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The Contemporary World > Reading 3 > Flashcards

Reading 3 Flashcards

1
Q

is economic globalization a new phenomenon?

A

no

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2
Q

six claims of globalization

A
  • 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
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3
Q

17 sustainable development goals

A
  • 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.
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4
Q

inner peace, tranquility and individual achieve his acceptance

A

peace

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5
Q

makes individual prone to danger

A

terrorism

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6
Q

didn’t satisfy the need of an individual

A

disturbance

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7
Q

tendency of group members to become more alike overtime

A

convergence

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8
Q

convergence in business terms =

A

company’s culture

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9
Q

tendency of group members to become less like other group members over time

A

divergence

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10
Q

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

A

international monetary system

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11
Q
  • 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
A

gold standard

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12
Q

Required a currency peg to the U.S dollar which has in turn pegged to the price of gold

A

bretton woods system

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13
Q

bretton woods system collapsed during the ____

A

1970s

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14
Q

Different production companies and labor groups on the different parts of the world

A

international production network

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15
Q

Only product, doesn’t provide other services

A

global commodity chain

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16
Q

includes everything from making a product before it’s ready to sell, to all the services related to the product

A

global value chain

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17
Q

exchanging of goods of service without using money

A

barter

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18
Q

unending wants of people

A

economic process

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19
Q

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.

A

law of deminishing return

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20
Q

law of deminishing return is a ______

A

principle in economics

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21
Q

1st currency

A

gold bar

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22
Q

conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies

A

triffin paradox

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23
Q

series of economic measures implemented by U.S

A

nixon shock

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24
Q

Instead of being fixed to a single currency, all currencies will float and compete with each other

A

g-system

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25
Q

g-system _____ at this moment

A

exists

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26
Q
  • capitalist, control production, dictate consumers to buy
  • have the capacity to process/manufacture raw materials
A

core

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27
Q

agricultural economies, control of raw materials but no capacity to process into products

A

periphery

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28
Q

they have raw materials and has the capacity to manufacture but not yet complete

A

semi-periphery

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29
Q

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.

A
  • core
  • periphery
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30
Q

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

A

mcdonaldization

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31
Q

a de facto dollar standard

A

smithsonian agreement

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32
Q

skeptics of contemporary globalization

A

hirst and thompson

33
Q

basic difference between an internationalized economy and a strictly global community acc to Hirst and Thompson

A

economic outcomes are determined wholly by world market forces and by the internal decisions of transnational companies

34
Q

rise of textile industry

A

1720s

35
Q

discovery and widespread use of the steam engine happened during ______

A

second half of 18th century

36
Q

richest regions

A
  • US
  • Canada
  • Australia
  • New Zealand
37
Q

poorest region

A

Africa

38
Q

10 points of the Washington Concensus

A
  • fiscal policy discipline
  • effective public spending
  • tax reform
  • competitive exchange rates
  • trade liberalization
  • financial market (interest rate) liberalization
  • liberalization of foreign direct investment
  • privatization
  • deregulation
  • security of property rights
39
Q

developed the concept of unequal exchange

A

Emmanuel

40
Q

claims that exchange (the surface phenomenon) cannot be separated from production

A

Amin

41
Q

possessed roughly 2/3 of world GDP in 1700

A

Asia

42
Q

possessed 1 quarter of world GDP

A

West

43
Q

2 main fields of economic globalization

A
  • finance
  • trade
44
Q

One of the major driving forces of the process of globalization

A

economic dimension

45
Q

interconnected dimensions of economic globalization

A
  • Globalization of trade of goods and services
  • Globalization of financial and capital markets
  • Globalization of technology and communication
  • Globalization of technology and communication
46
Q

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

A

economic globalization

47
Q

economic globalization is a historical process and the result of _____ and _____

A
  • human innovation
  • technological progress
48
Q

extension of economic activities of nation states across borders

A

internalization

49
Q

“An Inquiry into the nature and causes of the wealth of nations” was written by ____ in 1776

A

Adam Smith

50
Q

greatest achievements in human history according to Adam Smith

A
  • Discovery of America by Christopher Columbus in 1942
  • Discovery of the direct sea route to India by Vasco de Gama
51
Q

Relatively short period before World War I

A

golden age of globalization

52
Q

golden age is characterized by:

A
  • relative peace
  • free trade
  • financial and economical stability
53
Q

Considered to be a myth; and believed to foster universal economic growth and development

A

contemporary globalization

54
Q

Cluster of theories that share the idea that North and South are in a structural relationship one to another

A

structuralism

55
Q

created the dramatically diverging historical level of wages in the economic arena of the world system

A

capitalism

56
Q

capitalism is a historical _____

A

social system

57
Q

product of the world capitalist system which has perpetuated unequal exchange

A

imperialism

58
Q

imperialism is a ____ adopted by leading capitalist nations

A

conscious policy

59
Q

created political structures that guaranteed an endless appropriation and accumulation of surpluses from the poor to the emerging and the advanced industrialized countries

A

modern capitalist system

60
Q

main task is to facilitate cross-border transactions, especially trade and investment

A

International monetary systems

61
Q

British economist who proposed and recommended an ‘international clearing union’

A

John Maynard Keynes

62
Q

a kind of global bank, along with the introduction of bancor

A

international clearing union

63
Q

bancor is a new unit of ______

A

account

64
Q

became excessively overvalued vis-à-vis major currencies

A

dollar

65
Q

Focuses on the centrality of “globalization” and “market” in globalism

A

globalization is about the liberalization and integration of markets

66
Q
  • Explores globalism’s use of deterministic language
  • Discusses the idea of historical inevitability and its challenges
  • Examines the shift in emphasis after the 9/11 attacks
A

globalization is inevitable and irreversible

67
Q
  • Explores the concept of the self-regulating market in relation to globalization.
  • Discusses the idea that no one is in control of globalization.
  • Highlights globalism’s adaptability and ideational flexibility.
  • Reflects on the concept of globalization as an ideology
A

nobody is in charge of globalization

68
Q
  • Examines the idea of benefits for everyone in the context of globalization.
  • Provides examples of positive aspects of globalization as benefits.
  • Highlights globalists’ use of scientific language to support their
    claims.
  • Raises questions about conflicting empirical assessments.
A

globalization benefits everyone

69
Q

seeks to create classless society

A

communism

70
Q

Contains 17 tenets and must be long term and not just a simple patch of problems

A

sustainable development goals

71
Q

A simple exchange of products (w/ no respect to the value)

A

barter system

72
Q

Distrust of the other nation state to the US which caused the American dollar to collapsed

A

triffin paradox

73
Q

float of currency

A

g-system

74
Q

current monetary system

A

G system

75
Q

Process of applying fast-food services
to the societal structure

A

mcdonaldization

76
Q

Excessive consumption of goods and
services

A

hyperconsumption

77
Q

Huge debt due to overconsumption

A

hyperdebt

78
Q

contracting out specific business functions or processes to external providers.

A

Outsourcing

79
Q

a network of entities and activities involved in the creation and delivery of products or services to consumers.

A

supply chain

The Contemporary World (3 decks)

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