Globalisation 2 Flashcards
In 2014 what countries were the top 5 recipients of US aid?
Israel, Egypt, Afghan, Jordan, Pak
What livestock receives more subsidy per animal than aid per person?
Cows (UNDP)
Which countries have the strongest argument for protectionist policies?
Small states vulnerable to opening up economy
What is the OECD?
The organisation for economic cooperation and development.
How many countries are in the OECD?
34
What does the Westphalia system stand for?
Principles of sovereignty and statehood
What are the 2 dimensions to sovereignty?
Internal and External
What is globalisation?
The Integration of economic, social and cultural relations across borders
Who has suggested that globalisation will lead to the transfer of power from states to firms?
Susan Strange
What are the three aspects of econ globalisation?
- MNCs (and FDI)
- Financial flows (Currency etc)
- Markets becoming global
What is the Hayekian argument for the 2008 crash?
Commercial banks lent more money to business then public wanted to save out of its income
What did the Keynesian argument for the 2008 crash say?
That it was due to insufficient investment
How many US jobs could be moved off shore?
1/4
How did China develop its economy?
Started with export liberation in the 70s, import liberation came later
What has China’s 80s/90s strategy been called?
A semi-globalised strategy
How can US politicians protect US jobs from globalisation?
Strengthen intellectual property rights, link trade to higher environmental and labour standards
How is the dollar described as the preferred currency for banking money, esp by govt?
The worlds leading reserve currency
What did the over-issue of US dollars by the Fed Reserve produce?
A consumption boom in the US leading to a manufacturing boom in China
What model was used by govt for the initial response to 2008?
The Keynesian model.
When was the WTO established?
1995 - its failure is much of the reason for the collapse.
