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2ND SEM-MIDTERM > SOCSCI:2.1&2.2 > Flashcards

SOCSCI:2.1&2.2 Flashcards

1
Q

_________ the process by which countries’ economies become increasingly interwoven and affected by each other.

A

Global Economy

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2
Q

_________ the sum of activities that take place both within a country and between different countries.

A

Global Economy

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3
Q

This happens with the increased flow of:
- goods (trade)
- foreign direct investment
- money (finance), and/or
- people (migration)

A

Global Economy

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4
Q

_______ consider as the big helpers in the world of money and finance.

A

Bretton Woods Institutions

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5
Q

_________ made up of the World Bank Group and the International Monetary Fund (IMF), and they were set up back in 1944 to helpGlobal Economy

A

Bretton Woods Institutions

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6
Q

_______ fancy way of saying all the big banks and money organizations, including the World Bank, the European Bank for Reconstruction and Development (EBRD), and the IMF.

A

International Financial Institutions

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7
Q

________ are like big banks that lend money to governments for major projects or to help them manage their finances.

A

International Financial Institutions (IFIs)

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8
Q

__________: Policies imposed on countries by the IMF, World Bank and various regional development banks, as part of their loan conditionality

A

Structural Adjustment Policies (SAPS):

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9
Q

_____________:Large loans made by the World Bank or IMF to countries which may carry strict financial and budgetary obligations or required economic reforms intended to open the borrowing country’s economy to private investment and increase their competitiveness in the global economy

A

Structural Adjustment Loans (SALS):

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10
Q

________: Economic policies and criteria that countries must follow in order to obtain loans from IFIs.

A

Conditionality

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11
Q

______: is when a portion of a country’s debt is cancelled.

A

Debt relief

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12
Q

_________ refers to the money required to pay the principal and interest on an outstanding debt for a particular period of time.

A

Debt service

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13
Q

true or false: When countries borrow money from the World Bank, they usually get a grace period of about 5 years before they have to start paying it back, and then they repay the loan over the next 15 to 20 years.

A

true

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14
Q

___________:Outlines the program of policy reforms and projects for which the World Bank provides loans.

A

Country Assistance Strategy (CAS)

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15
Q

___________ is like a roadmap created by the World Bank to guide its support for a particular country. This strategy outlines the specific policy changes and projects that the World Bank will help fund through loans.

A

Country Assistance Strategy (CAS)

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16
Q

___________: a government’s scores indicate the extent to which it has embraced key recommendations for restructuring which typically include liberalization, privatization, and strict monetary and fiscal policies.

A

Country Policy and Institutional Assessment (CPIA):

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17
Q

Poverty Reduction Strategy (PRS) is key to determining a country’s loan worthiness, the ___________ score carries more weight.

A

Country Policy and Institutional Assessment (CPIA):

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18
Q

__________-:Nationally-formulated economic and social policy strategies to reduce poverty.

A

Poverty Reduction Strategy (PRS)

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19
Q

Document which outlines actions the government intends to take to develop a full _______

A

Interim Poverty Reduction Strategy Paper (IPRSP).

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20
Q

_________ also contains details of intended macroeconomic policy reforms and may also include information on the country’s poverty situation.

A

Poverty Reduction Strategy Paper (PRSP).

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21
Q

__________is like a special loan program offered by the World Bank to support countries that are implementing their Poverty Reduction Strategy Paper (PRSP).

A

The Poverty Reduction Support Credit (PRSC)

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22
Q

The _______ is an international organization of 183 member countries to promote international monetary cooperation and exchange stability; to foster economic growth and high employment; and to provide short-term financial assistance to countries to help ease balance of payments adjustments.

A

IMF

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23
Q

________: a formal letter that a country sends to the IMF, outlining its plans for economic policies and reforms.

A

IMF Letter of Intent

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24
Q

________: a special program by the IMF that gives longer-term financial help to countries that are working to reduce poverty and improve their economies.

