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Globalization Of Economics Flashcards

1
Q

Oldest international trading route

A

Silk road

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2
Q

It was used from 130 BCE (Han Dynasty) to 1453 (when Ottoman Empire closed it)

A

Silk road

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3
Q

T/F
Silk road it crossed no oceans and could not reach the Americas

A

T

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4
Q

Beginning of globalization according to them, all important populated continents began to exchange products continuously—both with each other directly and indirectly via other continents– and in values sufficient to generate crucial impacts on all trading partners;

A

Dennis O. Flynn
Arturo Giraldez

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5
Q

When was galleon trade establish

A

1571

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6
Q

First time the Americas were connected to Asian trading routes

A

After the establishment of Galleon Trade (1571)

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7
Q

T/F
For Filipinos, it is crucial to note that political globalization began on the country’s shores.

A

F (economic)

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8
Q

an economic policy that is designed to maximize the exports and minimize the imports for an economy

A

Mercantilism

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9
Q

Galleo trade was part of age of _______

A

Mercantilism

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10
Q

It promotes imperialism, tariffs and subsidies on traded goods to achieve that goal.

A

Mercantilism

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11
Q

They imposed high tariffs , forbade colonies to trade with other nations, restricted trade routes, subsidized exports to protect their products

A

European countries (16th to 18th centuries)

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12
Q

Goal was to create a common system that would allow for more efficient trade and prevent isolationism of the mercantilist era.

A

European countries

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13
Q

Countries thus established common basis for currency prices and fixed exchange rate system based on

A

Gold base

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14
Q

a restrictive system; compelled countries to back currencies with fixed gold reserves

A

Gold standard

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15
Q

This forced countries to abandon gold standard when reserves were depleted

A

World War 1

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16
Q

was worst and longest crisis experienced by Western world

A

Depression

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17
Q

it limited the amount of money in circulation, thus reduced demand and consumption

A

Gold standard

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18
Q

It was severely curtailed by gold standard as printing money and increasingly money supply is limited by gold supply

A

Money supply

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19
Q

According to him, US recovery began when it abandoned gold standard thus freed up money to spend on reviving the economy

A

Barry Eichengreen

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20
Q

At the height of this, other major industrialized countries also abounded the gold standard

A

WW II

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21
Q

currencies not backed by precious metals, values are determined by their cost relative to other currencies

A

Fiat currencies

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22
Q

System allows governments to freely and actively manage their economies by increasing or decreasing the money in circulation as they see fit

A

Fial currencies

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23
Q

T/F
After the great depression , leaders sought to create a global economic system that would ensure a longer lasting global peace

A

F (WWs)

