Week 10 Chapter 8

Question 1

Globalization

Answer 1

the increased economic, political, and social inter-connectedness

Question 2

Global Inequality

Answer 2

refers to the systematic differences in wealth and power that have resulted from globalization

Question 3

Absolute Poverty

Answer 3

occurs when persons cannot acquire basic life needs, including food, clothing, and shelter; starvation is often a way of life for those in this category

Question 4

Relative Poverty

Answer 4

occurs when persons are poor relative to others in their society; they may struggle to make ends meet while their neighbors can easily put food on the table or pay the rent

Question 5

Emerging Economies

Answer 5

are middle income, and some—such as Hong Kong, South Korea, Taiwan, and Singapore— have moved up to the high-income category

Question 6

High-Income Countries

Answer 6

high-income countries offer adequate housing and food, drinkable water, and other comforts unknown in many parts of the world(16%)

Question 7

Middle-Income Countries

Answer 7

middle-income countries often live in crowded urban neighborhoods, including large slums that lack reliable water and sewage services; their cities may suffer from high levels of air and water pollution; and some still live in rural areas on small farms that provide only a basic living standard(75%)

Question 8

Low-Income Countries

Answer 8

low-income countries struggle with poverty, malnutrition, and even starvation(9%)

Question 9

Neoliberalism

Answer 9

refers to the belief that the possible economic consequences will result if individuals and businesses– consumers and producers– are entirely free, uninhibited by any form of governmental constraint, to make their own economic decisions in a free market

Question 10

Modernization Theory

Answer 10

low-income societies could become “modern” only if they adopted modern economic institutions, technologies, and cultural values that emphasized savings and productive investment

Question 11

Dependency Theory

Answer 11

global capitalist economic relations had made poor countries dependent on rich countries, locking them in a downward spiral of exploitation and poverty

Question 12

Periphery

Answer 12

largely agricultural countries have a marginal role in the world economy and are thus dependent on the core countries for their trading relationships

Question 13

Colonialism

Answer 13

a political-economic system under which powerful countries establish, for their own profit, rule over weaker peoples or countries

Question 14

Dependent Development

Answer 14

that under certain circumstances, dependent countries can still develop economically, although only in ways shaped by their reliance on wealthier countries

Question 15

Global Commodity Chains

Answer 15

worldwide networks of labor and production processes that extend from raw materials to the final consumer

Question 16

Semiperiphery

Answer 16

countries that supply labor and raw materials to core industrial countries in the world economy, while at the same time profiting by extracting labor and raw materials from peripheral countries

Question 17

World-Systems Theory

Answer 17

a theory that emphasizes the interconnectedness among countries based on the expansion of a capitalist world economy; this economy is made up of core countries, semiperipheral countries, and peripheral countries

Question 18

Theory of Global Capitalism

Answer 18

argues that a transnational capitalist class is increasingly the major player in the global economy today, rather than the nationally oriented capitalists of major countries

Question 19

Transnational Capitalist Class

Answer 19

a social class whose economic interests are global rather than national, who share a globalizing perspective and similar lifestyles, and who see themselves as cosmopolitan citizens of the world

Question 20

Global Capitalism

Answer 20

the current transnational phase of capitalism, characterized by global markets, production, and finance; a transnational capitalist class whose business concerns are global rather than national; and transnational systems of governance that promote global business interests