A

Poverty Reduction and Growth Facility (PRGF)

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25
Q

________:An arm of the World Bank Group that assists with private sector investments, primarily through mobilizing capital on international financial markets, and by providing technical assistance and advice to governments and businesses in developing countries.

A

International Finance Corporation (IFC)

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26
Q

true or false: The IFC has 174 members investing in 78 countries, with 40 percent of its investments in the financial sector.

A

true

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27
Q

The __________ is like a report card that evaluates how well a government is following certain recommendations for improving its policies and institutions.

A

Country Policy and Institutional Assessment (CPIA)

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28
Q

________:An organization based in Geneva, Switzerland, that monitors international agreements on trade, investment, government procurement, intellectual property and the like

A

World Trade Organization

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29
Q

_________ it operates by consensus of the members, but wealthy members such as the United States and European countries (also called the G-8) have the majority of political clout in negotiations.

A

World Trade Organization

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30
Q

true or False: Currently, more than 140 countries are members of the WTO.

A

true

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31
Q

______ works to ensure that trade between countries flows smoothly and fairly, but the influence of wealthier nations can shape its decisions.

A

WTO

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32
Q

The _________ marks a historical shift in economic organization characterized by private ownership of goods and the means of production, as well as free markets and competition.

A

birth of capitalism

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33
Q

Factors of the birth of capitalism

A
  1. The Protestant Reformation:
  2. Rise of Strong Nation States
  3. The Enlightenment:
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34
Q

__________movement, led by figures like Martin Luther, challenged the authority of the Catholic Church and emphasized individual interpretation of religious texts. As a result, it fostered a spirit of individualism, self-reliance, and entrepreneurship among followers, which laid the groundwork for capitalist ideals such as private property and free enterprise.

A

The Protestant Reformation:

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35
Q

____________:These centralized governments provided stability, established legal frameworks, and protected property rights, creating an environment conducive to economic growth and investment.

A

Rise of Strong Nation States: :

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36
Q

______________: intellectual movement in the 17th and 18th centuries, promoted ideas such as reason, liberty, and progress. Enlightenment thinkers advocated for rational economic principles, such as free trade and market competition, which further fueled the development of capitalist economies.

A

The Enlightenment:

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37
Q

In response to the devastation of the war, three major organizations were proposed and established:

A

International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank,
the International Monetary Fund (IMF),
International Trade Organization (ITO). | World Trade Organization (WTO)

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38
Q

The post-World War II era is marked by two major geopolitical events:

A

, the Cold War and the period of decolonization.

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39
Q

The _________ rivalry between the United States and the Soviet Union led to the division of the world into three main groups of nations:
The first-world consisted of the western democratic industrial nations.
The second-world was made up of the communist nations, and
The third-world, a term still in use today refers to the developing nations.

A

Cold War

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40
Q

________: refers to the process by which colonial powers granted independence to their colonies, allowing them to become sovereign nations
Great Britain decolonize South Asia
France decolonize portion of African states
Portugal granted independence to the last of its colonies

A

DE-COLONIZATION

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41
Q

________meant that these countries fostered the growth of industries that produced goods that were being imported, usually from the former colonialist.

A

Import substitution

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42
Q

_________ refers to an economic strategy adopted by newly independent countries to reduce their reliance on imported goods, particularly those that were previously supplied by their former colonial rulers.

A

Import substitution

43
Q

Under this policy, these countries sought to develop and nurture domestic industries that could produce goods domestically, rather than importing them from abroad. The aim was to replace imported goods with domestically produced alternatives, thereby promoting self-sufficiency and reducing dependence on foreign suppliers.

A

Import substitution

44
Q

________ refer to sudden and significant increases in the price of oil, often resulting from disruptions in oil supply or geopolitical events. These shocks can have far-reaching effects on the global economy, particularly for oil-exporting countries and the international financial system.

A

Oil price shocks

45
Q

The __________ refers to a period of financial turmoil that occurred in the 1980s, primarily affecting developing countries that had accumulated large amounts of debt. The crisis was triggered by a combination of factors, including changes in monetary policy in the United States and the response of developing countries to economic challenges.

