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CONTEMPORARY > LESSON 3 > Flashcards

LESSON 3 Flashcards

1
Q
  • Is the sum of activities that take place both within a country and between different countries.
A

GLOBAL ECONOMY

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2
Q

EXAMPLES OF GLOBAL ECONOMY

A
  1. Population
  2. Natural resources
  3. Labor
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3
Q

IDENTIFY THE ACTORS THAT FACILITATE ECONOMIC GLOBALIZATION

A
  1. The International Economic and Financial Organizations
  2. International Governmental Organizations (IGOS)
  3. Media
  4. Multilateral Development Banks Nation State
  5. Non-Governmental Organizations (NGOs)
  6. Trans-National Corporations (TNCs)
  7. United Nations (UN) System
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4
Q
  • Provides the structure and funding for many unilateral and multilateral development projects.
A
  1. The International Economic and Financial Organizations
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5
Q
  • Promotes international cooperation among countries.
A
  1. International Governmental Organizations (IGOS)
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5
Q
  • As the world becomes ever more complex and interconnected, access to information must play an increasingly central role in every problem facing development specialists.
A

MEDIA

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6
Q
  • Are international financial institutions owned by countries that provide loans, grants, guarantee, private equity and technical assistance to public and private sector projects in developing countries.
A
  1. Multilateral Development Banks Nation State
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6
Q
  • Refers to a legally constituted organization created with no participation or representation of any government and driven.
A
  1. Non-Governmental Organizations (NGOs)
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7
Q
  • The international production of goods or services, foreign investments, or income and asset management in more than one country
A
  1. Trans-National Corporations (TNCs)
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8
Q
  • Also known as “The Global Community”.
A

THE MODERN WORLD SYSTEM

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8
Q
  • Comprises many funds, programmes and specialized agencies, each of which have their own area of work, leadership and budget.
A
  1. United Nations (UN) System
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8
Q
  • This is facilitated by the spread of modern communications technology but it is much more directly the result of the spread of the economic strategies from the West to the rest of the world.
A

THE MODERN WORLD SYSTEM

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9
Q
  • It is a social system based on wealth and power differentials transcends individual countries.
A

WALLERSTEIN’S WORLD SYSTEM THEORY

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10
Q
  • The world system is not static, a nation can move from one position to another.
A

WALLERSTEIN’S WORLD SYSTEM THEORY

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11
Q
  • The sudden explosion of ideas, resources, products, and so forth that flowed between Europe and the Americas following Columbu’s Discovery
A

Columbian Exchange

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11
Q
  • European justified their colonization to native nations through ethnocentric ideologies that claimed to be helping the natives.
A

White Man’s Burden

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12
Q

saw the development of two distinct classes:
- Bourgeoisie ( the capitalist )
- Proletariat ( laborer )

A

Karl Marx

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13
Q
  • The process of countries connecting and collaborating economically on a global scale.
A

GLOBAL ECONOMIC INTEGRATION

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13
Q
  • It involves the liberalization of trade, investment, and financial flows, as well as the harmonization of regulations and policies between nations.
A

GLOBAL ECONOMIC INTEGRATION

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13
Q
  • It is the economy of all humans of the world,
    considered as the
    international exchange of
    goods and services that is expressed in monetary units of account.
A

GLOBAL ECONOMY

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14
Q
  • is the world economy or the
    worldwide economy.
    It is all the economies of the world (the economy of every country) which we consider together as one economic system.
    Put simply; the GLOBAL
    ECONOMY is one giant entity.
A

GLOBAL ECONOMY

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14
Q
  • In other words, the way in which countries’
    economies have been
    developing to operate
    collectively as one
    system.
A

GLOBAL ECONOMY

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14
Q
  • It is also the system of trade and industry
    across the world that has
    emerged due to
    globalization.
A

GLOBAL ECONOMY

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14
Q
  • is about the extension of economic activities of nation states across borders.
A

Internationalization

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15
Q
  • is functional integration between internationally dispersed activities. That is, a qualitative transformation than just quantitative change.
A

Economic globalization

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16
Q
  • worst economic downturn in the
    history of the industrialized world
A

Great Depression

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17
Q
  • lasted from 1929 to 1939
A

Great Depression

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18
Q
  • depression is a sustained, a long-term downturn in economic activity in on or more economies.
A

depression

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19
Q
  • Considered by some economists, a rare, and extreme form of recession.
A

depression

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20
Q
  • Banks fail – people withdrew funds
A

THE “BUBBLE BURSTS”

20
Q
  • Banks invested in stock market – could not repay loans
A

THE “BUBBLE BURSTS”

20
Q
  • 1933 – 11,000 of nation’s 25,000 banks had failed
A

THE “BUBBLE BURSTS”

21
Q
  • Account not insured
A

THE “BUBBLE BURSTS”

22
Q

– millions lost their savings.

