UNIT 5.1 Flashcards

1
Q

What is Globalization?

A

The process by which people and goods move easily across borders, integrating markets, trade, and investments with few barriers.

Globalization also includes a cultural element where ideas and traditions are traded and assimilated.

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2
Q

What are the key characteristics of Globalization?

A
  • Economic networks growing more interconnected
  • A worldwide market with members unconstrained by political borders
  • A reduction in state control over economies
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3
Q

What is the International Monetary Fund (IMF)?

A

-international organization of 190 member countries
-ensures the stability of the international monetary and financial system
-facilitating the expansion of international trade.

Established in 1945.

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4
Q

What are the main functions of the IMF?

A
  • Facilitating the expansion and balanced growth of international trade
  • Promoting exchange stability
  • Providing opportunities for orderly correction of countries’ balance of payments problems
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5
Q

What is the World Trade Organization (WTO)?

A

-international organization of 164 members
-deals with the rules of trade between nations
-ensuring smooth and predictable international trade flows.

Established in 1995, succeeding GATT.

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6
Q

What is the role of the World Bank?

A

An international organization affiliated with the United Nations that finances projects to enhance economic development in member states.

Headquartered in Washington, D.C.

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7
Q

What types of assistance does the World Bank provide?

A
  • Financial assistance
  • Technical assistance
  • Policy advice
  • Supervision of free-market reforms
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8
Q

How does state membership in the IMF affect countries?

A

Promotes economic liberalization policies for countries like Iran, Mexico, Nigeria, Russia, and the United Kingdom.

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9
Q

What is the effect of World Bank membership on countries?

A

Promotes economic liberalization policies for countries like Iran, Mexico, Nigeria, Russia, and the United Kingdom.

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10
Q

What is the impact of WTO membership on countries?

A

Promotes economic liberalization policies for countries like China, Mexico, Nigeria, Russia, and the United Kingdom.

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11
Q

What economic policies have China and Nigeria enacted?

A

Economic liberalization policies, with expectations from respondents that children will be better off than their parents.

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12
Q

Why did Russia join the WTO?

A

To increase access to global trade and gain acceptance into the international community.

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13
Q

What condition did Russia have to meet to accept emergency loans from the IMF?

A

Adopt structural adjustment programs that reduced tariffs on imports and government subsidies to domestic businesses.

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14
Q

What is a characteristic of multinational corporations?

A

They dominate global and local markets and can conflict with domestic economic policies regarding labor, environment, and taxation.

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