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test 2 Flashcards

1
Q

What is socialism?

A

Equality. The state owns and controls all capital used in the production of goods and services. All citizens share equally in profit

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2
Q

What are examples of socialism?

A

Public welfare and public education

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3
Q

What is communism? (communism comes from Karl Marx/Marxism)

A

Econimc & political system where working class owns and control all capital used in the production of goods & services. Everyone works toward the same common goal; no wealthy or poor, all equal community distributes what is produces based on need.

Downsides are low production, mass poverty, limited advancement. Ex: poverty spread in 1980s in USSR and population revolted

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4
Q

What is capitalism?

A

Economic & political system where almost all capital is owned and controlled privately and incentives for increasing social wealth are directly linked to a personal desire to increase one’s own fortune. Government acts a watchdog to prevent abuses. Employment, education, and healthcare are private concerns.

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5
Q

Who was the founder of the IMF & World Bank?

A

John Maynard Keynes 1944

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6
Q

What was the Bretton conference?

A

44 countries gathered to create IMF and World Bank in 1944 after WW2

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7
Q

What is the IMF?

A

The International Monetary Fund oversees a system of fixed exchange rates that tie the value of a country’s currency to the US dollar to keep exchange rates stable to encourage global trade. It was provides short term loans to countries struggling to pay debts

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8
Q

What is the World Bank?

A

It gives financial assistance to countries and focuses on funding for development in poor countries

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9
Q

How many members of are there in the World Bank & IMF?

A

189 countries

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10
Q

What is mercantilism? (economic system)

A

Economic policy designed to maximize exports and minimize imports. Regulated by gov’t. Exporting everything without importing anything

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11
Q

What are some consequences of colonialism?

A

Capital drained, exploitation, corruption, berlin conference, ethnic & religious rivalries, specialized resources, European style gov’t (kipling’s white man’s burden)

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12
Q

What must states have in order to prosper?

A

Captial

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13
Q

What are the 3 forms of capital?

A

Goods, services, and money

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14
Q

What are the 4 factors of production?

A

land, labor, organization, capital

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15
Q

How do we generate capital?

A

economic productivity, trade, loans & aid

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16
Q

What is a foreign direct investment FDI?

A

Building companies in a country

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17
Q

What is foreign portfolio investment FPI?

A

Investing in the stock of a country

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18
Q

What is ODA?

A

office development assistance

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19
Q

What is protectionism?

A

A trade barrier where policies are designed to minimize imports

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20
Q

What are some forms of protectionism?

A

tariffs, quotas, subsidies

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21
Q

What is the origin of the gaps between the MDC and the LDC?

A

Colonialism because the colonial powers determined how capital moved

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22
Q

What are tariffs?

A

tax on the import

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23
Q

what are quotas?

A

limit of import & export

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24
Q

What are subsidies?

A

money extended to some industries to help them face competition. (Local producers are more competitive on global market)

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25
Q

What is colonialism?

A

Political, economic, and social system where a group of people, the core dominant group, control the political and economic lives of another group of people

26
Q

What were the dominant colonial groups before WW2 around 1920s-30s? (the colonial power states)

A

Great Britain, France, Spain

27
Q

What were the dominated groups in the early 1900s before WW2 (the periphery states)?

A

India, Argentina, Kenya

28
Q

When did colonialism start?

A

The Greeks & Romans controlled colonies in the ancient world, and the Chinese/Japanese controlled colonies in the Asia Pacific

29
Q

When did Europe colonize most of the world’s population?

A

1500-1900s Europe colonized England, France, Belgium, Germany, Holland (Netherlands), Portugal, etc

30
Q

What are some characteristics of colonialism? 1800s

A

Mercantilist trade policies and slave trade

31
Q

What were some negative impacts of colonialism?

A
  1. Great power states protected industries in their home state but extracted profits from their tier colonies (Boston tea party & Gandhi are examples of rebels against this policy)
  2. Colonizers ignored traditional native claims to property and created plantations for sugar, coffee, tobacco, cotton, and rice
  3. 9-15 million Africans were taken from Africa to the Americas as slaves to make plantations possible (1860)
32
Q

What are conventional weapons?

A

tanks, combat helicopters, fight jets, small arms, light weapons like pistols, grenades, and missle llaunchers

33
Q

What are weapons of mass destruction?

A

chemical, biological, and nuclear weapons. Device with tremendous explosive power based on atomic fission (atomic bomb). Examples are the 1945 Hiroshima and Nagasaki atomic bombs by Truman, which marked arms races between US and soviet union during cold war 1960s.

34
Q

What are chemical weapons of mass destruction?

A

They work by spreading poisons like mustard gas and nerve gas Sarin. They are popular with terrorists and cheap to make. Examples are mustard gas used in WW1 injuring 1 million in 1917, chemical weapons in Iran/Iraq war in 1980s killing soldiers, 1995 religious Japanese cult used nerve gas Sarin against civilians in Tokyo subway, 2013 Syrian military used chemicals against separatist fighters killing rebels & civillians

35
Q

What are biological weapons?

