The World Economy: Part 2 Flashcards
1
Q
effects…
A
- exploiting of cheap labor
- racism = basing upon stereotypes
- inequality in wealth
- population boom
- anti-globalization movement
- decline
2
Q
inequality in wealth
A
- mass wealth for a select few
- separation between the rich and poor (the have vs. the have nots)
- disparity between developed and undeveloped countries
- some countries are developing (China) while other are not (India)
3
Q
population boom
A
- growth in life expectancy
- shortage of products (i.e. oil, home, etc.)
- unemployment
- move to urban over the rural
4
Q
anti-globalization movement
A
- opposed neo-liberalization
- because it devastated the environment
- devalued labor classes
- disregard for human rights
- global inequality
- hatred for large companies
- anti-American sentiments (seen as an empire)
5
Q
decline
A
- growing of industrial countries competing against those already industrialized
- those that had been the creditors, now find themselves as the debtors due to trade imbalances
6
Q
benefits
A
- many of these workers provide much needed and south after skills, services, intelligence, etc
- doctors from India, engineers form China, and so on this can boost the US economy
- workers able to provide for their families back home
- maintains tradition of US as land of opportunity to all, melting pot, culturally rich and diverse society
7
Q
problems
A
- many workers migrate illegally receive the benefits of US government services, but don’t pay taxes
- cheap source of labor can take away jobs from legal citizens
- increased political and cultural tensions
- increased prejudice, discrimination, racism , conclusions founded upon stereotypes, etc.
8
Q
economic globalization
A
- economic globalization has helped generate the most remarkable increase in economic growth and creation of wealth in world history
- value of total world output in 1950 = $7.1 trillion
- value of total world output in 2003 = $55.9 trillion
- positive impacts on human welfare:
- growth in life expectancy
- declining infant mortality rates
- increasing literacy
- falling world poverty
9
Q
economic instability
A
- 1973-1974 oil shortage: rising oil prices, stock
- market crash, economic hardships for both developed and developing countries
- 2008 inflated housing market in US: collapsed, millions of home foreclosures, banks closing, growing unemployment, tightening of credit, declining consumer spending
- increased the gap between global north and global south
- clear division in human community = the rich industrialized countries (mostly in Europe and north America) versus everyone else
- widening gap has been evident in great differences in:
- incomes
- medical care
- availability of clean drinking water
- educational and employment opportunities
- access to internet
10
Q
contentious economic issues between global north and global south
A
- rules for free trade
- availability of and terms for foreign aid
- representation in international economic organizations
- growing problem of indebtedness
- environmental and labor standards
11
Q
inequalities among developing countries themselves have also delayed reforming the world economy in favor of the poor
A
- oil-rich nations in the Middle east versus banana-producing countries of Central America
- rapidly industrializing states of China and India versus impoverished African countries
- US = gap between unskilled Americans versus skilled Americans
- Mexico = gap between urban, industrial north and rural, agricultural south
- China = gap between rural households and those in growing cities
12
Q
agree that economic globalization has
A
- lowered labor standards
- devastated environment
- prevent poor countries from protecting themselves against financial speculators
- ignored local cultures
- disregarded human rights
- enhanced global inequality
- favored only the interests of large corporations and rich countries
13
Q
how has wealth distribution changed in the US
A
- gap grew between low-wage manufacturing work and skilled work
14
Q
how did the inflated housing market hurt the US economy in 2008
A
- inflated market collapsed
15
Q
how did re globalization affect the north and the south
A
- increased the economic gap
