INTS Midterm Flashcards
What is the Political Trilemma of the World Economy?
A country must choose between democracy, national sovereignty, and hyper-globalization
This concept is central to Dani Rodrik’s argument about the trade-offs nations face.
What example illustrates the sacrifice of sovereignty for economic integration?
The European Union
The EU member states have ceded some degree of national sovereignty to facilitate economic cooperation.
What are the limits of hyper-globalization according to Rodrik?
Unrestricted global markets lead to financial instability
This is exemplified by the 2008 Financial Crisis.
What alternative globalization model allowed trade growth while maintaining policy control?
Bretton Woods system
This system provided a framework for international monetary cooperation.
True or False: Some argue that globalization can strengthen democracy if properly regulated.
True
This perspective suggests that thoughtful regulation can enhance democratic institutions.
What are two real-world applications of prioritizing sovereignty over economic integration?
- U.S.-China Trade War
- Brexit
Both examples highlight countries choosing national interests over deep economic ties.
What does Daron Acemoglu argue about capitalism and economic outcomes?
Capitalism doesn’t follow universal ‘laws’; historical and institutional contexts shape outcomes
This argument refutes Marx’s prediction of capitalism’s collapse.
What barriers to development are identified by Rodrik?
- Weak institutions
- Global trade inequalities
- Economic colonialism by multinational corporations
These factors hinder progress in developing countries.
What are two success stories of state-led industrialization?
- South Korea
- China
Both countries have successfully implemented state-led models to boost their economies.
What are the main causes of the contemporary global refugee crisis?
- War & conflict
- Economic collapse
- Climate change
These factors drive significant migration patterns.
What challenges do host nations face regarding refugees?
- Political backlash
- Economic strain on social services
These challenges can create tensions within host countries.
According to Wallerstein, how is the world economy divided?
- Core Nations
- Semi-Periphery
- Periphery
This categorization helps explain global economic dynamics.
How do core nations exploit periphery nations?
By extracting wealth through raw material exploitation
An example is African countries exporting raw coffee beans while Europe profits from processed coffee.
True or False: Some argue that globalization has enabled periphery nations to develop.
True
An example is China’s rise as a significant global player.
Fill in the blank: Globalization creates _______ but also inequality.
[economic growth]
This highlights the dual nature of globalization’s impact.
What does capitalism shape according to Acemoglu and Wallerstein?
World economic systems
Their analyses provide insights into the interplay between capitalism and global economics.
What drives migration and refugee movements according to Bazirake?
Economic, political, and climate crises
These factors are interconnected and contribute to global migration trends.
What intersection does migration and refugees have with global issues?
Global inequality
Migration often reflects broader global disparities.
What is globalization?
Globalization is the process of increased interconnectedness and interdependence among countries, primarily in economic, cultural, and political spheres.
True or False: Globalization has only positive effects on local economies.
False
What is economic inequality?
Economic inequality refers to the unequal distribution of income and opportunity between different groups in society.
Fill in the blank: The __________ theory explains how global economic disparities are maintained through historical and structural conditions.
dependency
What does the World System Theory propose?
World System Theory proposes that there is a world economic system that transcends individual countries and is divided into core, semi-periphery, and periphery nations.
Which countries are typically classified as core nations in World System Theory?
Core nations are typically developed countries with strong economies and technological advancements, such as the United States, Germany, and Japan.
True or False: Dependency Theory argues that developing countries are dependent on developed countries for economic growth.
True
What is the refugee crisis?
The refugee crisis refers to the large-scale displacement of people fleeing conflict, persecution, or disasters, often leading to humanitarian emergencies.
Multiple Choice: Which of the following is a direct consequence of globalization? A) Increased cultural exchange B) Decreased trade C) Isolation of nations D) None of the above
A) Increased cultural exchange
What are some factors contributing to economic inequality?
Factors include unequal access to education, healthcare, employment opportunities, and systemic discrimination.
Fill in the blank: According to World System Theory, periphery nations are often exploited for their __________.
resources
True or False: Economic inequality is solely a national issue.
False
What role do multinational corporations play in globalization?
Multinational corporations drive globalization by investing in and operating across multiple countries, influencing local economies and labor markets.
Multiple Choice: Which of the following is NOT a potential impact of the refugee crisis? A) Strain on host countries B) Increased cultural diversity C) Economic growth in host countries D) Rise in xenophobia
C) Economic growth in host countries
What is one criticism of dependency theory?
One criticism is that it oversimplifies the complexities of economic relationships and ignores the potential for development within peripheral nations.
