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Econ Pre-Test 1b
| Question | |
|---|---|
| IMF | International Monetary Fund |
| World Trade Organization (WTO) | is an international organization that helps nations trade their goods and services with one another. |
| McDonaldization | American style capitalism when a society adopts the characteristics of a fast–food restaurant. Standardization – rules, repeadability, fast, controlled |
| negatives (Curse) of globalization | mcdonaldization–conquest of american style capitalism \n–un–elected bureaucrats in WTO and IMF running the world trying to control the money |
| positives of globalization | –free trade creates:\n– wealth\n–spread of ideas promotes democracy \n–awareness of human rights\n–the human experience is enriched by sharing of cultures, etc. |
| Capitalist economies | is an economic system:\n– deals with capital goods which are owned by private individuals or businesses not govt\n– Dealing with money and wealth |
| Key Processes of modern globalization: | 1) Dvment of capitalist economies 2) migration of people 3) 18th /19th globalization received a series of boosts that collapsed distances and lowered transport costs 4) Rise of advanced weapons and naval tech 5) Rise of powerful state institutions |
| collapsed distances and lowered transport costs (the past) | 1. Steam Engine\n2. Steam ship \n3. Airplane |
| Globalization has collapsed (shortened) time with | 1.Telegraph\n2.Telephone \n3. Radio \n4. Television\n5. Satellites |
| 1858 the 1st trans–atlantic telegram from Queen Victoria to President Buchanan took how many hrs? (the past) | 16 1/2 hours |
| Easy availability of technology has shrunk/reduced: (today) | Time and cost |
| Internet population worldwide (Present day) | 1. has increased\n2. transfer of data has become cheaper |
| Air shipping and Ocean shipping Costs (Present day) | – Air shipping has fallen by 90%\n–Ocean tramp shipping cost has fallen 60% |
| Tariffs | taxes placed by governments on imported or exported goods |
| tariff barriers | have decreased due to multilateral trade arrangement taxes can keep countries from trading; to expensive, |
| What is the new global environment and the players? | 1. Multinational corporations\n2. NGO's (Non–gonvernmental organization)\n3. UN Agencies (United Nations)\n4. WTO (World Trade Organization)\n5. IMF (International Monetary Fund) \n6. Billions of consumers and tourists |
| Global corporations are intent on finding what? | Best markets and have taken over |
| Billions of people travel around the globe doing what? | 1. spending money\n2. spreading ideas and information |
| Benefits of reconnecting humanity | 1.Free trade and open economies have spread prosperity ie. making money\n2. democracy as made a lot of govts\naccountable to their citizens and foster awareness of human rights (protecting people from their country's abuse) |
| Difference between globalization then(past) and now(present) | 1. speed\n2.volume of transfers and changing the power balance. ie. the chili pepper is everywhere now without big companies pushing to sell them\nie. Mcdonald's is everywhere. |
| subsidy/subsidize | a grant or gift usually money provided by a government |
| sometimes trade is not on a level playing field (fair) | Rich nations' farmers are provided subsidies (extra money) which hurt poor farmers in the developing world\nie. \n– US provides subsidize $593 million to its cotton growers/exporters\n– West Africa cotton farmers lose $250 million in exports |
| Growing awareness of global interdependence as well as of the yawing gaps Means | the income gap between the rich and the poor. People are paying attention and are not happy; its not fair the rich get richer and the poor stay poor |
| Growth has come with inequality productivity is growing and some people are making money. However, | there's an inequality and people are pissed and are protesting/demonstrating their govts |
| Cost or risk of global reconnection | 1. epidemics –spanish flu, sars, ebola\n2. terrorism– al Qaeda, Pirates (Somali)\n3. nuclear war\n4. environment disaster\n5. computer viruses\nhave all grown with the rapid movement of people, goods and info |
| Terrorist group (Al Qaeda) and Pirates (from Somalia) | Creates new challenges to free movmt of goods and people |
| Globalize definition in the 1960's | to make global in scope or application |
| Martin Behaim | German geographer in 1492 created the first globe |
| Beginning of Globalization | – Ancestors searched for a better life\n1st group of humans left Africa 100k years ago, arriving in the Mediterranean\n– 50k years ago a 2nd group arrived in Asia\n– There was 1st globalizsers (migrants before there were any borders) |
| Process of Reconnection | Bringing the World through globalization back together\n–Began thousands of years ago with acts of:\n1. trading of goods\n2. sharing of experiences |
| The agents of globalization (early history): | People who helped with creating globlization:\n\n\n1. Traders\n2. Preachers – Buddha, Christian Missionaries\n3. Adventurers – Marco Polo, Columbus\n4. Soldiers – Alexander the Great, Genghis Khan |
| What did Open Trade routes between Europe, the Middle East and Asia (early History) do? | : 1.improve the taste of food– spices spurred shipping and brought the taste of Asia into Europe\n\n2. find luxuries – silk or precious stone |
| Borobudur | 1st temple of globalization, displays the intermixing of ideas and art from distant lands |
| What reconnected the Old World and the New World? | 1. Trade\n2. Conquest\n3. Religion\n4. Adventure |
| Where was Columbus headed? | India, but landed in San Salvador |
| The New World inhabitants were decimated(annihilated) by? | Diseases like small pox\nEuropeans settlers brought diseases \n–the Native Americans hand no natural immunity. 80% of the Natives died due to European diseases |
| The need for mine workers and plantation labor gave rise to? | the slave trade |
| Mexican silver found by Spaniards did what? | Boosted European trade with Asia |
| In the 19th century the dwindling supply of silver led the British to replace with? (Early history) | Indian opium for trading with China |
| Opium | a Drug that the Chinese got hooked on |
| Opium War (1839–42) | 2nd War of Globalization – when the Chinese opposed the drug trade |
| China gave what to Britain when they were defeated? | Hong Kong |
| Multinationals* helped to build colonial empires which resulted in? | *Multinational – businesses that have operations in many countries 1. oppression and suffering (slavery)\nbut integrated the world economy |
| Trade, migration, and colonial rule transformed? | 1. entire nations\nexample: former British colony Malaysia |
| America's Civil War drove? | the demand for canned goods |
| Globalization in Malaysia did what? | 1. Led to the establishment of Malaysian tin, developed with labor from China\n2. Malaysia's new crop from the New World \nRubber |
| Globalization | – movement of goods and people \n–connection of different parts of the world |
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Sankofarae
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