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
skeptics of contemporary globalization
hirst and thompson
basic difference between an internationalized economy and a strictly global community acc to Hirst and Thompson
economic outcomes are determined wholly by world market forces and by the internal decisions of transnational companies
rise of textile industry
1720s
discovery and widespread use of the steam engine happened during ______
second half of 18th century
richest regions
- US
- Canada
- Australia
- New Zealand
poorest region
Africa
10 points of the Washington Concensus
- 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
developed the concept of unequal exchange
Emmanuel
claims that exchange (the surface phenomenon) cannot be separated from production
Amin
possessed roughly 2/3 of world GDP in 1700
Asia
possessed 1 quarter of world GDP
West
2 main fields of economic globalization
- finance
- trade
One of the major driving forces of the process of globalization
economic dimension
interconnected dimensions of economic globalization
- Globalization of trade of goods and services
- Globalization of financial and capital markets
- Globalization of technology and communication
- Globalization of technology and communication
refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders
economic globalization
economic globalization is a historical process and the result of _____ and _____
- human innovation
- technological progress
extension of economic activities of nation states across borders
internalization
“An Inquiry into the nature and causes of the wealth of nations” was written by ____ in 1776
Adam Smith
greatest achievements in human history according to Adam Smith
- Discovery of America by Christopher Columbus in 1942
- Discovery of the direct sea route to India by Vasco de Gama
Relatively short period before World War I
golden age of globalization
golden age is characterized by:
- relative peace
- free trade
- financial and economical stability
Considered to be a myth; and believed to foster universal economic growth and development
contemporary globalization
Cluster of theories that share the idea that North and South are in a structural relationship one to another
structuralism
created the dramatically diverging historical level of wages in the economic arena of the world system
capitalism
capitalism is a historical _____
social system
product of the world capitalist system which has perpetuated unequal exchange
imperialism
imperialism is a ____ adopted by leading capitalist nations
conscious policy
created political structures that guaranteed an endless appropriation and accumulation of surpluses from the poor to the emerging and the advanced industrialized countries
modern capitalist system
main task is to facilitate cross-border transactions, especially trade and investment
International monetary systems
British economist who proposed and recommended an ‘international clearing union’
John Maynard Keynes
a kind of global bank, along with the introduction of bancor
international clearing union
bancor is a new unit of ______
account
became excessively overvalued vis-à-vis major currencies
dollar
Focuses on the centrality of “globalization” and “market” in globalism
globalization is about the liberalization and integration of markets
- 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
globalization is inevitable and irreversible
- 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
nobody is in charge of globalization
- 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.
globalization benefits everyone
seeks to create classless society
communism
Contains 17 tenets and must be long term and not just a simple patch of problems
sustainable development goals
A simple exchange of products (w/ no respect to the value)
barter system
Distrust of the other nation state to the US which caused the American dollar to collapsed
triffin paradox
float of currency
g-system
current monetary system
G system
Process of applying fast-food services
to the societal structure
mcdonaldization
Excessive consumption of goods and
services
hyperconsumption
Huge debt due to overconsumption
hyperdebt
contracting out specific business functions or processes to external providers.
Outsourcing
a network of entities and activities involved in the creation and delivery of products or services to consumers.
supply chain
