TCW MIDTERM Flashcards
the interaction of people, states, or countries through the growth of the international flow of money, ideas, and culture
Globalization
“Globalization is the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring far away, and vice versa”
Who is the author of this
Anthony Giddens
“Globalization as the compression of the world and the intensification of consciousness of the world as a whole”
Who is the author of this
Roland Robertson
“Globalization refers to a multidimensional set of social processes that create, multiply, stretch, and intensify worldwide social interdependencies and exchanges while at the same time fostering in people a growing
awareness of deep”
Who is the author of this
Manfred Steger
widespread belief that the global integration of economic markets is beneficial for everyone as it spreads
freedom and democracy across the world
Globalism
International Monetary Fund (IMF) identified four basic aspects of Globalization
What are they
Trade and Transactions
Capital and Investment
Migration of People
Dissemination of Knowledge
Countries opened their ___________ and removed trade barriers such as tariffs to allow imported goods to enter their _________
fill in blanks
- economies
- market
Indicators of globalization
List them
Interdependence of countries
Environmental issues
Advancement in science and technology
Economic, Political, and Cultural Globalization
______________ makes it possible to cross and move from one place to another in a short period of time
fill in blank
Transportation
Goods and services are accessible almost everywhere and anywhere through the help of _________ media. ___________ market do not monopolize trade
fill in blanks
- digital
- Domestic
ADVANTAGES OF GLOBALIZATION
List them
-Free Trade- open economy
-Global Cooperation
-Economic Productivity
-Multiculturalism and Multilingualism
-Cultural education and exchanges
-Migration and diversification of workers and companies
DISADVANTAGES OF GLOBALIZATION
List them
-Linguistic Hegemony of English
-Third World Dependency on the First World
-Wealth inequality rich vs. poor
-Racism and anti-migrant sentiments
-Exploitation of underdeveloped countries
-Environmental issues and unethical business practices
What are the 2 debates on Globalization
Anti-globalization
Alter-globalization
They want globalization to end
Globalization only favors the first world countries over third-world countries
It favors corporations over the needs of the citizens and communities
Profit-seeking rather than sustainable
development
What is this
Anti-globalization
Favors the current system of globalization
Improve globalization to make it more humane, pro-environment, and grassroots-driven
What is this
Alter-globalization
concerned with transnational trade, the opening of markets, and cutting down on trade restrictions
global economy
The spread of __________ across national borders with limited restrictions by the government
fill in blank
capitalism
The prices of the (different) products in different locations follow a similar pattern over a long period of time
True or False (whats correct answer if false)
False - same
Ancient Silk Road – from china to old Roman Empire (Italy)
True or False (whats correct answer if false)
True
Mercantilism - is a form of economic nationalism that sought to (decrease) the power of a nation through restrictive trade practices
True or False (whats correct answer if false)
False - increase
(1900’s – 1920’s) – The world experienced global economic crisis “Great Depression”
True or False (whats correct answer if false)
False - 1920’s - 1930’s
In the 1970s, the Organization of Petroleum Exporting Countries (OPEC) (quadrupled) the price of oil and OPEC nations deposited their wealth in commercial banks
True or False (whats correct answer if false)
True
John Williamson coined the term Washington Consensus in (1989)
True or False (whats correct answer if false)
True
The Asian Financial crisis started on (Taiwan) in July 1997 and rippled across East Asian Countries
True or False (whats correct answer if false)
False - Thailand
Why was the Thai Baht unpegged from the US dollar
they lacked reserves ro back up their currency
In (2008), the Lehman Brothers declared bankruptcy
True or False (whats correct answer if false)
True
Who developed the word systems theory
Immanuel Wallerstein
According to the world systems theory, what is the world divided into
Core
Semi Periphery
Periphery
External
Powerful, wealthy, and independent countries
Financially dominant and highly industrialized
Core
The economies may be diverse, but they do not have much power in international trade.
The goal is to become a core country
Semi-periphery
Dependent on other countries in terms of military and economy
Least diverse economy and not highly industrialized
Workers are exploited and work for other countries
Periphery
(IMF) are created by one or more countries subject to international law.
True or False (whats correct answer if false)
False - (IFI) International Financial Institutions