the globalization of world economics

Question 1

historical process representing the result of human innovation and technological progress

Answer 1

economic globalization by International Monetary Fund

Question 2

international development organization owned by 189 countries

Answer 2

World bank

Question 3

According to IMF, the value of trade increased from

Answer 3

42.1% in 1980 to 62.1 % in 2007

Question 4

the oldest know international trade route

Answer 4

Silk road

Question 5

Silk road continued until

Answer 5

Ottoman empire in 1453 BCE

Question 6

Silk road was consiedered international but it did not include routes to the American continents.

Answer 6

true

Question 7

According to Dennis O. Flynn and Arturo Giraldez, globalization began when

Answer 7

all important populated continents began to exchange products continuously.

Question 8

Galleon trade 1571

Answer 8

Manila to Acapulco in Mexico

Question 9

When did galleon trade started

Answer 9

Age of mercantilism (16th to 18th century) – monetary reserves

Question 10

First world war forced coutntries to use their

Answer 10

gold reserves to support their armies

Question 11

What did the european countries had did to limit gold reserves

Answer 11

they adopted floating currencies

Question 12

this depleted government resources which led the difficulty of going back to a pure standard

Answer 12

great depression 1920-1930 by the west

Question 13

currencies that are not backed by precious metals and whose values are determined by their cost relative to other currencies

Answer 13

fiat currencies

Question 14

allows governments to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit.

Answer 14

fiat currencies

Question 15

has the goal of preventing past catastrophes from happening again and impacting international connections

Answer 15

Bretton Woods System

Question 16

qho greatly influenced of john maynard keynes

Answer 16

bretton woods system

Question 17

2 financial institurions

Answer 17

international baml for reconstruction and development or the world bank

international monetary fund

Question 18

respoinsible for funding post war reconstruction projects

Answer 18

The word bank or IBRD

Question 19

global lender of last resort to prevent individual countries from spiraling into credit crises.

Answer 19

international monetary fund

Question 20

General agreement on tariffs and trade 1947 main objective

Answer 20

reduce tariffs and other hindrances to free trade

Question 21

pinnacle of global keynessianism

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1940s until early 1970

Question 22

Stock markets crashed from 1973 to 1974 after untied states did what

Answer 22

stopped linking the dollar to gold therefore effectively ending the bretton woods system

Question 23

a decline in economic growth

Answer 23

stagflation

Question 24

decline in employments

Answer 24

stagnation

Question 25

sharp increase in prices

Answer 25

inflation

Question 26

friedman challenged the keynesian ideas resulting to free market capitalism with little to no government intervention

Answer 26

neoliberalism

Question 27

Washington consensus

Answer 27

cut back on government spending - government expenditure should be kept to a bare minimum privatization- water, electricity, transport thinking that the free market deliver best results tariff reduction- quixkest way to progress

Question 28

this is termed as: cut back on government spending - government expenditure should be kept to a bare minimum privatization- water, electricity, transport thinking that the free market deliver best results tariff reduction- quixkest way to progress

Answer 28

shock therapy