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The Contemporary World > (P) L2: The Global Economy (Book-based) > Flashcards

(P) L2: The Global Economy (Book-based) Flashcards

1
Q

Defined as the historical process, result of human innovation

A

Economic globalization

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2
Q

Other names for economic globalization

A

Global economy/World economy

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3
Q

Shangquan (2000) attributes this to cross-border trades, flow of capital, and wide/rapid spread of technology

A

Economic globalization

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4
Q

Definition of Economic globalization as the historic process, result of human innovation is given by whom?

A

International Monetary Fund (2008)

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5
Q

Cross-border trading can be best illustrated by partnership with which countries?

A

China, Australia, US

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6
Q

The flow of international capital can be observed in what?

A

Foreign direct investment (FDI)

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7
Q

Defined as the type of investment in which a company establishes a business in another country

A

FDI

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8
Q

The corporation as good example of having FDI stated in the book?

A

Toyota Motor Philippines

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9
Q

It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders

A

Economic Globalization

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10
Q

Economic Globalization refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders

This definition is given by whom/which organization?

A

International Monetary Fund (2008)

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11
Q

Econ globalization can be traced from the time when there was economic movement in Asia, Africa, and Europe through what?

A

Silk road

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12
Q

Silk Road connected which places?

A

East (particularly China) and the West

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13
Q

Who identifies four interconnected dimensions of the `economy?

A

Benczes (2014)

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14
Q

What are the four dimensions of the economy?

A
  1. Globalization of trade of goods and services
  2. Globalization of financial and capital markets
  3. Globalization of technology and communication
  4. Globalization of products
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15
Q

The globalization of trade of goods and services is demonstrated in the establishment of which organization?

A

World Trade Organization (1995)

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16
Q

Which country emerged as the major supplier and exporter of manufactured goods in the context of globalization of trade of goods and services?

A

China

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17
Q

Increasing number of business process outsourcing refers` to which dimension of economy?

A

Trade of good and services

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18
Q

Cross-listing of shares on one or more foreign stock exchange, cross heading and diversification of portfolio, round the clock trading worldwide refer to which dimension of economy?

A

Financial and capital markets

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19
Q

Various transactions and interactivities that transpire due to the internet and communication technology refer to which dimension of the economy?

A

Technology and communication

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20
Q

Existence of MNCs and TNCs are manifestation of which dimension of the economy?

A

Product

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21
Q

Whose definition of economic globalization is the most fitting?

A

Szentes’

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22
Q

T or F: The world economy is no longer controlled by the nation-states but must be seen from a global context

A

True

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22
Q

Refers to making the world economy an organic system by extending transnational economic processes and relations to more and more countries

A

Economic globalization

23
Q

T or F: Price movement is only affected by the Tax Reform for Acceleration and Inclusions

A

False (also affected by the peso-US dollar exchange which is affected by the global market)

24
Q

What are the two international economy’s interest rate that affect the global market?

A

European Union (EU) and United States Federal Government’s interest rate

25
Q

What are the two actors that facilitate economic globalization?

A

Nation-states and Global corporations

26
Q

T or F: Globalization does not have any effect on the nation-states’ role as managers of the national economy

A

False (it redefines it)

27
Q

Which acts as a buffer to the negative effects of globalization?

A

Nation-states

28
Q

Who describes the government as the midwives?

A

Brodie, 1996

29
Q

T or F: Nation-states are still relevant in assuming a global perspective and act as mediators between the effects of globalization and national economy

A

True

30
Q

According to this person, nation-states ceased to exist as the primary economic organization unit in the global market

A

Ohmae, 1995

31
Q

Because of this, national products, technology, and corporations become obsolete

A

Global corporations

32
Q

Example of MNCs in context of globalization of product

A

Coca-Cola Company and Toyota Motor Corporation

33
Q

These corporations have expanded outside their home country and become the main driving force of economic globalization accounting for 2/3rds of the world exports (Gereffi, 2005)

A

San Miguel Corp and Jollibee Foods Corp

34
Q

This corporation only manufactures syrup concentrates and sells them to different countries

A

Coca-Cola company

35
Q

This corporation has subsidiaries in Japan and other parts of the world

A

Toyota Motor Corp

36
Q

When did Toyota started selling millions of vehicles?

A

1998

37
Q

This is one of the actors that facilitate economic globalization; internationally agrees rules, conventions, and institutions for facilitating international trade, investments, and flow of capital

A

International Monetary System (IMS)

38
Q

What are the three global IMS?

A
  1. Gold standard
  2. Bretton Woods System
  3. European Monetary System (EMS)
39
Q

This IMS functions as a fixed exchange rate regime with gold as the only reserve

A

Gold standard

40
Q

This IMS has US dollar as the only convertible currency

A

Bretton Woods System

41
Q

T or F: The countries agreed to adopt the dollar-exchange standard

A

False (gold-exchange)

42
Q

International Bank for Reconstruction and Development is now known as what?

A

World Bank

43
Q

This bank is responsible for post-war reconstruction

A

World Bank

44
Q

This aims to promote international financial cooperation and strengthen international trade

A

IMF

45
Q

This IMS came about after the collapse of the Bretton Wood System

A

European Monetary System (EMS)

46
Q

This IMS was successful in stabilization process of exchange rate

A

European Monetary System

47
Q

This IMS promoted the establishment of European Economic and Monetary Union (EMU)

A

EMS

48
Q

T or F: Restricting flow of goods might affect the relationship between states

A

True

49
Q

T or F: According to WB, economic globalization does not have any effect to poverty

A

False (it reduces it)

50
Q

T or F: Econ globalization allows only local distribution of incomes

A

False (worldwide distribution)

51
Q

T or F: Economic globalization creates mutual independence between developing an developed countries

A

False (mutual dependence)

52
Q

T or F: Econ globalization unites the world as the sources of goods and services are exploited

A

False teh

53
Q

T or F: Econ globalization benefits all nation

A

False

54
Q

T or F: Economic globalization creates inequality according to expertise, experience, and skills

A

True

55
Q

When was WTO established?

A

1995

The Contemporary World (19 decks)

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