Fill in the blank: Globalization can lead to __________ of local cultures.
homogenization
True or False: The concept of ‘global citizenship’ is promoted by globalization.
True
What is one way to measure economic inequality?
Economic inequality can be measured using the Gini coefficient, which quantifies income distribution within a population.
Multiple Choice: Which of the following is a core nation? A) Brazil B) Nigeria C) Canada D) Bangladesh
C) Canada
What is a primary cause of the refugee crisis?
Primary causes include armed conflict, persecution based on race, religion, or political beliefs, and natural disasters.
Fill in the blank: The __________ model suggests that economic development is hindered by external forces and dependence.
dependency
True or False: Globalization has no effect on local job markets.
False
What is the relationship between globalization and economic inequality?
Globalization can exacerbate economic inequality by benefiting wealthier nations and individuals while marginalizing poorer ones.
Multiple Choice: Which of the following best describes the semi-periphery in World System Theory? A) Economically advanced B) Underdeveloped C) Emerging economies D) None of the above
C) Emerging economies
What is a common response of host countries to the influx of refugees?
Common responses include implementing immigration policies, providing humanitarian aid, and facing social and economic challenges.
What is neoliberalism?
Neoliberalism is an economic and political ideology that emphasizes free markets, deregulation, and reduction in government spending.
True or False: Neoliberalism advocates for increased government intervention in the economy.
False
Fill in the blank: Neoliberalism is often associated with the policies of ______ and ______ in the late 20th century.
Ronald Reagan, Margaret Thatcher
What is market fundamentalism?
Market fundamentalism is the belief that free markets can solve all economic and social problems without government intervention.
Multiple Choice: Which of the following is a core principle of neoliberalism? A) State ownership of industries B) Free trade C) Increased regulation D) Universal healthcare
B) Free trade
What does market colonialism refer to?
Market colonialism refers to the imposition of free market principles on developing countries, often undermining local economies and cultures.
True or False: Neoliberal policies have been universally beneficial for all economies.
False
Fill in the blank: Neoliberalism often leads to increased ______ and ______ inequality.
economic, social
What role do international financial institutions play in neoliberalism?
International financial institutions like the IMF and World Bank promote neoliberal policies through loans and structural adjustment programs.
Multiple Choice: Which of the following is NOT a characteristic of neoliberalism? A) Privatization B) Deregulation C) Protectionism D) Free trade
C) Protectionism
What is the relationship between neoliberalism and globalization?
Neoliberalism promotes globalization by advocating for free trade and open markets across borders.
True or False: Neoliberalism supports strong social safety nets.
False
Fill in the blank: Neoliberalism often results in the ______ of public services.
privatization
What is the impact of neoliberalism on labor rights?
Neoliberalism often weakens labor rights by promoting flexible labor markets and reducing protections for workers.
Multiple Choice: Which ideology is often contrasted with neoliberalism? A) Socialism B) Capitalism C) Feudalism D) Mercantilism
A) Socialism
What is one criticism of market fundamentalism?
One criticism is that it overlooks the social and environmental consequences of unregulated markets.
Fill in the blank: Market colonialism can lead to the ______ of local cultures and economies.
erosion
True or False: Neoliberalism has been embraced by both left and right political parties.
True
What is the role of technology in neoliberalism?
Technology is often seen as a driver of efficiency and innovation, facilitating market expansion and competition.
Multiple Choice: Which of the following is a potential negative outcome of neoliberal policies? A) Economic growth B) Increased inequality C) Job creation D) Improved public services
B) Increased inequality
What does the term ‘austerity measures’ refer to in the context of neoliberalism?
Austerity measures refer to policies aimed at reducing government deficits through spending cuts, often impacting social services.
Fill in the blank: Neoliberalism often prioritizes ______ over social welfare.
profit
What is the significance of deregulation in neoliberalism?
Deregulation is significant as it reduces governmental control over markets, allowing for greater competition and market forces to dictate outcomes.
True or False: Neoliberalism encourages local entrepreneurship and small businesses.
False
What is a common argument made by proponents of neoliberalism?
Proponents argue that neoliberal policies lead to economic growth and increased efficiency in markets.
What is import substitution?
Import substitution is an economic policy that advocates for replacing foreign imports with domestic production.
True or False: Import substitution is primarily associated with free trade policies.
False
Fill in the blank: Import substitution is often implemented in response to __________.
trade deficits
Which of the following is a potential benefit of import substitution? A) Increased domestic employment B) Decreased local production C) Greater dependence on foreign goods
A) Increased domestic employment
What economic system is most closely associated with import substitution policies?
Capitalism
