W1 - CW - GLOBALIZATION

Question 1

WHY DO YOU NEED TO STUDY THE WORLD? (YTF)

Answer 1

1. Your daily experiences are considered interactions with your country.
2. The media and the internet are also your windows to the contemporary world.
3. Finally, your consumption habits are global.

Question 2

WHY STUDY THIS COURSE? (SIY)

Answer 2

First, studying the outside world is a cure to a parochialism
or an outlook that is limited to one’ immediate community.

• The parochial person is, thus, close-minded.

Second, it is important to study the world because it can
teach you more about yourself.

Lastly, you need to study the world because you will be
interacting with it.

Question 3

GLOBALIZATION

Answer 3

The term “globalization” is derived from the word “globalize”
which refers to the emergence of an international network of
economic system.

Question 4

GLOBALIZE

Answer 4

which refers to the emergence of an international network of
economic system.

Question 5

In economic terms, GOBALIZATION IS

Answer 5

it usually refers to the integration of the national markets to a wider global signified by the increased
free trade.

Question 6

GREWAL/LEVY - GLOBALIZATION

Answer 6

It is a process by which goods, services, capital, people,
information and ideas flow across national borders.

Question 7

MANFRED STEGER

Answer 7

The expansion and intensification of social relations and
consciousness across world-time and across world-space.

Question 8

ANTHROPOLOGIST

Answer 8

ARJUN APPADURAI

Question 9

FIVE SCAPES (EMTFI)

Answer 9

An “ethnoscape,” refers to the global movement of people.

• A “mediascape,” is about the flow of culture.
• A “technoscape,” refers to the circulation of mechanical

goods and software;

• a “financescape” denotes the global circulation of money;
• an “ideoscape” is the realm where political ideas move around.

Question 10

global movement of people

Answer 10

ETHNOSCAPE

Question 11

about the flow of culture

Answer 11

MEDIASCAPE

Question 12

circulation of mechanical goods and software

Answer 12

TECHNOSCAPE

Question 13

denotes the global circulation of money

Answer 13

FINANCESCAPE

Question 14

realm where political ideas move around

Answer 14

IDEOSCAPE

Question 15

6 ASPECTS OF GLOBALIZATION THAT AFFECT THE WORLD
(IFE PIC)

Answer 15

1. INDUSTRIAL GLOBALIZATION
2. FINANCIAL GLOBALIZATION
3. ECONOMIC GLOBALIZATION
4. POLITICAL GLOBALIZATION
5. INFORMATIONAL GLOBALIZATION
6. CULTURAL GLOBALIZATION

Question 16

INDUSTRIAL GLOBALIZATION

Answer 16

development of worldwide production
markets and broader access to a range of foreign products for
consumers and companies involving particularly movement of
material and goods between and within national boundaries.

Question 17

FINANCIAL GLOBALIZATION

Answer 17

development of worldwide financial
markets and better access to external financing borrowers.

Question 17

ECONOMIC GLOBALIZATION

Answer 17

establishment of global common
market, based on the freedom of exchange of goods and capital.

Question 17

POLITICAL GLOBALIZATION

Answer 17

creation of international organizations
to regulate the relationships among governments and to
guarantee the rights arising from social and economic
globalization.

Question 17

INFORMATIONAL GLOBALIZATION

Answer 17

increase in information flows
between geographically remote locations.

Question 18

CULTURAL GLOBALIZATION

Answer 18

sharing ideas, attitudes and values
across national borders.

Question 19

5 ELEMENTS OF GLOBALIZATION

Answer 19

TRADE AGREEMENTS
CAPITAL FLOW
MIGRATION PATTERNS
INFORMATION TRANSFER
SPREAD TECHNOLOGY

Question 20

TRADE AGREEMENTS

Answer 20

bilateral, regional or multilateral economic
arrangements designed to reduce or eliminate trade barriers.

Question 21

CAPITAL FLOW

Answer 21

measurement of increase or decrease in a nation’s
domestic or foreign assets.

Question 22

MIGRATION PATTERNS

Answer 22

impact of labor market fluidity on production
costs through the loss (emigration) or gain (immigration) of potential
workers especially those with particular skills.

Question 23

INFORMATION TRANSFER

Answer 23

communication trend that helps mitigate the asymmetric functioning of markets and economies.

Question 24

SPREAD TECHNOLOGY

Answer 24

rapid diversion of the means and methods of producing goods and services.