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CONTEMW > Globalization & The Global Economy > Flashcards

Globalization & The Global Economy Flashcards

1
Q

refers to the expansion of global linkages, the organization of social life on a global scale and the growth of a global consciousness, hence to the consolidation of world society.

A

Globalization

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2
Q

Refers to the ways in which global economies have become integrated through growing business, trade and financial interdependence.

A

Economic Globalization

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3
Q

May also mean a very substantial movement in the direction of private expertise and a market oriented system with substantial reduction in the role of the government in economic affairs.

A

Globalization

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4
Q

Rise of Multinational Corporations
Movement of Manufacturing Industries to Developing Nations
Growth of Financial Hub Cities in Developed Nations
International Mobile Labor Forces
Worldwide Boom and Busts
Rise of Hub Cities

A

Elements of Economic Globalization

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5
Q

Migrant workers (OFW)
Working remotely
Digital nomads

A

International mobile labor forces

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6
Q

refers to the impact on economic activities

A

Worldwide boom and bust

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7
Q

What is the difference between boom and bust?

A

Boom - Positive impact
Bust - Negative impact

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8
Q

What are the pros of Economic Globalization?

A

Cheaper goods

Economies of scale

Increased prosperity

Cheap money

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9
Q

What are the cons of economic globalization?

A

Loss of jobs (developed nations)

Exploitation of developing nations

Overly dependent to international supply chains

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10
Q

Refers to the political cooperation that exist between different countries

A

POLITICAL GLOBALIZATION

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11
Q

The rise of international bodies

The rise of free trade

The rise of multinational agreements

The emergence of the global citizen

A

Features of Political Globalization

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12
Q

refers to the idea that one’s idea transcends geography or political borders (ability to adapt)

A

Global Citizen

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13
Q

Refers to the sharing of ideas and information between through different countries.

A

SOCIO-CULTURAL GLOBALIZATION

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14
Q

Facilitated by ADVANCEMENTS IN COMMUNICATION, TECHNOLOGY, TRADE, AND MIGRATION

A

SOCIO-CULTURAL GLOBALIZATION

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15
Q

The widespread use of international trade in goods, services, capital, technology, and information.

A

The Global Economy

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16
Q

The process of international global economic integration has a significant impact on the dynamics of the global economy.

A

ECONOMIC GLOBALIZATION

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17
Q

Refers to the global economic order that emerged after the end of World War II

A

POST WW II ECONOMIC SYSTEM

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18
Q

What are the two components of the Post WW II Economic System?

A
  1. Bretton Woods System
  2. The Liberalization of International Trade
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19
Q

Established at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire

A

BRETTON WOODS SYSTEM

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20
Q

Contributed to increased global integration and growth of multinational corporations. Caused income inequality, job displacement, and environmental challenges

A

LIBERALIZATION OF INTERNATIONAL TRADE

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21
Q

Provided economic assistance to war-torn European countries to aid their recovery and prevent the spread of communism

A

MARSHALL PLAN

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22
Q

The economy could experience prolonged periods of unemployment and underutilization of resources due to insufficient aggregate demand

A

KEYNESIAN ECONOMICS

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23
Q

What are the six challenges and criticisms of Post WW II Economic System?

A
  1. Inequality
  2. Developing Countries Disadvantaged
  3. Environmental Impact
  4. Labor and Job Displacement
  5. Financial Crisis and Instability
  6. Democratic Deficits
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24
Q
  • Uneven distribution of benefits
  • Exacerbation of income disparities within and between countries
  • Growing concern on concentration of wealth and power in the hands of a few
A

Inequality

25
Q
  • Weakening of democratic
    governance and accountability
  • Decisions affecting economic
    policies, trade agreements,
    and regulations are often
    made by non-elected bodies
    or influenced by powerful interest groups
A

DEMOCRATIC
DEFICITS

25
Q
  • The breakdown of Bretton
    Woods System in 1970s
    resulted in increased
    exchange rate volatility and
    financial disruptions
  • Subsequent financial crises
    exposed vulnerabilities in the
    global financial system
A

FINANCIAL CRISIS
AND INSTABILITY

26
Q
  • Unequal power dynamics
  • Limited opportunities for developing countries
  • System did not adequately address poorer nations’ developmental depends and priorities
A

Developing Country Disadvantaged

26
Q

Companies outsource their production to countries with lower labor standard and wages= job losses and downward pressure on wages

A

Labor and Job Displacement

27
Q

Increased resource extraction, pollution and greenhouse gas emissions= environmental degration and climate change

A

Environmental Impact

28
Q

These structures encompass institutions,
agreements, and systems that facilitate global
trade, finance, investment, and economic cooperation

A

Global Economic Structures

29
Q

Refers to the framework and arrangements
that govern international economic interactions
and shape the global economy.

