UNIT 1. THE STRUCTURES OF GLOBALIZATION Flashcards
LESSON 1 - 5
A movement in the 1960 which opposes trade deals among countries facilitated and promoted by international organizations such as the World Trade Organization.
Anti-Globalization
It is the expansion and intensification of social relations and consciousness across world-time and across world-space.
Globalization
Who described Globalization as the expansion and intensification of social relations and consciousness across world-time and across world-space.
Manfred Steger
It refers to “both the creation of new social networks and the multiplication of existing connections that cut across traditional political, economic, cultural and geographic boundaries.
Expansion
It refers to the expansion, stretching and acceleration of networks.
Intensification
He notes that “Globalization processes do not occur merely at an objective, material level but they also involve the subjective plane of human consciousness.” which means that people begin to feel that the world has become a smaller place, and distance has collapsed from thousands of miles to just a mouse click away.
Manfred Steger
____________ as a process refers to a larger phenomemon that cannot simply be reduced to the ways in which global markets have been intregated.
Globalization
Anthropologist that proposes the dimensions of integration called the “scapes”
Arjun Appadurai
Scape that refers to the movement of people.
Ethnoscape
It refers to the flow of culture or flow of media across borders.
Mediascape
A kind of scape that refers to the circulation of mechanical goods or software/ technologies.
Technoscape
A scape that refers to the circulation of money.
Financescape
It is the realm wherein political ideas move around.
Ideoscape
It is the agency/organization that regards “economic globalization” as a historical process representing the result of human innovation and technological progress.
International Monetary Fund (IMF)
It is characterized by the increasing integration of economies around the world through the movement of goods, services, and capital across borders.
Economic Globalization
An international development organization owned by 189 countries that lends money to the governments of its poorer members to reduce poverty and to improve economies and the standard of living of their people.
World Bank
It is the oldest known international trade route that connected different parts of the ancient world from China to what is the Middle East today and to Europe.
Silk Road
Historians who stated that globalization began when all important populated continents began to exchange products continuously.
Dennis O. Flynn and Arturo Giraldez
Trading route that connected Manila in the Philippines and Acapulco in Mexico. This was the first time that the Americas were directly connected to Asian trading routes.
Galleon Trade
The Galleon Trade took place during the ______________
Age of Mercantilism
The trade system adopted by UK, US and other European Nations with an overall purpose of establishing a common system that would enable more efficient trade and, at the same time prohibit the isolationism of the mercantilist era.
Gold Standard
The time when gold standard was abandoned.
The First World War
It is the global economic crisis that occurred in the 1920s until the 1930s. It is the worst and longest recession ever experienced by the Western World.
Great Depression
The economic historian who stated that the United States began to recover when it abandoned the gold standard.
Barry Eichengreen
The currencies that are not backed by precious metals and whose values are determined by their cost relative to other currencies.
Fiat Currencies
This was inaugurated with the goal of preventing past catastrophes from happening again and impacting international connections.
The Bretton Woods System
The british economist that greatly influences the Bretton Woods system. Wherein he believed that a country experiences economic crises not when it does not have suffiecient funds; rather, it happens when money is not being spent; thus moved.
John Maynard Keynes
When economies slow down, governments have to reinvigorate markets with infusions of capital. This active participation of governments in managing economic crisis became the foundation for the system of global _________.
Keynesianism
The financial institutions responsible for funding postwar reconstruction projects.
International Bank for Reconstruction and Development (IBRD) or the World Bank and International Monetary Fund (IMF)
The global lender of last resort to prevent individual countries to prevent individual countries from spiraling into credit crisis.
International Monetary Fund (IMF)
A legal agreement with a main objective of reducing tariffs and other hindrances to free trade.
General Agreement on Tariffs and Trade (GATT)
A phenomenon in which a decline in an economic growth and employment takes place alongside a sharp increase in prices.
Stagflation
Economists who argued that the government’s practice of pouring money into their economies had caused inflation by increasing the demand for goods without necessarily increasing the supply.
Friedrich Hayek and Milton Friedman
It is characterized by networks of connection that span multi-continental distances.
Globalism
A state or a nation befriends other state or nation which gradually result to a more concrete and stabilized relationships.
Social Relation
The awareness and knowledge of the capabilities and strategies of other state or nation in order to protect his or her own.
Social-Consciousness
According to __________ and team researchers at focus on the global south, the US used its power under GATT system to prevent Philippines importers from purchasing Philippine poultry and pork even as it sold meat to the Philippines.
Walden Bello
A system of global trade with multiple restrictions
Mercantilism
It is contemporarily used to refer to market-oriented reform policies such as “eliminating price-controls, deregulating capital markets, lower trade “barriers” and reducing state influence in the economy, especially through privitization and austery.
Neoliberalism
