Reading 3 Flashcards
is economic globalization a new phenomenon?
no
six claims of globalization
- Globalization is about the liberalization and global integration of markets
- Globalization is inevitable and irreversible
- Nobody is in charge of globalization
- Globalization benefits everyone in a long run
- Globalization further the spread of democracy in the world
- Globalization requires a global war on terror
17 sustainable development goals
- No Poverty.
- Zero hunger.
- Good health and well-being
- Quality education
- Gender equality
- Clean water and sanitation
- Affordable and clean energy.
- Decent work and clean work
- Industry, innovation and infrastructure
- Reduced inequalities
- Sustainable cities and communities
- Responsible consumption and production.
- Climate action
- Life below water
- Life on land
- Peace, justice and strong institution
- Partnership for the goals.
inner peace, tranquility and individual achieve his acceptance
peace
makes individual prone to danger
terrorism
didn’t satisfy the need of an individual
disturbance
tendency of group members to become more alike overtime
convergence
convergence in business terms =
company’s culture
tendency of group members to become less like other group members over time
divergence
set of internationally agreed rules, convections and supporting institutions that facilitate international trade, cross border investment and generally the relocation of capital between states that have different currency
international monetary system
- Monetary system where a country’s currency or paper money has a value directly linked to gold
- Countries agreed to convert paper money into a fixed amount of gold
gold standard
Required a currency peg to the U.S dollar which has in turn pegged to the price of gold
bretton woods system
bretton woods system collapsed during the ____
1970s
Different production companies and labor groups on the different parts of the world
international production network
Only product, doesn’t provide other services
global commodity chain
includes everything from making a product before it’s ready to sell, to all the services related to the product
global value chain
exchanging of goods of service without using money
barter
unending wants of people
economic process
It states that in productive processes, increasing a factor of production by one unit, while holding all other production factors constant, will at some point return a lower unit of output per incremental unit of input1.
law of deminishing return
law of deminishing return is a ______
principle in economics
1st currency
gold bar
conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies
triffin paradox
series of economic measures implemented by U.S
nixon shock
Instead of being fixed to a single currency, all currencies will float and compete with each other
g-system
g-system _____ at this moment
exists
- capitalist, control production, dictate consumers to buy
- have the capacity to process/manufacture raw materials
core
agricultural economies, control of raw materials but no capacity to process into products
periphery
they have raw materials and has the capacity to manufacture but not yet complete
semi-periphery
The _______ instructs the _______ to provide raw materials at a low cost, which are then transformed into new products and sold at a higher price either in the origin country of the raw products or other nations.
- core
- periphery
refers to the process by which principles of the fast-food industry, such as efficiency, predictability, and control, have come to dominate almost every aspect of our lives
mcdonaldization
a de facto dollar standard
smithsonian agreement