A

They are more lethal and destructive bacteria, viruses, and fungi used to cause illness and kill. Examples are Anthrax used in the cold war and anthrax used in 9/11 terrorist attacks.

36
Q

Why build weapons of mass destruction?

A

For security and prestige. The standoff between India and Pakistan was for security, while Libya used them to gain political influence.

37
Q

What is the Iran case study?

A

The Iran nuclear agreement, formally known as the Joint Comprehensive Plan of Action (JCPOA), is a landmark accord reached between Iran and several world powers, including the United States, in July 2015. Under its terms, Iran agreed to dismantle much of its nuclear program and open its facilities to more extensive international inspections in exchange for billions of dollars’ worth of sanctions relief.

Signed in 2015 by Iran and several world powers, including the United States, the JCPOA placed significant restrictions on Iran’s nuclear program in exchange for sanctions relief.

President Trump withdrew the United States from the deal in 2018, claiming it failed to curtail Iran’s missile program and regional influence. Iran began ignoring limitations on its nuclear program a year later. The deal has been in jeopardy since.

In retaliation for the U.S. departure and for deadly attacks on prominent Iranians in 2020, including one by the United States, Iran has resumed some of its nuclear activities.

In 2021, President Joe Biden said the United States will return to the deal if Iran comes back into compliance, though Iran’s leaders have insisted that Washington lift sanctions first. Iran has been stockpliling uranium and plutonium since Trump broke the deal.

five permanent members of the UN Security Council (China, France, Russia, the United Kingdom, and the United States) and Germany—collectively known as the P5+1. The European Union also took part.

The P5+1 wanted to unwind Iran’s nuclear program to the point that if Tehran decided to pursue a nuclear weapon, it would take at least one year, giving world powers time to respond. Heading into the JCPOA negotiations, U.S. intelligence officials estimated that, in the absence of an agreement, Iran could produce enough nuclear material for a weapon in a few months.

The fate of the deal is uncertain currently.

38
Q

What has been done to prevent WMD?

A

2005 Bush launched war on terror to prevent proliferation of WMD

2009 Obama negotiated nuclear deal with Iran for a world w/o nuclear weapons

2016 Trump withdrew from Iran nuclear deal & attempted face to face negotiations with North Korea’s Kim Jong

Biden plans to reinstate nuclear Iran deal

Partial Test Ban Treaty (1963)

  • Treaty for the Prohibition of Nuclear Weapons in Latin America and the Caribbean(1967)
  • Treaty on the Non-Proliferation of Nuclear Weapons (NPT) (1968)
  • International Atomic Energy Agency (1989)
  • The first Strategic Arms Limitation Treaty (SALT I) (1972)
  • The Anti–Ballistic Missile (ABM) Treaty (1972-2002)
  • Comprehensive Nuclear-Test-Ban Treaty (1996)
  • Treaty on a Nuclear-Weapon-Free Zone in Central Asia (2006)
39
Q

Why do states focus on military security?

A
  1. Anarchy of the International System: Absence of some overarching power in the international system. In an anarchic state, there is no hierarchically superior, coercive power that can resolve disputes, enforce law, or order the system of international politics.
  2. Balance of power: states are more concerned with relative gains rather than absolute gains
  3. Lack of trust: fear of cheating •
  4. Security Dilemma
40
Q

What is the security dilemma?

A

It is a spiral model due to the anarchy of the Int. system. A state increases security by increasing its military strength, committing to use weapons or making alliances, which lead other states to respond with similar measures, which increases tension among states and creates conflict, even when no side really desires it.

41
Q

What are the types of weapons proliferation?

A

Proliferation is the rapid increase in the number and destructive capability of armaments.

Vertical proliferation: the development and stockpile of armaments in one country. More weapons = more conflicts. more weapons = cuts in social welfare spending.

Horizontal proliferation: the spread of weapons or weapons technology across country borders.

42
Q

Who is the largest exporter of conventional weapons?

A

The U.S. is the largest exporter of arms, had nearly 50% of its 2017 sales spread across just five countries, of which four are in the Middle East.

43
Q

Who is Karl Marx?

A

german philopspher & scholar who write the communist manifesto in 1847. He is what communism & socialism are based on. Soviet union based their system on his ideas. Argues that capitalists exploit working class; richer become richer/poor become poorer. Argue that only goal of capitalists was to produce more, consume more, earn more (idea of consumption); ruling class/rich own means of production

44
Q

What are examples of colonialsm?

A

China loans money to Africa and has businesses there, leading to influence over Africa –> Africa is source of resources and labor for china because business is more profitable to be manufactured there (outsourced)

45
Q

What are the Hayek & Keynes models?

A

Hayek: bottom up laissez fare capitalism where govt intervention increases inflation; market will fix itself; hands off approach

Keynes: top down, believes unregulated capitalism leads to recessions and depressions such as great depression of 1929, extreme inequality, harsh exploitation of workers, govt role must be essential and establishment of social safety nets through public education and healthcare. Key architect of IMF & World Bank after WW2 when Europe was raviged

46
Q

What is the Washington Consensus?

