GEOG 216 Reading five

Question 1

Describe the formation of the global economic map and why does it like like it does today

Answer 1

• There are constantly changes and modifications to the global economic map
• The current economic map is the result of post WWII processes and developments
• Late 20th century saw the rise of the Asian economies as major global economic actors.

Question 2

What two major processes and shifts in the world economy has characterised global economic processess leading to the state of things?

Answer 2

 developments of a global division of labour

Establishment of a core-periphery “configuration”

Question 3

What is NIDL

Answer 3

new international division of labour – dominant by advanced western capitalist countries

Question 4

Core countries

Answer 4

high income countries

Question 5

Semi-periphery countries

Answer 5

middle income countries

Question 6

Periphery countries

Answer 6

low income countries

Question 7

Name four major processes and shifts in the world economy

Answer 7

1. Oil crisis in the 1970s
2. Late 1980s economic crisis
3. Late 1990s Asian financial crisis
4. 2008 financial crisis

Question 8

Name three major processes and shifts in the world economy (consequences)

Answer 8

1. Trade has grown faster than output (production)
2. FDI has grown faster than trade: since the mid 1980s
3. Serious structural imbalances have emerged in the world economy
    developing countries have higher rates of economic growth at the expense of developed countries