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Social Studies 10-1 > Unit 3: Economic Globalization > Flashcards

Unit 3: Economic Globalization Flashcards

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1
Q

economic globalization

A

the interconnections of the worlds economies

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2
Q

foundations of economic globalization

A

the establishment of a new international monetary system, the creation of the World Bank and the International Monetary Fund, the expansion of the free market economy into former Soviet-bloc countries at the end of the Cold War, ,and the impact of new technologies on the movement of money around the world.

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3
Q

an agreement forged after the Second World War in Bretton Woods, New Hampshire, by 44 countries to establish a system of rules, institutions, and procedures for the postwar global economy

A

Bretton Woods Agreement

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4
Q

a global network of institutions established by the Bretton Woods Agreement to promote international trade and the regulation of currency among western countries

A

international monetary system

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5
Q

international agency that works with the World Bank to bring stability to international monetary affairs and to help expand world trade

A

International Monetary Fund

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6
Q

the price at which one national currency can be purchased for another

A

exchange rate

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7
Q

the value of a country’s currency as set by its government

A

fixed exchange rate

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8
Q

currency rates that are not fixed by the government but instead find their own value on the foreign exchange market

A

floating exchange rate

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9
Q

a provision of the Bretton Woods Agreement that all printed money, such as paper dollar, would be convertible to gold and could be cashed in at any time for gold

A

gold standard

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10
Q

a situation in which the amount of currency in circulation increases yet each unit of currency buys less

A

inflation

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11
Q

an agency of the United Nations that in practice is independent and controlled by its member countries, which provides loans to less developed countries that are in financial difficulty

A

World Bank

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12
Q

the global economic and political competition from 1946-1989 that divided the communist countries, led by the Soviet Union, against the Western Capitalist countries, led by the US

A

Cold War

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13
Q

a system under which government planners decide what goods to produce, and how many

A

centrally planned economy

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14
Q

a system in which government does not intervene in the production and control of goods and services

A

free market economy

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15
Q

markets in which money that is loaned for a short time to businesses or governments are bought and sold

A

international money markets

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16
Q

a company that combines its clients money and invests in a collection of stocks, bonds, and other securities

A

mutual funds

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17
Q

John Maynard Keynes

A

a British economist that developed theories for a large role for government in the economy

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18
Q

a period of reduced economic activity lasting longer than 6 months

A

recession

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19
Q

Friedrich Hayek

A

believed that government role but be limited in economy

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20
Q

GATT

A

general agreement on tariffs and trade; later became known as WTO

21
Q

what are the four principles of GATT

A

conducting trade in a non-discriminatory manner, treating imported goods from a member country in the same manner as domestic goods, protecting domestic industries through tariffs and not through measures such as import quotas or fees, and requiring any country to present a list of tariffs and trade restrictions imposed on member countries

22
Q

WTO

A

World Trade Organization: focus on protecting trade; focus on free trade

23
Q

FTA

A

Free Trade Agreement between the US and Canada

24
Q

NAFTA

A

North American Free Trade Agreement: included Mexico

25
Q

a tax imposed on imports to increase their price and thus reduce competition with domestic products

A

tariff

26
Q

GDP

A

Gross Domestic Product: a measure of a country’s gross domestic product per capita

27
Q

G8

A

group of 8: 8 major industrial democracies that meet at annual summits to discuss economic and foreign policies

28
Q

CIDA

A

Canadian International Development Agency: a government agency responsible for administering foreign aid programs to less developed countries

29
Q

a system in which several types of transportation are used to move freight, especially when the starting point and destination are far apart

A

intermodal transportation

30
Q

an agreement between or among countries that includes the free trade of goods and services and the free movement of capital and labour within the trading bloc

A

common market

31
Q

the worlds largest most powerful common market, which works to develop common foreign and security policies and to address other issues such as citizens rights, job creation, regional development, and environmental protection

A

European Union (EU)

32
Q

the process of reducing barriers to trade

A

trade liberalization

33
Q

government owned companies in Canada

A

crown corporations

34
Q

opening an industry to more competition by removing government regulations

A

deregulation

35
Q

the sale of government owned industries and services to private businesses

A

privatization

36
Q

concern about the impact of foreign investment on a country’s economic independence and identity

A

economic nationalism

37
Q

when one company hires another company to fulfill a certain task in production

A

outsourcing

38
Q

the use of knowledge to produce economic benefits

A

knowledge economy

39
Q

a country’s ability to produce a product or service with comparatively fewer resources than another country

A

comparative advantage

40
Q

destruction of forests

A

deforestation

41
Q

growth of towns and cities

A

urbanization

42
Q

Kyoto Protocol

A

agreement of industrialized nations to reduce greenhouse gases by 2020

43
Q

the obligation to maintain resources in a sustainable manner

A

stewardship

44
Q

consideration of matters beyond purely material

A

spirituality

45
Q

strategies to preserve and protect resources

A

conservation plan

46
Q

tax money collected from all provinces by the federal government and then dispensed to distribute wealth more equally throughout Canada

A

equalization payments

47
Q

NEP

A

National Energy Policy: 1980 federal policy under which the government made oil companies in Alberta lower oil prices throughout Canada to protect Canadians from paying global market prices for oil and gas

48
Q

large scale agricultural businesses

A

agribusinesses

49
Q

OECD

A

organization for economic cooperation and development: international organization that works to meet the challenges of globalization, helping governments achieve sustainable economic growth while maintaining financial stability

Social Studies 10-1 (3 decks)

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