A

Goal was to relieve debt

1989: A set of 10 economic policies/restrictions with the goal of promoting equality in LDC to help with debt crisis in Latin American countries; supported by World Bank & IMF; John Williamson coined term Washington consensus

  1. Reduce national budget deficits
  2. Redirect spending from politically popular areas to neglected fields w high economic returns
  3. Reform tax system
  4. Liberalize the financial sector
  5. adopt a competitive single exchange rate (us gold standard)
  6. reduce trade restrictions
  7. abolish barriers to foreign direct investment
  8. private state owned enterprises
  9. abolish policies that restrict competition
47
Q

What is comparative advantage?

A

Specialization; Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners.

Historically, governments have used tariffs to protect infant industries and to develop new comparative advantages.

48
Q

What are some efforts to prevent WMD?

A

1963 Partial test ban outlawed testing in water/atomsphere

treaty for prohibition of nuclear weapons in latin America and carribean 1967

nuclear nonproliferation treaty 187 state signed

49
Q

What is the Maastricht treaty?

A

The Treaty introduced European citizenship, allowing citizens to reside in and move freely between Member States. The Treaty established a common foreign and security policy with the aim of “safeguarding the common values, fundamental interests and independence of the Union

It is the foundation of the treaty of the European Union EU 1992

50
Q

What are the main importers and exporters of weapons?

A

Top 5 arms importers: Saudi Arabia, India, Egypt, Australia, China

Top 5 exporters: US, Russia, France, Germany

51
Q

Who has nuclear weapons?

A

US, Russia, China, Israel, Pakistan, UK, France, India North Korea

States of Immediate Proliferation Concern: Syria, Iran and North Korea

52
Q

Who are non npt (did not sign treaty for nonproliferation of nuclear weapons) & signatory states?

A

India, Israel and Pakistan.

North Korea announced its withdrawal from the NPT in January 2003

Iraq Saddam Hussein before the 1991 Persian Gulf

53
Q

What is the case of Iran?

A

2003 The International Atomic Energy Agency (IAEA) report nuclear activities to produce fissile material.

2015 Iran and six world powers negotiated a long-term agreement

2020, the IAEA launched a new investigation into Iran’s undeclared nuclear activities.

Later that year, the IAEA asked Iran to comply with the ongoing investigation

54
Q

What is the Iranian nuclear deal?

A

Joint Comprehensive Plan of Action (JCPOA) in 2015: an agreement was reached between Iran and several world powers, including the United States•P5+1 (Germany) and Saudi Arabia •In 2018 President Trump withdrew the United States from the deal in 2018

55
Q

What is the NPT?

A

The NPT is a landmark international treaty whose objective is to prevent the spread of nuclear weapons and weapons technology, to promote cooperation in the peaceful uses of nuclear energy and to further the goal of achieving nuclear disarmament and general and complete disarmament. The Treaty represents the only binding commitment in a multilateral treaty to the goal of disarmament by the nuclear-weapon States. Opened for signature in 1968, the Treaty entered into force in 1970. On 11 May 1995, the Treaty was extended indefinitely. A total of 191 States have joined the Treaty, including the five nuclear-weapon States. More countries have ratified the NPT than any other arms limitation and disarmament agreement, a testament to the Treaty’s significance.

56
Q

What is poverty?

A

Poverty is the lack of sufficient income resulting in inability to obtain food, shelter, healthcare, clothing and other necessities

Absolute measure of poverty is income: looks at loss of goods & services someone cannot obtain
Relative poverty is inequality: a threshold based on a comparison with a defined group within a particular country
Extreme poverty is decreasing but the gap b/w the rich and poor is increasing

57
Q

How do you measure poverty?

A

Employment, infant mortality, life expectancy, average income adjusted for cost of living, GINI coefficient, inflation, GDP
GINI coefficient: measures the extent to which the distribution of income among people or households within an economy deviates from a perfectly from distribution (one of the most common measurements of inequality)
Human Development Index HDI: process of enlarging people’s freedom and opportunities and improving their wellbeing

58
Q

What is functionalism?

A

David Mitranyand Jean Monnet) Functionalists focus on common interests and needs shared by states (but also by non-state actors) in a process of global integration triggered by the erosion of states sovereignty and the increasing weight of knowledge and science.

Functionalists believe that without collective conscience/ shared values and beliefs, achieving social order is impossible and social order is crucial for the well-being of society. They believe that value consensus forms the basic integrating principle in society.

59
Q

What is NAFTA? 1994

A

North America Free Trade Agreement •Entered into force on January 1, 1994 •Countries: US, Canada and MexicoGoals: •Promoting free trade •Elimination of Tariffs, all duties and restrictions•Reducing trading costs •Increasing business investment•Helping North America be more competitive in the global marketplace

60
Q

What is USMCA? 2020

A

THE NEW DEAL -USMCA

Main points of change:
1. Improving rules of origin for automobiles, trucks, other products, and disciplines on currency manipulation

  1. •Modernizing and strengthening food and agriculture trade in North America
  2. New protections for U.S. intellectual property, and ensuring opportunities for trade in U.S. services
  3. New labor requirements and measures such as: a minimum wage requirement in the automotive industry.

Global Issues (2 decks)

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