretton Woods System?

A
  • Creation of IMF and the World Bank
  • Set the stage for the development of the modern international monetary system and the rise of global financial financial markets
43
Q

3 impacts of Globalization

A
  1. Globalization allows a worldwide distribution of incomes.
  2. Economic globalization reduces poverty (World Bank, 2002)
  3. Globalization creates mutual dependence between developing and developed countries (Arrighi, 2005)
44
Q

2 ways that other people believe globalization divides the world?

A
  1. One might observe that the sources of goods and services are exploited
  2. Economic globalization does not benefit all nations (World Bank, 2002)
45
Q

There is an uneven experience among nations. Workers in TNCs are paid less compared to their counterparts in the companies’ home countries. This shows how cheap labor is in the Philippines

A

An example of “Economic globalization does not benefit all nations” (World Bank, 2002)

46
Q

Capitalism under economic globalization creates ______

A

Inequality

47
Q

The competitiveness of an economy and the impact of globalization depend on the _______ in order to regulate TNCs, IGOs, and other market players.

A

capacity of the nation - state for political intervention

CWORLD (10 decks)

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