GLOBALIZATION

Question 1

GLOBALIZATION

Answer 1

Expansion and intensification of social relations all over the world. A worldwide interconnectedness

Question 2

ECONOMIC GLOBALIZATION

Answer 2

the movement of goods, services, and labor across international borders all over the world.

Question 3

ECONOMIC GLOBALIZATION - FOUR INTERCONNECTED DIMENSIONS

Answer 3

1. Globalization of trade of goods and services
2. ” Financial and Market
3. ” Technology and Communication
4. ” Production

Question 4

GRILLS AND THOMPSON (2001)

Answer 4

Homo sapiens began migrating from the African continent to populate the of the world.

Question 5

FRANK AND GRILLS (1993)

Answer 5

The silk road - a route of trade from Europe, Asia, and Africa that define as the best archaic globalization that started 5000 years ago.

Question 6

GOLDEN AGE OF GLOBALIZATION

Answer 6

trade equaled to 16-17% if world income because of transportation evolution. (Before the World War I 1870-1913)

Question 7

THE AGE OF GLOBALIZATION BEGAN WHEN

Answer 7

all important populated continents have started making trades.

Question 8

GALLEON TRADE

Answer 8

traced back in 1571 Manila in the Philippines transports goods to Acapulco, Mexico.

Question 9

THE INTERNATIONAL MONETARY SYSTEM

Answer 9

the main task of the IMS is to facilitate cross-border transactions that involved trade and investment.

Question 10

THE GOLD STANDARD

Answer 10

fixed value specified to amount of gold

Question 11

FLOATING CURRENCY

Answer 11

it is the currency used when Europeans had low gold reserves, making gold no longer redeemable

Question 12

BRETTON WOOD SYSTEM

Answer 12

the negotiation of a new international monetary system, making the USD as the base of convertible currency.

Question 13

BRETTON WOOD SYSTEM - TWO INTERNATIONAL INSTITUTIONS

Answer 13

1. International Banks Reconstruction and Development (IBRD or World Bank) - responsible for post-war destruction
2. International Monetary Fund (IMF) - promote international financial cooperation and provide short-term financial assistance in a temporary imbalance of payments.

Question 14

KEYSIANISM

Answer 14

“economic crisis occurs when money is not being spent and not moving, not because a country does not have enough money” - John Maynard Kaynes

Question 15

GENERAL AGREEMENT OF TARRIFS AND TRADE (GATT)

Answer 15

in 1947, the main purpose of GATT was to reduce tarrifs and other hindrance of free trade.

Question 16

OIL EMBARGO

Answer 16

in 1970, the prices of oil increases as the result of Organization of Arab Petroleum Exporting Countries n response to the U.S. decision to re-supply the Israeli military” during the Yom Kippur war

Question 17

1973-74 STOCK MARKET CRASH

Answer 17

The Bretton Wood System dissolved after the US stopped linking the Dollars with Gold.