Lession 1-3 (reset 2) Flashcards
Challenges of the 21st century includes 8
- emerging technologies
- health care
- overpopulation
- climate change
- poverty
- illiteracy
- disease
- migration
_______ are more interdependent today than they used to be; they have more social, economic, political and cultural relationships.
Societies
Studying the outside world is a cure to ____ or an _____ that is limited to one’s immediate community
parochialism
outlook
A person who is concerned only with his/her family, village, or even country is _____
parochial
The _______ immemorial.person is, thus, close-minded
parochial
Much has changed since time _______
immemorial.
Human beings have encountered many changes over the last century in their ________ and ______
social relationships
social structures
The reality and ______of globalization makes us see ourselves as part of what we refer to as the global age
omnipresence
The ____, allows a person from the Philippines and even outside the world to know what is happening to the rest of the world simply by browsing Google
internet
The _______ also allows for connections among people, communities, and countries all over the world.
mass media
_____ is a trans-planetary process or set of processes involving increasing liquidity and the growing multidirectional flows of people, objects, places and information as well as the structures they encounter and create that are barriers to, or expedite, those flows.
Globalization
Globalization is a ________or set of processes involving increasing_______ and the growing_______ of people, objects, places and information as well as the ______ they encounter and create that are barriers to, or expedite, those flows.
trans-planetary process
liquidity
multidirectional flows
structures
The ______is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Globalization
Countries have built______ to facilitate these movements over many centuries
economic partnerships
But the term gained popularity after the ____ War in the early ____positive phenomenons, as these cooperative arrangements shaped modern everyday life
Cold
1990
some view globalization as a _______
positive phenomenon
Swedish Journalist ____saw globalization as the process of world shrinkage, of distance getting shorter, things moving closer.
Thomas Larsson
In order for us to better understand the concept of globalization, we will utilize _______.
metaphors
_____ make use of one term to help us better understand another term
Metaphors
There are 2 state of Metaphors:
solid and liquid
______ refers to barriers that prevent or make difficult movement of things.
Solidity
____ can either be natural or man-made.
solids
Man-made barriers include the Great Wall of China and the Berlin Wall. An imaginary line such as the nine-dash line used by the People’s Republic of China in the claim to the South China Sea is an example of modern man-made ____.
solid
____ as state of matter, takes the shape of its container
Liquid
Moreover, liquids are not ___.
fixed
______ , therefore, refers to the increasing ease of movement of people, things, information, and places in the contemporary world
Liquidity
______ ideas were the ones that have much to say about the characteristic of liquidity
Zygmunt Bauman’s
This means that ____and____ are crucial elements of globalization
time
space
For example, videos uploaded on YouTube or Facebook are unstoppable once they become viral. This is an ecample of?
Liquid/ Liquidity
This brings us to what ____ (2015) regarded as the most important characteristics of liquid: “it tends to melt whatever stands in its path (especially solids).
Ritzer
_____ are the movement of people, things, places and information brought by growing “porosity” of global limitations .
Flows
Think of different foreign cuisines being patronized and consumed by the Filipinos. Aside from local dishes, many of us are fond of eating sushi, ramen, hamburger and French fries- foods introduced by us by foreign cultures. Clearly, foods are being globalized. This is an example of?
Flow
. As ______, (2008) put it:” global financial system, national borders are porous.” This means that a financial crisis in a given country can bring ramifications to other regions in the world.
Landler
The International Monetary Fund (IMF) regards “________” as a historical process representing the result of human innovation and technological progress
economic globalization
It is characterized by the increasing integration of economies around the world through the movement of goods, services, and capital across borders.
economic globalization
The _______ refers to the interconnected worldwide economic activities that take place between multiple countries
global economy
The global economy comprises several characteristics, such as (4):
- Globalization
- International Trade
- The Bretton Wood System
- Neoberalism
________ describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration, and transportation
Globalization
Due to the_______ and _______, domestic economies have become cohesive, leading to an improvement in their performances.
global economy
globalization
______ is considered to be an impact of globalization.
International trade
It refers to the exchange of goods and services between different countries, and it has also helped countries to specialize in products which they have a comparative advantage in
International Trade
This is an economic theory that refers to an economy’s ability to produce goods and services at a lower opportunity cost than its trade partners
International Trade
The oldest known international trade route was the _______
Silk Road
_______ isglobaa network of pathways in the ancient world that spanned from China to what is now Middle East and to Europe
Silk Road
However, while the Silk Road was international, it was not truly “_____” because it had no ocean routes that could reach the American continent
global
A more open trade system emerged in ______when, following the lead of the United Kingdom, the United States and other European nations adopted the gold standard at an international monetary conference in Paris
1867
The countries thus established a common basis for currency prices and a fixed exchange rate system-all based on the value of _____
GOLD.
Despite facilitating simpler trade, the gold standard was still a very ______World War I,, as it compelled countries to back their currencies with fixed gold reserves
restrictive system
During ______ when countries depleted their gold reserves to fund their armies, many were forced to abandon the gold standard
World Wat 1
Since European countries had low gold reserves, they adopted _____ currencies that were no longer redeemable in gold
floating
Returning to a pure standard became more difficult is the global economic crisis called _______ started during the 1920s and extended up to the 1930s, further emptying government coffers
THE GREAT DEPRESSION
Today, the world economy operates based on what are called ____ currencies
fiat
____ are currencies that are not backed up by precious metals and whose value is determined by their cost relative to other currencies
Fiat
This system allows government to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit.
FIAT currencies
Approximately 730 delegates representing 44 countries met in________in July 1944 with the principal goals of creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth
Bretton Woods
Approximately 730 delegates representing 44 countries met in Bretton Woods in _______ with the principal goals of creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth
July 1944
The Bretton Woods Agreement also created two important organizations
- International Monetary Fund (IMF)
- World Bank
The primary designers of the Bretton Woods System were the famous British economist ________ and American Chief International Economist of the U.S. Treasury Department _________.
John Maynard Keynes
Harry Dexter White
_____ hope was to establish a powerful global central bank to be called the ______ and issue a new international reserve currency called the ______.
Keynes’
Clearing Union
bancor
White’s plan envisioned a more ________and a greater role for the U.S. dollar, rather than the creation of a new currency. In the end, the adopted plan took ideas from both, leaning more toward White’s plan
modest lending fund
_________ is a policy model that encompasses both politics and economics and seeks to transfer the control of economic factors from the public sector to the private sector.
Neoliberalism
Many ________policies enhance the workings of free market capitalism and attempt to place limits on government spending, government regulation, and public ownership.
Neoliberalism
Neoliberalism is related to_______, a school of thought that prescribes a minimal amount of government interference into the economic issues of individuals and society
laissez-faire economics
Neoliberalism is sometimes confused with ________
libertarianism
However, ______ typically advocate for more government intervention into the economy and society than _______
neoliberals
libertarianism.
________ usually favor progressive taxation, _____shocky therapyoften eschew this stance in favor of schemes like a flat tax rate for all taxpayers.
neoliberals
libertarians
Russia’s case was just one example of how the “_______” of neoliberalism did not lead to the ideal outcomes predicted by economists who believed in perfectly free markets.
shocky therapy
The beneficiaries of global commerce have been mainly _______ and not governments
TRANSATIONAL CORPORATIONS (TNCs)
The term “________” refers to countries lowering their labor standards, including the protection of workers’ interests, to lure in foreign investors seeking high profit margins at the lowest cost possible.
race to the bottom
______ is the exchange of goods and services integrated into a huge single global market
Global economy
