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Social 10: Globalisation > Unit 3: To what extent does globalization contribute to sustainable prosperity for all? > Flashcards

Unit 3: To what extent does globalization contribute to sustainable prosperity for all? Flashcards

1
Q

Sustainable

A
  • Able to be maintained at a certain rate or level
  • Upheld
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2
Q

Prosperity

A
  • Wealthy and successful
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3
Q

Sustainable Prosperity

A
  • Continued good fortune
  • Sustained wealth and success
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4
Q

How long is the era of contemporary globalization?

A
  • 1945 to present day
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5
Q

Bretton Woods Conference

A
  • Conference between 44 nations in Bretton, New Hampshire
  • Goal was to agree on upon a set of rules for post - WW1 international monetary systems
  • Western allies were concerned about rebuilding of global economy after the war
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6
Q

The Gold Standard

A
  • Governments in Bretton Woods agreed to fixed exchange rate based of the gold standard
  • Meant that all printed money would be connectable to gold
  • Fixed exchange rate
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7
Q

What was a disadvantage of the gold standard?

A
  • A country can only print as much money as held in their gold reserves
    Ex. a billion dollars worth or gold can print of a billion dollars worth of currency
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8
Q

Fixed Exchange Rate

A
  • Value of a countries currency is set by its government
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9
Q

Floating Exchange Rate

A
  • When a currencies value is decided by supply and demand
  • Not decided by governments
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10
Q

World Bank

A
  • Agency of the United Nations
  • Provides loans to less developed countries in financial difficulty
  • Countries must meet certain political and economic conditions in order to be eligible for loans such as increased democracy and adopting free market practices
  • Controlled by member countries
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11
Q

What must countries do to be eligible for loans from the World Bank?

A
  • Countries must meet certain economic and political conditions such as reducing corruption, increasing democracy and adapting to Western free market conditions
    Ex. less government spending on social programs
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12
Q

Free Market

A
  • Market in which government contributes nothing and all businesses and property are privately owned
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13
Q

International Monetary Fund

A
  • International monetary system that works to bring stability to international monetary affairs and to help expand world trade
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14
Q

Which international agency is the “lender of the last resort”?

A
  • International Monetary Fund
  • supplies emergency funds/loans to countries experiencing short term cash flow problems
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15
Q

What is the main difference between the World Bank and the International Monetary Fund?

A
  • World Bank is in charge of long-term financial assistance for countries in need
  • International Monetary Fund is in charge of monitoring exchange rates and providing short-term financial assistance
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16
Q

How is the International Monetary Fund funded?

A
  • Quotas (proportional shares that members pay)
  • Share is based on it’s relative size in the worlds economy
  • More you contribute, more say you have
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17
Q

Who founded the World Bank and International Monetary Fund?

A
  • John Maynard Keynes
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18
Q

John Manyard Keynes

A
  • Founded the World Bank and International Monetary Fund
  • Called for a larger role of government in economy
  • Believed that government intervention was necessary to increase total spending and to prevent recession
  • Keynesian Economics
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19
Q

Recession

A
  • Reduced period of economic activity lasting longer than 6 months (2 business quarters)
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20
Q

Inflation

A
  • Situation in which the amount of currency in each circulation increases yet each unit of currency buys less
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21
Q

General Agreement of Tariffs and Trade (GATT)

A
  • Agency if the United Nations
  • Established in 1947
  • Membership of 23 countries
    -operated according to four principles
  • Early version of World Trade Organization
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22
Q

What was the purpose of the General Agreement of Tariffs and Trade?

A
  • Reduce tariffs and other trade barriers
  • remove elimination of preferences on a reciprocal and mutually advantage basis
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23
Q

What four polices did the General Agreement of Tariffs and Trade operate according to?

A
  1. Conducting trade in an non-discriminatory manner
  2. Trading imported goods from its member countries in the same manner as domestic goods
  3. Protecting domestic industries through tariffs and not through measures such as import quotas and fees
  4. Requiring any country that applied for membership for a list of tariffs and other trade restrictions imposed on member countries
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24
Q

World Trade Organization (WTO)

A
  • International organization
  • Founded in 1995
  • Works to improve trade relations among worlds countries, especially by removing tariffs and other barriers of trade
25
Q

How did economies change after the Cold War?

