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TCW 101 | The Contemporary World > Midterm Reviewer > Flashcards

Midterm Reviewer Flashcards

1
Q

Globalization is a multi-dimensional set of social processes that generate and increase “worldwide social interdependencies and exchanges while at the same time fostering people a growing awareness of deepening connections between the local and the distant

A

Globalization as a process

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2
Q

Globality is a social condition characterized by trans-planetary connectivity and supra-territoriality.

A

Globalization as a condition

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3
Q

______ is a social condition characterized by trans-planetary connectivity and supra-territoriality.

A

Globality

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4
Q

Globality is a social condition characterized by __________ and ___________.

A

trans-planetary, supra-territoriality

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5
Q

6 core claims of Globalization as an Ideology

A
  1. It is about liberalization
  2. It is inevitable and irreversible
  3. Nobody is in charge of it
  4. It benefits everyone
  5. It furthers the spread of democracy
  6. It requires a global war on terror
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6
Q

Globalization is virtually synonymous with the birth and spread of ________
- Immanuel Wallerstein

A

world capitalism

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7
Q

Core countries according to the World Systems Paradigm

A

Western Europe, North America, Japan

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8
Q

Semi-Periphery countries according to the World Systems Paradigm

A

China, Middle East

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9
Q

Periphery countries according to the World Systems Paradigm

A

Latin America, Africa, Eastern Europe, Asia

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10
Q

Globalization is a novel stage in the evolving system of world capitalism

A

Global Capitalism Paradigm

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11
Q

focuses on new global production and financial system

A

Global Capitalism Paradigm

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12
Q

emphasizes the rise of processes that cannot be framed within the nation-state/iinter-state system

A

Global Capitalism Paradigm

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13
Q

3 Planks of global Capitalism

A

Transnational Production, Transnational Capitalists, Transnational State

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14
Q

Globalization is caused by technology and technological changes
- Manuel Castells

A

The Network Society School of Thought

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15
Q

According the The Network Society School of Thought, Globalization is _________

A

New Economy

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16
Q

New economy is: _____, _____, _____

A

informational, global, networked

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17
Q

World class cities of major production, finances or coordinating of the world economy

A

World Cities

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18
Q

What are the three world cities?

A

New York, London, Japan

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19
Q

the local has been globalized

A

glocalization

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20
Q

________ is an umbrella concept encompassing a wide variety of transformative processes, practices and developments that take place simultaneously at the local level and global level.

A

Transnationality

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21
Q

religion, ethnicity, consumerism, language & tourism

A

The Global Village

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22
Q

fast-food restaurant dominating the world

A

McDonaldization

23
Q

Coordinates the allocation and distribution of scarce resources

A

Economic System

24
Q

The Bretton Woods Conference is formally known as the __________.

A

United Nations Monetary and Financial Conference

25
Q

The Bretton Woods Conference:

Delegates from _____ countries agreed on the two international economic organizations _______, ________.

A

44, International Monetary Fund (IMF), World Bank

26
Q

Created after The Bretton Woods Conference

A

General Agreement on Tariffs and Trade (GATT)

27
Q

“keystone international economic organizations (KIEOs)”

A

The Bretton Woods Institution

28
Q

When was the International Monetary Fund created?

A

1945

29
Q

Its function is to provide short-term loans to prevent devaluation and retain the state’s fixed exchange rate in instances of the temporary balance of payment deficits.

A

International Monetary Fund

30
Q

IMF has since been dominated by the _____ and has been much criticized for marginalizing the _____ and failing to include emerging economies in its decision making

A

West, South

31
Q

Its function in international trade was to reduce trade barriers and provide a rules-based system that enabled fair and predictable trade.

A

General Agreement on Tariffs and Trade (GATT)

32
Q

The _____ operates as a multilateral trading system, meaning that its rules apply to all its members and that negotiations are conducted among all members.

A

World Trade Organization

33
Q

A complex whole of agreements, rules, institutions, mechanisms and policies regarding exchange rates of international payment and the flow of capital.

A

International Monetary System

34
Q

It is a monetary system in which the value of money is determined by two different metals.

A

Bimetallism

35
Q

What were the two metals that determine the value of money?

A

Gold and Silver

36
Q

It is a monetary system in which the value of a country’s currency or paper money is directly linked to gold.

A

Classical Gold Standard

37
Q

Recessions, banking crises, the Great Depression, and the rise of fascism defined the 1920s and 1930s. Exchange rates were largely floating and protectionism was on the rise.

A

Interwar Period

38
Q

Types of exchange rate system

A

Managed float system of exchange rate

Free floating exchange rate system

39
Q

A system in which exchange rates are allowed to fluctuate between days within a certain range before the central bank intervenes to adjust them.

A

Managed Flow System

40
Q

A flexible exchange rate system determined solely by market forces of demand and supply of foreign and domestic currency, with no government intervention, is known as clean or pure float.

A

Free Floating Exchange Rate System

41
Q

Are one-sided, non-reciprocal trade preferences granted by developed countries to developing ones, with the goal of helping them to increase exports and spur economic development

A

Unilateral Agreement

42
Q

is a trade agreement established between three or more countries with the intention of reducing barriers to trade, such as tariffs, subsidies, and embargoes, that limit a nation’s ability to import or export goods.

A

Multilateral Agreement

43
Q

“one of the most legalized international institutions in the world”

A

World Trade Organization

44
Q

It was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939.

A

The Great Depressioin

45
Q

The Great Depression began after the _________ of October 1929, which sent Wall Street into a panic and wiped out millions of investors

A

stock market crash

46
Q

Regarded as the founder of modern macroeconomics

A

John Maynard Keynes

47
Q

an international non-profit organization designed to increase the political and economic cooperation among its member countries

A

United Nations

48
Q

it is the main deliberative, policy-making and representative organ of the UN as it represents the 193 member states of the UN.

A

General Assebly

49
Q

It serves as the gateway of the United Nations’ partnership with the rest of the world for the coordination, policy review, dialogue, recommendations, and implementations of international development goals.

A

Economic and Social Council (ECOSOC)

50
Q

It is assigned of supervising the administration of Trust Territories placed under the International Trusteeship System.

A

Trusteeship Council

51
Q

The Trusteeship Council is made up of the 5 permanent members of the Security Council which are:

A

China, France, Russian Federation, Great Britain, and the United States

52
Q

it is the principal judicial organ of the UN.

A

International Court of Justice

53
Q

It has a primary responsibility, under the UN Charter, for the maintenance of international peace and security.

A

Security Council

54
Q

It carries out the substantive and administrative work of the United Nations as directed by the General Assembly, the Security Council and the other organs

A

Secretariat

TCW 101 | The Contemporary World (1 decks)

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