A

Global Economic Structures

30
Q

It promotes global monetary cooperation, financial stability, and sustainable economic growth.

A

International Monetary Fund (IMF)

31
Q

What are the TWO important functions of IMF?

A
  1. Surveillance
  2. Financial Assitance
32
Q

provides financial and technical assistance to developing countries.
Main goal: to alleviate poverty and promote economic development

A

World Bank (WB)

33
Q

What are the FIVE INSTITUTIONS of World Bank?

A

1.International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

34
Q

The original and largest institution within the World Bank
Group. Provides loans and development assistance to middle- income and creditworthy low-income countries.

A

International Bank for Reconstruction and Development (IBRD)

35
Q

Focuses on providing financial support to the world’s poorest countries. It offers grants and low-interest or zero-interest loans to low-income countries that often face significant development challenges.

A

International Development Association (IDA)

36
Q

Institution within the WB group that promotes private sector investment in developing countries. It provides investment financing and advisory services to private companies.

A

International Finance Corporation (IFC)

37
Q

It provides political risk insurance and credit enhancement to investors and leaders in developing countries. It helps promote foreign direct investment (FDI) by offering guarantees against non-commercial risks.

A

Multilateral Investment Guarantee Agency (MIGA)

38
Q

An arbitration institution that provides a forum for resolving investment disputes between foreign investors and host countries. It offers a neutral and impartial platform for settling disputes through arbitration and conciliation procedures.

A

International Centre for Settlement of Investment Disputes (ICSID)

39
Q

International organization that oversees global trade rules and resolves trade disputes among member countries.

A

World Trade Organization (WTO)

40
Q

Founded on January 1, 1995

A

World Trade Organization (WTO)

41
Q

Established as a result of the Uruguay Round of multilateral trade negotiations(1986-1994)

A

World Trade Organization (WTO)

42
Q

What are the two MAIN TASKS of WTO?

A

to promote and facilitate international trade

42
Q

What are the two PRIMARY TASKS

A
43
Q

reduction of trade barriers (tariffs and non-tariff barriers), liberalization of trade in services, and the protection of intellectual property rights.

A

Negotiating trade agreements

44
Q

WTO ensures that countries comply with their obligations and commitments under these agreements, monitor trade policies, and review member countries’ trade practices.

A

b. Administering and implementing trade agreements

45
Q

agreements between countries or regions that aim to facilitate trade and economic cooperation within a specific geographic area.

A

Regional Trade Agreements (RTAs)

46
Q

engage in foreign direct investment, establish global supply chains and play a crucial role in global trade and production.

A

Multinational Corporations (MNCs)

47
Q

Factors that Affect the Global Economy

A
  1. MACROECONOMIC POLICIES
  2. TRADE AND GLOBALIZATION
  3. FINANCIAL MARKETS AND INSTITUTIONS
  4. TECHNOLOGY AND INNOVATION
  5. DEMOGRAPHICS
  6. NATURAL RESOURCES AND ENVIRONMENTAL FACTORS
  7. POLITICAL AND GEOPOLITICAL FACTORS
48
Q

Monetary policies, including interest rate adjustments and quantitative easing) can influence borrowing costs, inflation rates, and investment levels. Fiscal policies, including taxation, government spending, and budget deficits, impact economic growth, employment, and public finances.

A

MACROECONOMIC POLICIES

49
Q

Globalization has expanded trade, created global supply chains, and allowed for the cross-border movement of labor, capital, and technology.

A

TRADE AND GLOBALIZATION

50
Q

Financial institutions provide liquidity, credit, and investment opportunities that influence economic activity.

A

FINANCIAL MARKETS AND INSTITUTIONS

51
Q

Access to and adoption of technology play a critical role in economic competitiveness and development

A

TECHNOLOGY AND INNOVATION

52
Q

Aging populations can strain social security systems, impact labor
markets, and spending patterns.
affect consumer
Demographic trends also influence workforce availability, productivity, and economic growth potential.

A

DEMOGRAPHICS

53
Q

Access to and management of natural resources can significantly impact economic development and global trade.

A

NATURAL RESOURCES AND ENVIRONMENTAL FACTORS

54
Q

Political stability, governance, and geopolitical developments can shape the global economy.
Trade disputes, geopolitical tensions, and conflicts can disrupt supply chains, hinder investments, and create uncertainity.

A

POLITICAL AND GEOPOLITICAL FACTORS

55
Q
A

CONTEMW (4 decks)

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