A

THE “BUBBLE BURSTS”

23
Q
  • People lose jobs.
  • Businesses close down or lay off
  • More people lose jobs
A

DOMINO EFFECT

24
Q
  • Formally known as the United Nation Monetary and Financial Conference
A

BRETTON WOODS CONFERENCE

24
Q

_______worsen the great depression.

A
  • World War 2
25
Q
  • It was the gathering of
    730 delegates from all 44
    Allied nations to regulate
    the international monetary
    and financial order after
    the conclusion of World
    War II.
A

BRETTON WOODS CONFERENCE

26
Q
  • , whose purpose was to promote stability of exchange rates and financial flows
A

Articles of Agreement to create the IMF

27
Q
  • , whose purpose was to speed reconstruction after the Second World War and to foster economic development,
    especially through lending to build infrastructure.
A

Articles of Agreement to create the IBRD

28
Q

Three institutions were created, namely:

A
  • International monetary fund
  • World bank
  • General agreement on tariffs and trade
29
Q
  • is an organization of 189 countries, working to foster global monetary cooperation,
    secure financial stability, facilitate
    international trade, promote high
    employment and sustainable economic growth, and reduce poverty around the world.
A

INTERNATIONAL MONETARY FUND

30
Q
  • He foresaw an IMF that
    functioned more like a
    bank, making sure that
    borrowing states could
    repay their debts on time.
A

HARRY DEXTER WHITE

31
Q
  • He imagined that the IMF
    would be a cooperative
    fund upon which member
    states could draw to
    maintain economic activity
    and employment through
    periodic crises.
A

JOHN MAYNARD KEYNES

32
Q
  • Oversees the international monetary system and monitors the economic and financial policies of it’s 189 member countries.
A

Economic Surveillance

33
Q
  • Provides loans to member countries experiencing actual or potential balance of payments problems to help them rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth, while correcting underlying problems.
A

Lending

33
Q
  • To modernize economic policies and institutions and train people.
A

Capacity Development

34
Q
  • Member quotas are the primary source. A member’s quota broadly reflects the size and position in the world economy. A members country’s quota determines its maximum financial commitment to IMF, voting power, and access to IMF financing.
A

IMF RESOURCES

35
Q
  • Is designed to finance projects that enhance the economic development of member states
A

WORLD BANK

36
Q
  • Provides technical assistance and policy advice and supervises—on behalf of international creditors—the implementation of free-market reforms.
A

WORLD BANK

37
Q
  • Together with the International Monetary Fund (IMF) and the World Trade Organization, it plays a central role in overseeing economic policy and reforming public institutions in developing countries and defining the global macroeconomic agenda.
A

WORLD BANK

38
Q
  • “sustainable development,” which attempted to reconcile economic growth and environmental protection in developing countries.
A

WORLD BANK

38
Q
  • Another feature of the concept was its use of capital flows to developing countries as a means of narrowing the income gap between rich and poor countries. The bank has expanded its lending activities and, with its numerous research and policy divisions, has developed into a powerful and authoritative intergovernmental body.
A

WORLD BANK

39
Q

Postwar Trade System

A

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

40
Q
  • An interim agreement signed in 1947
A

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

40
Q
  • WTO was not created until 1994
  • Served as forum for trade negotiations
A

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

41
Q

(Free market policies)

A

NEO- LIBERALISM

42
Q

3 NEO- LIBERALISM (Free market policies)

A
  • Liberalization
  • Deregulation
  • Privatization
43
Q
  • Reduction of restrictions or barriers on the free exchange of goods between nations.
A

LIBERALIZATION

43
Q
  • Reduction and elimination of government power in a particular industry, usually enacted to create more competition within the industry.
A

DEREGULATION

43
Q

(Interventionist, protectionist policies)

A

NEO- MERCANTILISM

44
Q
  • The transfer of ownership, property or business from the government to the private sector.
A

PRIVATIZATION

44
Q

These are restrictions imposed on movement of goods between countries.

A

TARIFF AND NON-TARIFF BARRIER IMPOSITION

45
Q
  • Is a barrier to international trade
A

TARIFF BARRIER

46
Q
  • Includes quotas, embargoes, sanctions, levies, and other restrictions.
A

NON-TARIFF BARRIER

47
Q

5 NEO- MERCANTILISM (Interventionist, protectionist policies)

A
  • Tariff and Non – Tariff Barrier Imposition
  • Tight State Regulation
  • Subsides
  • Import quotas
  • Health and environment Standardization
48
Q

2 TIGHT STATE REGULATION

A

Economic Regulation
Social Regulations

49
Q
  • Refers to rules that limit who can enter a business and what prices they may charge (Price Controls)
A

Economic Regulation

49
Q
  • Refers to the abroad category of rules governing how any business or individual carries out its activities, with a view to correcting one or more “market failures”.
A

Social Regulations

50
Q
  • Funds provided by a government to enable firms to reduce prices and encourage an increase price and demand.
A

SUBSIDIES

50
Q
  • Branch of public health concerned with all aspects of the natural and build environment affecting human health.
A

HEALTH AND ENVIRONMENT STANDARDIZATION

50
Q
  • Are “non-tariff barriers” used limit imports of a particular products.
A

IMPORTANT QUOTAS

51
Q
  • A trade and economic policy which advocates replacing foreign imports with domestic production.
A

IMPORT SUBSTITUTION

CONTEMPORARY (8 decks)

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