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CONTEMPORARY WORLD > 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

Multidimensional phenomenon

A

Globalization

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3
Q

But the economic dimension is
one of the major driving forces

A

Globalization

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4
Q

A historical process

A

Economic Globalization

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5
Q

Increasing integration of economies around the world through the movement of goods, services, and capital across borders.

A

Economic Globalization

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6
Q

Transportation and Communication
Revolution

A

Economic Globalization

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7
Q

Attributes the growing scale of cross-border trade commodities and services, flow of international capital, wide and rapid spread of technology
(Shangquan, 2000)

A

Economic Globalization

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8
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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9
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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10
Q

globalization began since Homo sapiens began from migrating from the African continent to
populate the rest of the world

A

Grills and Thompson

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11
Q

considered the Silk Road (Asia, Europe, Africa)the best example for archaic globalization 5,000
years ago.

A

Frank and Grills

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12
Q

considered the discovery of America by Christopher Columbus in 1492 and the discovery of the direct sea route to India by Vasco de Gama in 1498 as the two(2) greatest achievements
of human history

A

Adam Smith

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13
Q

the discovery of America by

A

Christopher Columbus in 1492

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14
Q

discovery of the direct sea route to India by

A

Vasco de Gama in 1498

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15
Q

spread to Continental Europe
and North America

A

British Industrial Revolution

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16
Q

economic nationalism and monopolized trade such as the British (1600) and the Dutch
(1602) East India Companies

A

17th – 19th century

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17
Q

golden age of globalization
because of:
* Relative peace
* Free – trade
* Financial and economic stability

A

20th century transport revolution

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18
Q

The globalization of trade of goods and services

A

Attributes of Economic Globalization

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19
Q

The globalization of technology and communication

A

Attributes of Economic Globalization

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20
Q

The globalization of production

A

Attributes of Economic Globalization

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21
Q

The globalization of financial and capital markets

A

Attributes of Economic Globalization

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22
Q

 Established in 1995
 Eases trade among countries
 “ensures that trade flows as smoothly, predictably, and
freely as possible”

A

World Trade Organization(WTO)

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23
Q
  1. World Trade Organization(WTO)
  2. Emergence of China as a major supplier and exporter
    of manufactured goods.
  3. Increasing number of business process outsourcing
    (BPO)companies in Philippines.
A

Globalization of Trade of Goods and Services

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24
Q

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

A

Globalization of Technology and
Communication

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25
Q

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

A

Globalization of Production

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26
Q

Nation States
Global Corporations
International Financial Institutions

A

The Actors of economic globalization

27
Q

states ceased as primary economic organization

A

hyperglobalists

28
Q

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

A

Boyer and Drache (1996)

29
Q

claim that nation – states have lost an important element of economic sovereignty.

A

Neo - Liberals

30
Q

“Buy Taiwan, hold Italy and sell
France” He compared countries to individual stocks.

A

Thomas Friedman

31
Q

The major players of global
economy are the

A

transnational corporations or TNCs.

32
Q

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

A

Multinational companies (MNCs)

33
Q

a company that operates across multiple countries, but unlike an MNC, it does not have a single strong headquarters that controls its global operations. Instead, It have a more decentralized management structure, with decision-making powers distributed across various regions.

A

Transnational companies(TNCs)

34
Q

constantly evolving as a result
of outsourcing activity.

A

Transnational companies(TNCs)

35
Q

We live in an ___ of outsourcing

A

age

36
Q

Firms are subcontracting an
expanding set of activities. Some have become ____ manufacturers, owning designs for so many products but making almost
nothing themselves.

A

virtual

37
Q

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

A

Bretton Woods System

38
Q

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

A

Bretton Woods Institutions

39
Q

Bretton Woods adopted. Various currencies were fixed to the US dollar until 1971.(fixed exchange rate system)

A

gold - dollar exchange standard

40
Q

led to the creation of the IMF,
which was established to monitor exchange rates and lend reserve currencies to nations facing balance-of-payments deficits.

A

Bretton Woods Conference

41
Q

International Bank for Reconstruction and Development (IBRD) - Bretton Woods

A

now part of the World Bank Group.

42
Q

the system faced increasing pressure due to
imbalances in the global economy, particularly the growing U.S. balance
of payments deficits and the accumulation of U.S. dollars in foreign central banks.

A

Challenge: Bretton Woods System

43
Q

In 1971, President Richard Nixon announced that the U.S. would no longer exchange dollars for gold, effectively ending the Bretton Woods System. This move led to the
transition to a system of floating exchange rates, where currency values are determined by market forces.

A

End of the Gold Standard: Bretton Woods System

44
Q

Who announced in 1971 that U.S. would no longer exchange dollars for gold, effectively ending the Bretton Woods System.

A

President Richard Nixon

45
Q
  1. The creation of IMF and the World Bank
  2. Set the stage for the development of the modern international monetary system and the rise of global financial markets.
A

Legacy: Bretton Woods System

46
Q

Globalization allows a worldwide
distribution of incomes.

A

Impact of Economic Globalization

47
Q

Economic globalization reduces
poverty (World Bank,2002).

A

Impact of Economic Globalization

48
Q

Globalization creates mutual
dependence between developing and developed countries (Arrighi, 2005).

A

Impact of Economic Globalization

49
Q

The sources of goods and services are exploited.

A

DIVIDES THE WORLD

50
Q

Economic globalization does not benefit all nations (World Bank, 2002)

A

DIVIDES THE WORLD

51
Q

Since these economically poor nation-states depend on industrialized countries for
employment and income, these industrialized countries compensate their labor with cheap cost.

A

One might observe that the sources of goods and services are exploited.

52
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

Economic globalization does not benefit all nations (World Bank, 2002).

53
Q

Capitalism under economic globalization creates
INEQUALITY.

A

The World System Analysis

54
Q

Capitalism under economic globalization creates
_______

A

INEQUALITY

55
Q

1000, 1 : 1
1500 , 1: 2
1820, 1 : 3
1871, 1: 5
WW I, 1: 9
1950, 1: 15

A

ratio of the richest region’s GDP per capita to the poorest

56
Q

1000

A

1 : 1

57
Q

1500

A

1: 2

58
Q

1820

A

1 : 3

59
Q

1871

A

1: 5

60
Q

WW I

A

1: 9

61
Q

1950

A

1: 15

62
Q

not influenced uniformly
by economic globalization.

A

Nation –states

63
Q

The competitiveness of an
economy and the impact of
economic globalization depend
on the capacity of the nation -
state for political intervention in
order to regulate the

A

TNCs, IGOs and other market players.

64
Q

The competitiveness of an
economy and the impact of
economic globalization depend
on the

A

capacity of the nation -
state for political intervention

CONTEMPORARY WORLD (3 decks)

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