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24
Q

When was Breton Woods System inaugurated

A

1944 during UN monetary and Financial Conference

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25
It was to prevent catastrophes of early decades from re-occuring and affecting international ties
Breton Woods system
26
He influence the Breton Woods System
John Maynard Kaynes
27
To him, economic crises occur not when country does not have enough money, but when money is not being spent, thereby, not moving
John Maynard Keynes
28
What how the government do when the economy slows down
Invigorate market with infusion of capital
29
The active role of governments in managing spending served as anchor of global _______
Keynesianism System
30
delegates agreed to create two financial institutions, International Bank for Reconstruction and Development (IBRD, World Bank), responsible for funding post-war reconstruction projects and International Monetary Fund
Breton Woods System
31
Bretton Woods delegates agreed to create two financial institutions
International Bank for Reconstruction and Development International Monetary Fund
32
responsible for funding post-war reconstruction projects
International Bank for Reconstruction and Development
33
global lender of last resort to prevent countries from spiraling into credit crises
International Monetary Fund
34
This would step in if economic growth slowed down because of lack of capital for economic stimulation
International Monetary Fund
35
These are the key player or economic globalization
International Bank for Reconstruction and Development International Monetary Fund
36
Main purpose was to reduce tariffs and other hindrances to free trade.
General Agreement on Tariffs and Trade
37
During this, governments poured money into economies, allowing people to purchase more goods, thus increasing demand;
Neoliberalism
38
As demand increased, so did prices of goods
Neoliberalism
39
T/F Western countries, Japan, accepted rise in prices as it was accompanied by economic growth, reduced unemployment
T
40
T/F As prices increased, companies earned more, thus have money to hire less workers
F (more)
41
They believed all these was necessary trade-off for economic development
Keynesian economists
42
What was the cause of price rise in 1970
OAPEC
43
Why did the OAPEC decided to impose oil embargoment
US and other countries decision to suppy Israel with arm (Yom Kippur War)
44
Arab countries used this to stabilize their economies and growth
Embargo
45
They were relient to oil
Western Economies
46
When did the Breton Woods System ended and the stock market crashed
When US stop linking dollars to gold
47
Result of the end of Breton Woods system and stock market crash
Stagnation
48
decline in economic growth and employment
Stagnation
49
takes place alongside a sharp increase in prices
Inflation
50
They argued pouring money into economies caused inflation by increasing demands, without necessarily increasing supply
Friedrich Hayek Milton Friedman
51
T/F Government intervention in economies distort the proper functioning of the market
T
52
Economists use this to challenged Keynesian theory
Economic turmoil
53
What was the new formof thinking
Neoliberalism
54
This became the codified strategy of US Treasury Department, the WB, the IMF
Neoliberalism
55
Where did the world trade organization continue tariffs reduction
General Assembly of Tariffs and Trade
56
The continue reduction of tariffs of GATT under World Trade Organization was call
Washington Consensus
57
When didi the Washington Consensus dominated the global economic policies
1980s - 2000s
58
Advocated minimal government spending to reduce government debt
Washington Consensus
59
Pressured governments, developing world, to reduce tariffs and open up their economies, arguing it is the quickest way to progress;
Privatization
60
Privatization is a “________” necessary for long-term economic growth
shock therapy
61
Advocated conceded that certain industries would be affected and die, this “shock therapy” necessary for long-term economic growth
Privatization
62
They government spending by comparing national economies to households
Reagan Thatcher
63
She likened herself to a mother who reined in overspending to reduce national debt
Thatcher
64
T/F Household analogy hold true to national economies
F (does not)
65
This aimed to free industries from corrupt bureaucrats and pass them to dynamic and independent private investors
Privatization
66
T/F Only people who grew wealth under old system had money to purchase industries
T
67
It still dominates the Russian economy until today.
Oligarchy
68
It came under severe strain during the crisis; it was biggest crisis since the Great Depression
Global Financial Crisis of 2008-2009
69
This paving the way for crisis;
Deregulation
70
To mitigate risk of loans, banks that were lending homeowners’ money pooled these mortgage payments and sold them as “_____________.”
mortgage-back securities
71
T/F So much money circulating increased deficit for MBSs among investors
F (demand)
72
The high risk mortgages are known
Sub-prime mortgages
73
Led to major investment banks (_______) to collapse depleting major investments
Lehman Brothers
74
allowed for global multiplier effect that sent ripples around the world
Interconnections
75
These which depended heavily on foreign capital, when crisis hit, they failed to refinance their loans
Iceland’s banks
76
This led to Iceland’s banks to default increasing the country’s debt seven-fold
Credit crunch
77
This country was forced by Germany and the IMF to adopt austerity measures which affected the poor most as it led to social security and welfare cuts
Greece
78
This led to slowed growth and high unemployment
Austerity
79
This crisis in Europe sparked political upheaval causing far-right parties to gain in the polls (France, Hungary, Sweden)
Economic Crisis
80
This would takr decades to resolve
Global Financial crisis
81
T/F When countries opened up their economies the shares of the percentage changed
T
82
WTO-led reduction of trade barriers known as
Trade liberalization
83
This profoundly altered the dynamics of the global economy.
Trade liberalization
84
T/F Global growth rates have spiked as result of increased import
F (export)
85
T/F economic globalization remains an uneven process, with some countries, corporations, and individuals benefiting a lot more than others
T
86
Developing countries are often
Peotectionists
87
they refused to lift policies that safeguard their primary products, which could be otherwise overwhelmed by products from developing world
Protectionists
88
They are concerned more with profits than social programs of governments hosting them.
TNC
89
They refers to countries lowering their labor standards, including protection of workers’ interests to lure foreign investors seeking higher profits at lowest cost
Race to the bottom

Contemporary (9 decks)

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