reset for week 4 Flashcards
Broadens financial services and investment opportunities for
consumers.
market integration
Increases competition, leading to better services and pricing.
market integration
Acts as a risk-sharing mechanism within domestic economies.
market integration
Helps smooth out economic and financial cycles.
market integration
Enhances risk diversification, improving financial stability
market integration
Emerged in the 1950s and 1960s to understand economic and
social development.
Modernization Theory
Used in policymaking to guide transitions in poorer nations.
Modernization Theory
Explains global stratification through technological and cultural
differences.
Modernization Theory
Key Historical Events that Shaped
Modernization (2)
- The ColumbianExchange (Post-1492)
- The Industrial Revolution (18th–19th Century
Exchange of goods, technology, education,
and diseases between the Americas and
Europe.
The Columbian Exchange
The Columbian Exchange is exchange of goods, technology, education,
and diseases between the ________ and
__________.
Americas
Europe
Benefits for europe during the columbian Exchange (2)
- New agricultural staples (potatoes, tomatoes) → Population growth
- Strengthened the merchant class and increased trade
opportunities.
Consequences for native Americans during the columbian Exchange (2)
- Devastating disease outbreaks (smallpox, measles)
- Over 80% of Native populations perished within 150 years
Effects on Africa & Asia during the columbian Exchange (1)
- European expansion aided by the discovery of quinine (malaria treatment).
Introduction of steam power & mechanization, replacing manual labor
The Industrial Revolution
Initially benefited the wealthy, but eventually improved overall living standards.
The Industrial Revolution
Countries that industrialized saw economic growth; those that didn’t lagged behind
The Industrial Revolution
Barrier to growth during the “The Industrial Revolution” (2)
1.Tension between tradition and technology.
2. Societies deeply rooted in family systems and traditions were more resistant to change
Why Did Europe Modernize First? (because of)
- Max Weber’s Protestant Work Ethic Theory
Max Weber’s Protestant Work Ethic Theory (3)
- Protestant Reformation encouraged a progressoriented mindset
- Financial success seen as a sign of virtue and hardwork.
- Individualism replaced communalism, fostering innovation and economic growth.
Protestant Reformation encouraged a ________
progressoriented mindset
Financial success seen as a sign of _____ and ______
virtue
hardwork