A
  • During Cold War, communist countries operated under a centrally planed economic system
  • At the end of the Cold War, many communist countries turned to the free market economy
26
Q

Centrally Planned Economy

A
  • A system under which government planners decide what goods to produce and how many
27
Q

Free Market Economy

A
  • A system in which government does not intervene in the production of goods and services
28
Q

Trade Liberalization

A
  • The process of removing barriers to trade such as non tariff barriers such as quotas and listening rules
29
Q

Freer Trade

A
  • Policy on which a government does not discriminate or interfere with imports and exports by applying tariffs or subsidiaries
  • Tariffs (imports) subsidiaries (exports)
  • Trade liberalization
30
Q

Milton Freedman

A
  • American economist
  • Desires less government intervention on economies
31
Q

Fredrich Hayek

A
  • Australian and British economist
  • Desires less government intervention in economies
  • Believed that when governments try to control or plan societies, societies are doomed for failure
  • Influenced British economic system
32
Q

What are Fredrick Hayek’s key ideas?

A
  1. Free market
    2.Dynamic competition
  2. Many planners
  3. Importance of prices
33
Q

Hayek Idea 1: Free Market

A
  • The planned economy doesn’t work because planners can never correctly decide what to produce and how to produce it
34
Q

Hayek Idea 2: Dynamic Competition

A
  • Competition leads to cheaper and better products for the consumers
35
Q

Hayek Idea 3: Many Planners

A
  • The consumers are the ones making decisions on what to buy and what not to buy
36
Q

Hayek Idea 4: Importance of Prices

A
  • The price system reflects the demands of consumers and the supply of goods for producers
  • This steers resources to where they are most needed
  • Therefore no need for planners
37
Q

When did Milton Freedman’s and Fredrick Hayek’s ideas gain popularity?

A
  • 1970’s - 2000’s
38
Q

What do Milton Freedman and Fredrick Hayek support?

A
  • Economic liberalization
  • Free trade
  • Capitalism
39
Q

Margret Thatcher

A
  • Prime minister of Britain in 1979
  • Influenced by Fredrick Hayek
  • Reduced spending, government regulation, privatized many government owned industries, etc.
40
Q

Fair Trade

A
  • Trade in which fair prices are paid to producers in developing countries
  • Supporters advocate for higher prices of exports, and improved social and economic standards
41
Q

Free Trade

A
  • International trade left to is natural course
  • Free of tariffs, quotas, or other restrictions
42
Q

G8

A
  • Group of highly industrialized nations that hold an annual meeting to discuss issues such as global security and terrorism
  • Members of G8 control 50% of World Bank, International Monetary Fund, and World Trade Organization
43
Q

What are some criticisms of the G8?

A
  • Only represents the interests of an elite group with more developed countries
  • Does not consider the needs of the rest of the world
    Ex. countries such as India and China are not members of G8 despite having fast growing economies and large populations
44
Q

Organization of Petroleum Exporting Countries (OPEC)

A
  • Created in 1960
  • Formed to regulate oil production and markets
  • OPEC countries control the supply for the worldwide demand of oil
  • Causes prices to increase
  • Monopoly
45
Q

Canadian International Development Agency (CIDA)

A
  • Created in 1968
  • Responsible for administering aid for less developed countries
46
Q

La Francophone

A
  • Promotes and protects the culture of French-speaking people
  • Promotes the economic development of countries with French-speaking citizens
47
Q

Containerization

A
  • Type of global transportation
48
Q

Telecommunications

A
  • Advances in telecommunications allow people to communicate instantaneously
    Ex. computers allow for the share of communication
49
Q

European Union

A
  • Largest and most powerful common marketplace
  • 27 members
  • No restrictions on the movement of people or goods and services across borders of member countries
  • Facilitated trade
50
Q

Free Trade Agreement

A
  • Signed in 1889
  • Signed by Canada and the United States with the purpose of increasing trade by removing trade barriers
51
Q

What were the motivations of the countries in signing the Free Trade Agreement?

A
  • Canada wanted access to the US’s large markets in order to export goods and services
  • US wanted access to Canada’s vast natural resources such as oil and gas
52
Q

North American Free Trade Agreement (NAFTA)

A
  • In 1994, the Free Trade agreement stretched to include Mexico
  • Became NAFTA
  • Created largest free trade area in the world
53
Q

Deregulation

A
  • Opening an industry to more coipition by removing government regulations
54
Q

Privatization

A
  • The sale of government-owned industries and services to private businesses
  • Type of deregulation
55
Q

Deforestation

A
  • The destruction of forests by clearing and burning as a result of economic development
    Ex. building roads through land
56
Q

Urbanization

A
  • The growth on towns and cities
  • Result of people moving from rural area’s in search for work or other opportunities
57
Q

Kyoto Protocol

A
  • Created 1992
  • International treaty created to reduce greenhouse gas emissions in order to curb the effects of climate change
  • Signed by more than 150 countries
  • Difficult to enforce as it is not law, only an agreement
58
Q

Digital Divide

A
  • Gap between demographics and regions that have access to modern information and communication technologies
  • Disparity

Social 10: Globalisation (5 decks)

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