Globalisation (AP) Flashcards
What is globalization and how does it affect economic activity?
Globalization is the integration between different countries and economies, impacting aspects like trade, capital flows, and cultural exchanges. It facilitates the spread of technology and innovation, accelerates economic growth by providing access to new markets, and often leads to more efficient global supply chains.
Why have global factors become increasingly important in recent years?
Global factors have grown in importance due to events such as the COVID-19 pandemic and the ongoing war in Ukraine, highlighting how interconnected countries are and how vulnerabilities in one region can impact global economic stability and growth.
How have recent global events impacted supply chains and economic indicators like production and prices?
Recent global events like the COVID-19 pandemic and geopolitical tensions have disrupted global supply chains, leading to production delays, increased material and logistics costs, and contributing to inflation in many countries.
What was the global impact of the Great Depression in the 1920s and 1930s?
The Great Depression caused significant economic downturns worldwide, characterized by extreme unemployment, severe deflation, and a massive contraction in global trade, reshaping many national economies and international economic policies.
How has the theme of globalization evolved in recent times?
Globalization has become a prominent economic and political theme, driven by debates over its benefits and drawbacks, such as economic growth and technological advancement versus increased inequality and job losses in some sectors.
What were some key promises made by US President Donald Trump regarding economic policy?
President Donald Trump promised protectionist policies to revive domestic industries, including renegotiating trade deals to favor American interests, imposing tariffs to protect local manufacturers, and reducing immigration to safeguard American jobs.
How has public perception of globalization changed following the COVID-19 pandemic?
The COVID-19 pandemic has raised concerns about the resilience of global supply chains and the risks of economic interdependence, leading to calls for greater self-sufficiency and reshoring of critical manufacturing capabilities.