A

International Debt Crisis

46
Q

The ________ refers to the frameworks or structures that countries of an economy and governments use to organize and manage their economies.

A

concept of economic systems

47
Q

Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including:

A

Labor
Capital
Entrepreneurs
Physical resources; and
Information resources.

48
Q

What are the Three Basic Economic Systems

A

The traditional economic system
The command (or planned) economic system, and
The market (or freemarket) economic system

49
Q

________ a system where people do things the same way their ancestors did. They follow old customs and traditions passed down from generation to generation. People mostly grow their own food to eat, rather than selling it in stores. They rely on close-knit communities and help each other out.

A

Traditional economy

50
Q

________ are centered on subsistence farming, which means most citizens grow food to feed themselves and their communities, but they do not sell or trade the food.

A

traditional economies

51
Q

_________ the government controls the means of production and determines resource allocation.

A

command economy,

52
Q

__________ Often called a planned or central economy—a central government makes economic decisions.

A

Command Economy

53
Q

__________:people and businesses make their own decisions about what to buy and sell. This means that individuals have the freedom to choose what goods and services they want to buy, and businesses decide what to produce based on what they think people will buy.

A

Market Economy

54
Q

________these systems exist on the premise that freedom of choice and competition drive the economy and benefit society as whole.

A

Market Economy

55
Q

__________ the government is in charge of running everything related to money and business. They decide what things should be made, how much should be made, and who gets what. This means the government controls all the big parts of the economy, like factories, farms, and shops.

A

Planned Economy

56
Q

A __________ is an economic system in which the state or government manages the economy.

A

planned economy or directed economy

57
Q

A _________ may consist of state- owned enterprises, private enterprises directed by the state, or a combination of both.

A

planned economy

58
Q

_________ involves the process of governments or central authorities making decisions about how resources should be allocated within an economy.

A

Economic planning

59
Q

What are the advantages and disadvantages of economic planning

A

Stability:
Conformance to a grand design:
Meeting collective objectives by individual sacrifice:
Comparison with capitalist corporations:

60
Q

What are the disadvantages of economic planning

A

Cannot determine and prioritize social goods better than the market can:
Lack of incentive for innovation:
Infringement on Individual Freedoms:
Suppression of Economic Democracy and Self-Management:
Corruption:

61
Q

true or false: Planned economies and socialism mean the government is heavily involved in how the economy works.

A

true

62
Q
  1. the government is in control of pretty much everything about how the economy works
  2. The government creates a central economic plan
    3.The government allocates all resources according to the central plan
  3. The central plan sets the priorities for the production of all goods and services
  4. The government owns monopoly businesses
  5. The government creates laws, regulations, and directives to enforce the central plan
A

Characteristics of Command Economy

63
Q

Transition from a Planned Economy to a Market Economy
Transition from a Market Economy to a Planned Economy
Government market regulation
Corporate monopoly
The British East India Company is an example of government-granted monopoly
Amalgamated trade unions
Centrally Planned Economy

A

Planned Economies and Socialism

64
Q

the government is in charge of pretty much everything related to money and business.
The government makes the economic decisions.
The government controls all aspects of the economic production.
The government decides how resources are distributed and used.
The government needs to make the decisions.
The government can determine the price of goods and services.

A

Centrally Planned Economy

65
Q

Examples of the most well-known countries with command economies:

A
  1. Belarus
  2. china
  3. cuba
  4. Iran
  5. Libya
  6. North Korea
  7. Russia
66
Q

GLOBAL ECONOMIC CHALLENGES: AN ASSESSMENT OF GLOBAL RISKS AND PRIORITIES

A

Energy and Environmental Security
Conflict and Poverty
Competing in a New Era of Globalization
Global Imbalances
Rise of New Powers
Economic Exclusion in the Middle East
Global Corporations, Global Impact
Global Health Crises
Global Governance Stalemate

67
Q

What are four key points about the new era of global trade:

