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Skool sux > SOCSCI 032 (Global Economy) > Flashcards

SOCSCI 032 (Global Economy) Flashcards

1
Q

It is the economy of all humans of the world, considered as the international exchange of goods and services that is expressed in
monetary units of account.

A

Global Economy

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2
Q

The global economy is ___

A

World Economy, it is one big entity

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3
Q

Is about the extension of economic activities of nation states across borders.

A

Internationalization

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4
Q

Is functional integration between internationally dispersed
activities.

A

Economic globalization

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5
Q

What type of transformation is Economic Globalization?

A

A qualitative transformation, not a quantitative change

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6
Q

What continents does the silk road connect?

A

Asia, Africa, Europe

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7
Q

When did Christopher Columbus discover America?

A

1492

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8
Q

Who discovered the direct sea route to India?

A

Vasco de Gama

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9
Q

What were the first MNC’s?

A

British and Dutch East India Companies.

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10
Q

What does MNC’s mean?

A

Multinational Corporation

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11
Q

What was the worst economic downturn in the history of the industrialized world?

A

Great Depression from 1929-39

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12
Q

What is (economic) Depression?

A

Is a sustained, a long-term downturn in economic activity in on or .more economies.

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13
Q

What do economists consider Depression to be?

A

A rare and extreme form of recession

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14
Q

By 1933 how many of the nation’s banks have failed?

A

11,000 out of 25,000

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15
Q

What is buying on margin?

A

Paying a small % of a stock’s price and borrowing the rest.

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16
Q

What caused the Great Depression?

A
  1. Over Production
  2. Decrease in Customer Spending
  3. Overspeculation
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16
Q

When did WW2 occur?

A

1939-1945

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17
Q

What is the formal name of the Bretton Woods Conference?

A

United Nations Monetary and Financial Conference

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18
Q

It was the gathering of delegates from all Allied nations to regulate the international monetary and financial order after the conclusion of World War II.

A

Bretton Woods Conference

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19
Q

How many delegates appeared and how many Allied nations were there?

A

730 delegates from all 44 Allied Nations

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20
Q

Where did the Bretton woods conference take place?

A

New Hampshire, USA

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21
Q

When did the US send invitations to the Allied Countries?

A

May 25, 1944

21
Q

What does the following acronyms mean?
IMF
IBRD
GATT
WTO

A

International Monetary Fund
International Bank for Reconstruction and Development
General Agreement on Tariffs and Trade
World Trade Organization

22
Q

When was “A Joint Statement by Experts on the Establishment of an International Monetary Fund” Published?

A

April 21, 1944

22
Q

The 2 VIP’s in the Bretton Woods Conference

A

John Maynard Keynes
Harry Dexter White

23
Q

What is the IMF?

A

is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable
economic growth, and reduce poverty around the world.

24
Q

When was the IMF conceived and formally introduced?

A

Conceived on July 1944 and came into formal existence on December 27 1945

25
Q

How many members did the IMF have by the end of 1946?

A

39

26
Q

When did the IMF begin operations?

A

March 1, 1947

27
Q

Who was the first borrower of the IMF?

A

France on May 8, 1947

28
Q

He foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time.

A

Harry Dexter White

29
Q

He imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises.

A

John Maynard Keynes

30
Q

How does the IMF get its resources?

A

Member Quotas

30
Q

IMF’s Fundamental Mission

A
  1. Economic Surveillance
  2. Lending
  3. Capacity Development
31
Q

What is a Member Quota?

A

It broadly reflects the size and position in the world economy.
A members country’s quota determines its maximum financial commitment to IMF, voting power, and access to IMF financing.

32
Q

This was designed to finance projects that enhance the
economic development of member states.

A

World Bank

33
Q

When was GATT signed?

A

1947

34
Q

When was WTO created?

A

1994

35
Q

Examples of Neo Liberalism

A

Liberalization
Deregulation
Privatization

35
Q

What is Neo-liberalism?

A

Free market policies

35
Q

What is Neo-mercantilism?

A

Interventionist, protectionist policies

36
Q

Examples of Neo-mercantilism?

A

Subsidies
Tariffs
Import Quotas

37
Q

Reduction of restrictions or barriers on the free exchange of goods between nations.

A

Liberalization

38
Q

Reduction and elimination of government power in a particular industry, usually enacted to create more competition within the industry.

A

Deregulation

39
Q

The transfer of ownership, property or business from the government to the private sector.

A

Privatization

40
Q

These are restrictions imposed on movement of goods between
countries.

A

Tariff and Non-tariff Barrier Imposition

41
Q

What’s the difference between Tariff and Non-tariff Barrier Imposition?

A

Tariff Barrier is a barrier to international trade.
Non-tariff Barrier includes quotas, embargoes, sanctions, levies, and other restrictions.

42
Q

Refers to rules that limit who can enter a business and what prices they may charge

A

Economic Regulation

43
Q

Refers to the abroad category of rules governing how any business or individual carries out its activities, with a view to correcting one or more “market failures”.

A

Social Regulations

44
Q

Funds provided by a government to enable firms to reduce prices and encourage an increase price and demand.

A

Subsidies

45
Q

These are “non-tariff barriers” used to limit imports of a particular products.

A

Import Quotas

45
Q

This is the branch of public health concerned with all aspects of the natural and build environment affecting human health.

A

Health and Environment Standardization

46
Q

A trade and economic policy which advocates replacing foreign imports with domestic production.

A

Import Substitution

47
Q
A

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