Global intergration

Question 1

Hayek

Answer 1

The market will correct itself. Government intervention results in overspending. Innovation will happen, truly relies on demand.

Question 2

Keynes

Answer 2

Says government intervention in a recession is needed to soften the blow.

Question 3

Friedman

Answer 3

They economic playing field should be flat and level, rather than tweaked in someone’s favour

Question 4

G8

Answer 4

Most powerful world economies

Question 5

Nationalization

Answer 5

Government increasing ownership of industry

Question 6

Regionalization

Answer 6

Focus on local economic interest rather than of other areas

Question 7

Containerization

Answer 7

Transport prices plummeted because of this

Question 8

Consumerism

Answer 8

Increased focus on increased buying of goods

Question 9

IMF

Answer 9

International Monetary Fund. Regulate international financial system. Short term loans

Question 10

World Bank

Answer 10

End extreme poverty. Do long term loans.

Question 11

Prosperity

Answer 11

Success

Question 12

Privitization

Answer 12

Opposite of nationalization, more private industries

Question 13

WTO

Answer 13

World Trade Organization. Enforced global trade policies.

Question 14

Free trade blocs

Answer 14

NAFTA, EU

Question 15

Protectionism

Answer 15

Restricting imports from other countries using tariffs, etc.

Question 16

Trade liberalization

Answer 16

Removal of trading barriers or restrictions

Question 17

Newton woods system

Answer 17

Established financial relations with the G8. Tied currencies to gold to slow devaluation.