A
  1. Fast Products: Customers now expect products quickly, leading to a focus on speed in manufacturing and delivery.
  2. Multilayer Global Manufacturing: Manufacturing and supply processes have become more complex, involving multiple layers across the globe.
  3. International E-commerce: Businesses are expanding their reach through online platforms, enabling easier access to global markets.
  4. Repurposing of Goods: There’s a trend towards reusing and repurposing products, contributing to sustainability efforts and reducing waste.
68
Q

WHAT ARE THE IMPACT OF CLIMATE CHANGE ON GLOBAL ECONOMY

A
  1. The Effect on Growth and Inflation
  2. Climate Damage Functions: Quantifying the Impact on Activity
  3. Regional Effects
  4. Policy Responses
69
Q

_________ symbolizes the complex network of interactions between nations, where ideas, goods, and people flow freely across borders, transcending geographical boundaries and political divides.

A

The Global Interstate System

70
Q

The key components of a state include

A

territory, people, government, and sovereignty.

71
Q

_________: This refers to the physical land and boundaries over which the state exercises its authority.

A

Territory

72
Q

_________: The population residing within the territory of a state constitutes its people, may share common characteristics such as culture, language, or nationality, but they are subject to the authority of the state’s government.

A

People

73
Q

_________: The government of a state comprises the institutions and individuals responsible for making and enforcing laws, managing public affairs, and representing the interests of the population. It exercises authority over the people and territory of the state.

A

Government

74
Q

____________: refers to the supreme authority and power of the state to govern itself independently without interference from external sources. It entails the ability to make and enforce laws, control resources, and conduct foreign relations.

A

Sovereignty

75
Q

TRUE OR FALSE:One perfect example of a state is the United States of America (USA). The United States of America is a quintessential example of a modern state, demonstrating effective governance, territorial control, and sovereignty over its population and territory.

A

TRUE

76
Q

________ is a concept based on organic ties that bind groups of people together, fostering a sense of loyalty and belonging. These ties may include shared characteristics such as ethnicity, language, religion, history, or culture.

A

Nation

77
Q

Unlike a state, a _______ does not necessarily have defined territorial boundaries or a centralized government.

A

nation

78
Q

TRUE OR FALSE: One example of a nation is the Palestinian Nation. Palestinians are an Arab people indigenous to the historical region of Palestine, which includes present-day Israel, the West Bank, and the Gaza Strip.

A

TRUE

79
Q

__________ constitutes the foundation upon which a nation-state is built. It encompasses various non-governmental organizations, community groups, advocacy networks, and voluntary associations that operate independently of the state.

A

Civil society

80
Q

____________The unity of the people within a nation-state is grounded in their shared sense of belonging and common identity, which is often shaped by factors such as history, culture, language, religion, and values.

A

Basis of the People’s Oneness:

81
Q

__________ acts as a vital intermediary between the state and the individual citizens, advocating for their rights, holding the government accountable, and fostering democratic participation.

A

Civil society

82
Q

true or false: One perfect example of a nation-state is Japan. Japan is widely regarded as a nation-state because it meets the criteria of having a cohesive nation with a shared ethnicity, language, and culture, all contained within the boundaries of a single sovereign state.

A

true

83
Q

_________ is often advocated as a means to increase efficiency, productivity, and competitiveness in industries previously dominated by government entities. Nation-states may face pressure to privatize state-owned companies and services, including utilities, healthcare, and education, to align with global economic trends.

A

Privatization

84
Q

________ are a central component of globalization, aiming to reduce barriers to trade and investment between nations. Nation-states are frequently urged to participate in FTAs and adhere to their provisions, which typically involve lowering tariffs, quotas, and other trade barriers.

A

Free trade agreements (FTAs)

85
Q

What are the free-market principles:

A

deregulation, privatization, and free trade

86
Q

Globalization, driven by neoliberal ideologies, encourages the _________ of economic activities within nation-states. This entails reducing government intervention and control in various sectors of the economy, allowing market forces to operate more freely. Nation-states may feel compelled to deregulate industries such as finance, telecommunications, and transportation to attract foreign investment and remain competitive in the global marketplace.

