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CONTEMPORARY WORLD midterm > globalization - market integration > Flashcards

globalization - market integration Flashcards

1
Q

the two premises of globalization

A

It is a complex phenomenon that occurs in multiple levels.
It is an uneven process that affects people differently.

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2
Q

Define globalization as The Third World Network

A

seen globalization as colonization of the developing world

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3
Q

True or false
Globalization is decreasing interdependence of national economies in trade, finance, and macroeconomic policy.

A

False
Globalization is increasing interdependence of national economies

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4
Q

True or false
Globalization is a process fueled by and resulting in increasing cross-border flows of goods, services, money, people, information, and culture.

A

True

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5
Q

This refers to all those processes by which the peoples of the world are incorporated into a single world society, global society.

A

Globalization

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6
Q

Globalization can be defined as the _______of worldwide social relations which link localities in such a way that local happenings are shaped by events occurring many miles away and vice versa.

A

Intensification of worldwide social relations

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7
Q

Internationalisation - ______ is described as cross-border relations between countries

A

Global

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8
Q

Internationalization - ______ incomes a growth of international exchange and interdependence.

A

Globalization

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9
Q

Is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities.

A

Economic Liberalization

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10
Q

Liberalization - _______ means a process of removing state and post restrictions on a movements between countries in order to create an open borderless world economy

A

Globalization

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11
Q

Is viewed as standardization and homogenization with worldwide cultural, economic, legal, and political convergence

A

Globalization as universalization

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12
Q

This social structure of modernity like capitalism, rationalism, industrialism, bureaucratism, individualism, and so on are spread the world over normally destroying earlier existing cultures and local self-determination in the process.

Globalization understood in this way is often interpreted as:

A

Colonization, americanization, and “westtoxication”

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13
Q

the removal or reduction of restrictions or barriers on the free exchange of goods between nations

A

Liberalization

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14
Q

technological innovation and organizational change centered on

A

FLEXIBILITY AND ADAPTABILITY

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15
Q

he describes the current trend as the third great wave of globalization in human history

A

Thomas Friedman

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16
Q

the third wave of globalization from _______ to present expanded an earlier efforts to liberalize international trade and investment

A

1980s to present

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17
Q

the third wave continued to harness new technologies as a means to ______

A

integrate global economic activity

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18
Q

the advantages of globalization

A

GLOBAL MARKET
CROSS-CULTURAL MANAGEMENT COMPETITION
JOB OPPORTUNITY
REDUCING THE GAP BETWEEN THE POOR
INVESTMENTS
ADVANCED TECHNOLOGY
LEGAL EFFECTS
STABLE SECURITY

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19
Q

the disadvantages of globalization

A

TERRORISM
JOB INSECURITY
PRICE INSTABILITY
PRICE FLUCTUATIONS ENVIRONMENTAL DAMAGE

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20
Q

They are capitalist countries that exploit peripheral countries for cheap labor and raw materials.

A

Core Countries

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21
Q

The World Systems Theory was articulated in large part by

A

Immanuel Wallerstein

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22
Q

argued that in economics there are three types of economic nations - the core, the semi-periphery, and the periphery.

A

Immanuel Wallerstein

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23
Q

_______ countries, which have cheap labor and are generally impoverished

A

Peripheral Countries

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24
Q

________ countries, which sometimes exploit other countries but are sometimes exploited themselves

A

Semi-peripheral Countries

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25
Q

“operate outside of the world system”

A

External States

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26
Q

World systems theory developed out of

A

Dependency Theory

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27
Q

this comment in describes global as cross-border relations between countries and globalization and cons a growth of international exchange and interdependence

A

INTERNATIONALISATION

28
Q

this common theme is viewed as standardization and homogenization with worldwide cultural economic legal and political convergence.

A

UNIVERSALIZATION

29
Q

the common themes of globalization

A

UNIVERSALIZATION
LIBERALISATION INTERNATIONALISATION WESTERNIZATION

30
Q

3 subcategories of Globalization

A

Economic
Cultural
Political

31
Q

the only international organization dealing with the global roles of trade

A

WTO

32
Q

its main function is to ensure that trade flows as smoothly and freely as possible

A

WORLD TRADE ORGANIZATION

33
Q

if prices among different location or related goods follow the same pattern over a long period of time,then _____ exists

A

Market Integration

34
Q

the indicator how much different market are related to each other

A

Market Integration

35
Q

International Financial Institutions are chartered by more than one country and therefore are subjects to _______

A

International Law

36
Q

TRUE OR FALSE
Most of the prominent IFI’s are creations of only independent nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIS.

A

False
Most of the prominent IFI’s are creations of MULTIPLE NATIONS, although some bilateral financial institutions (created by two countries) exist and are technically IFIS.

37
Q

it is an organization of 190 countries

A

International Monetary Fund

38
Q

it is an international organization headquartered in Washington DC

A

International Monetary Fund

39
Q

Multilateral Development Banks:

A

World Bank Group
African Development Banks
Asian Development Banks
Inter-American Development Banks
European Bank for Reconstruction and Development

40
Q

a family of 5 international organizations that make leverage loans to the developing countries

A

World Bank Group

41
Q

Philippines belong to ___ countries

A

Developing countries

42
Q

international organization dedicated to providing financing advice and research to developing nations to aid their economic advancement.

A

World Bank Group

43
Q

predominantly acts as organization tempts to fight poverty by offering developmental assistance to middle and low income countries

A

World Bank Group

44
Q

THE FOUR FUNCTIONAL BODIES OF THE WORLD BANK GROUP

A
  • THE INTERNATIONAL DEVELOPMENT ASSOCIATION
  • THE MULTILATERAL INVESTMENT GUARANTEE AGENCY
  • INTERNATIONAL CENTER FOR SETTLEMENT OF INVESTMENT DISPUTES
45
Q

formula known as the international bank for reconstruction and development

A

WORLD BANK

46
Q

it was created to offer econom assistance to war ravaged economies of europe and asia and later on the four countries of the world

A

WORLD BANK

47
Q

what is the main function of world bank

A

to provide loan services to member governments
provide development loans of on soft terms to poor member nations
provide support to private or joint sector projects
provide insurance guarantees to foreign investors
set investment related disputes among members nations through conciliation or arbitration

48
Q

immediately after world war 2 the usa invited its trading partners to negotiate less stringent restrictions which resulted in the general agreement on tariffs and trades (GATT), an international treaty adopted in 1947 by 23 countries

A

WORLD TRADE ORGANIZATION

49
Q

it is an international treaty adopted in 1947 by 23 countries

A

GENERAL AGREEMENT ON TARIFFS AND TRADES (GATT)

50
Q

disagreement resulted in thousands of tariff reductions and in 1995 was transformed into the World Trade Organization

A

THE GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

51
Q

the invitation of the usa to negotiate less stringent restrictions resulted in _____

A

THE GENERAL AGREEMENT ON TARIFFS AND TRADE

52
Q

World Trade Organization, and International Monetary Fund are the direct results of what system

A

Bretton Woods System

53
Q

it is an autonomous organization affiliated to the UN

A

international monetary fund

54
Q

THE THREE MAJOR INTERNATIONAL FINANCIAL INSTITUTIONS (IFIs)

A

WORLD TRADE ORGANIZATION
INTERNATIONAL MONETARY FUND
WORLD BANK

55
Q

WORLD BANK IS FORMERLY KNOWN AS

A

THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

56
Q

it is an international and intergovernmental institution for providing long-term loans on easy terms for specific developmental projects

A

WORLD BANK

57
Q

the two types of market integration

A

positive integration
negative integration

58
Q

this refers to the reducing of non tariff and tariff barriers to trade as a main tool for integrating markets

A

negative integration

59
Q

this refers to the adjusting of domestic policies and institutions through the creation of supranational agreement

A

positive integration

60
Q

the five forms of economic integration

A

PREFERENTIAL AGREEMENT
FREE TRADE AREA
CUSTOMS UNION
COMMON MARKET
ECONOMIC UNION

61
Q

this form of market integration refers to the trade barriers between those countries which signed the agreement it can be in their form of tariff reductions for unlimited volumes or imports from specific countries or for specified import qualities

A

PREFERENTIAL AGREEMENT

62
Q

this form of economic integration reduces trade barriers among member countries to ZERO

A

FREE TRADE AREA

63
Q

this form of economic integration takes a higher form of economic integration where countries agree to abolish the rest and non-tariff barriers to trade in goods flowing between them

A

CUSTOMS UNION

64
Q

this form of economic integration represents free movement of labor and capital within the member countries

A

COMMON MARKET

65
Q

this is the highest form of economic integration agreeing to a common market, monetary fiscal and other policies among member countries

A

ECONOMIC UNION

CONTEMPORARY WORLD midterm (1 decks)

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