A

Deregulation:

87
Q

_______ Another aspect of neoliberal globalization is the promotion of privatization, whereby state-owned enterprises and assets are transferred to private ownership and control.

A

Privatization:

88
Q

________ is often advocated as a means to increase efficiency, productivity, and competitiveness in industries previously dominated by government entities. Nation-states may face pressure to privatize state-owned companies and services, including utilities, healthcare, and education, to align with global economic trends.

A

Privatization

89
Q

______ is a regional trade agreement between the United States, Canada, and Mexico, aimed at promoting economic integration and trade liberalization in North America.

A

NAFTA

90
Q

________ eliminated tariffs and other trade barriers between member countries, facilitating the flow of goods and services across borders and promoting cross-border investment.

A

NAFTA

91
Q

WHAT ARE THE EFECTS OF GLOBALIZATION

A
  1. To empose a forced choice upon nation-states
  2. Establishment of economic and political integration
  3. Establishmet of international laws and principles.
  4. Rise of Transnational Activism (TNA)
  5. Creation of new communications network
92
Q

_________aim to foster strong economic, political, cultural, educational, and technical intergovernmental relationships, serving as platforms for cooperation and coordination among member states

A

Intergovernmental Organizations (IGOs)

93
Q

________ are entities formed by sovereign states through treaties or agreements to address common interests and challenges at the international level.

A

Intergovernmental Organizations (IGOs)

94
Q

Examples of prominent IGOs includes:

A
  1. Association of Southeast Asian Nations (ASEAN)
  2. European Union (EU)
  3. World Trade Organization (WTO)
  4. International Criminal Court (ICC)
  5. North Atlantic Treaty Organization (NATO)
  6. Organization of Petroleum Exporting Countries (OPEC)
95
Q

_________ refers to the systematic, secured, and formulaic management of world affairs, encompassing the totality of norms, laws, practices, and bodies that define, comprise, and facilitate transnational relations between citizens, states, cultures, intergovernmental organizations (IGOs), and non-governmental organizations (NGOs).

A

Contemporary global governance

96
Q

the principal organs of the united nations:

A
  1. General Assembly
  2. Security Council:
  3. Economic and Social Council (ECOSOC)
  4. International Court of Justice (ICJ):
  5. Secretariat:
  6. Trusteeship Council (currently inactive):
97
Q

______were established to promote sustainable development and address key global challenges such as poverty, hunger, disease, and environmental degradation.

A

The Millennium Development Goals (MDGs)

98
Q

________Defines the political scope of globalization. Cooperation among nation-states is the only way to reform and advance the roles and functions of interstate relationships despite real challenges being faced by United Nations

A

Contemporary Global Governance

99
Q

Sustainable Development Goals (SDGs)

A

1: No Poverty
2: Zero Hunger
3: Good Health and Well-Being
4: Quality Education
5: Gender Equality
6: Clean Water and Sanitation
7: Affordable and Clean Energy
8: Decent Work and Economic Growth
9: Industry, Innovation and Infrastructure
10: Reduced Inequalities
11 . Sustainable cities and communities
12: Responsible consumption and production
13: Climate action
14: Life below water
15: Life on land
16: Peace, justice and strong institutions
17: Partnership for the goals

100
Q

________is responsible for maintaining international peace and security.

A

The United Nations Security Council (UNSC)

101
Q

____________is an independent judicial institution established to prosecute individuals accused of the most serious crimes of international concern, such as genocide, war crimes, crimes against humanity, and aggression.

A

The International Criminal Court (ICC)

102
Q

is a foundational document that affirms the inherent dignity and inalienable rights of all individuals, regardless of nationality, ethnicity, religion, or other characteristics.

A

The Universal Declaration of Human Rights (UDHR)

103
Q

________ is an international treaty that establishes the legal framework governing the use of the world’s oceans and seas.

A

United Nations Convention on the Law of the Sea (UNCLOS)

2ND SEM-MIDTERM (9 decks)

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