Social 10-1 > Issue 3 > Flashcards

Issue 3 Flashcards

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1
Q

To what extent does economic globalization contribute to sustainable prosperity for all?

A

…

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2
Q

What events led to the development of economic globalization?

A

WWII -> Transport/Communication Technology ^ -> Industrialization of some Countries

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3
Q

How was the new International Monetary System (agreed rules) created?

A

Bretton Woods in1944 to prevent economic disasters like Germany, and promote global prosperity and peace.

Highlight the Paris Peace Conference’s failures.

The Bretton Woods Agreement established a system through which a fixed currency exchange rate could be created using gold as the universal standard; to combat inflation.

The General Agreement on Tariffs and Trade (GATT)

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4
Q

What are the roles of the World Bank and the International Monetary Fund?

A

Both are:
- helping countries in the struggle
- reduce poverty
- stabilize economy

IMF: emergency funds
WB: long-term projects

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5
Q

How has the expansion of the free market economy encouraged economic globalization?

A

Lowered tariffs, regulations (health/env’t), and barriers -> Transnationals

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6
Q

What ideas led to the development of economic globalization?

A

Communism vs Capitalism

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7
Q

What were the ideas of John Keynes?

A

Protectionism/Government Intervention

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8
Q

What were the ideas of Friedrich Hayek?

A

Capitalism/Free Trade

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9
Q

What influence have Hayek and Maynes’ ideas had?

A

Keynes: economies after WWII…Hayek: Thatcher (UK) and Reagan (US)

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10
Q

What is the link between freer trade and economic globalization?

A

Local companies -> big markets

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11
Q

What role does the WTO play in economic globalization?

A

It oversees agreements and disputes. Makes rules. Frees trade.

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12
Q

Explain CUMSA.

A

The largest free trade region; it replaced NAFTA in 2020 and supports mutual trade/investment

Terms:
- Automobiles
- Mexican labour protection
- US to Canadian dairy
- Copyright
- Duties on eBooks/Music
- Expiry terms

Results:
- Standards of work ^
- Costs for labour ^
- Job relocation

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13
Q

What are Maquiladoras?

A

“Twin plants”; manufacturing plants in Mexico with administration in USA
- Companies can pay less for labour
- Poor, run-down facilities with bad conditions. Bad for environment
- Initially provided Mexico with more jobs
- Greater supply for products in NA
- Stabilized Mexican and a bit of NA’s economy

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14
Q

Name some of the arguments for free trade.

A
  1. economic growth (GDP)/trade (new markets)
  2. consumer benefits (lowered price)
  3. some job creation
  4. some wage growth
  5. more FDI (purchase of assets or interest in another country)
  6. more services/goods available
  7. efficient utilization of resources (tech/oil); industry expertise—higher quality of stuff
  8. less government spending
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15
Q

Name some of the arguments against free trade.

A
  1. job losses
  2. wage suppression
  3. domestic production, bad effects (no subsidies/protectionism)
  4. bad effects on local oil and energy markets
  5. pressuring immigration and the outsourcing of jobs
  6. because of tariffs, economic shifts mean less revenue from tax; may mean less government spending
  7. workers’ rights and conditions detraction
  8. potential overdependence on FDI
  9. theft of intellectual property
  10. bad for environment
  11. bad on culture and traditions
  12. bad on local employment
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16
Q

What do Free Trade Agreements do?

A

They regulate tariffs, taxes, duties, and quotas (terms of trade) imposed by countries on imports and exports. Allow access to markets.

IMPACT INTERNATIONAL TRADE

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17
Q

What are the types of FTA’s?

A

Unilateral: benefits one country by one country; can loosen or impose taxes
ex: USA to small countries

Bilateral: 2 countries, often around key sectors (cars, food, oil)

Multilateral (CUMSA): lots of countries, powerful but hard to do

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18
Q

Define prosperity, the driving force for economic globalization.

A

Standard of Living:
GDP - all goods and services in a country; judges a country’s level of economic development
(per capita) - divided by the number of citizens

the condition of being successful or thriving. especially: economic well-being.

QoL and SoL

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19
Q

Define quality of life.

A
  • happiness
  • poverty rates
  • healthcare
  • education
  • life expectancy
  • gender equality
  • GINI
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20
Q

What are some influences of E. Globalization?

A
  • Natural disasters
  • Sanctions
  • Gov’t stability
  • War/Conflict
  • Control of S/D (cartels/gov’t)
  • Pandemics
  • Investor confidence due to inflation
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21
Q

What are the three fundamental economic questions?

A
  • What to produce?
  • Who produces it?
  • For whom to distribute to?
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22
Q

What is economic globalization?

A
  • Interconnectedness of people, nations, and corporations, through trade—exchange of goods, services, information and ideas
  • Has been hastened by advanced technology in media, communication, and transportation

GROWING INTEGRATION OF MARKETS

Or, global capitalism

Parts:
1) International Trade
2) International Institutions
3) International Agreements
4) FDI
5) TNCs

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23
Q

What are the two main government systems that are related to economic globalization?

A

Communism vs Capitalism
Security vs Freedom
Control vs Competition

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24
Q

What is the World Bank?

A

The World Bank is an international financial institution that provides loans and financial assistance to countries for development projects aimed at reducing poverty and supporting economic development, often focusing on infrastructure, health, and education.

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25
What is the IMF (International Monetary Fund)?
The International Monetary Fund is a global organization of 190 countries working to secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world through policy advice, loans, and technical assistance. Emergency funds.
26
What is HIPC?
The Heavily Indebted Poor Countries initiative is a joint program by the World Bank and IMF aimed at ensuring that the world's poorest countries are not overwhelmed by unmanageable or unsustainable debt burdens, providing debt relief and low-interest loans.
27
What is trade liberalization?
Trade liberalization involves reducing or removing trade barriers like tariffs, quotas, and regulations to encourage free trade between nations, aimed at enhancing economic growth and efficiency by allowing countries to specialize and export goods in which they have a comparative advantage.
28
What is free trade?
Free trade refers to international trade left to its natural course without tariffs, quotas, subsidies, or other restrictive regulations imposed by governments, aiming to create an open and competitive international market.
29
What is a trading bloc?
A trading bloc is a type of intergovernmental agreement where regional barriers to trade, such as tariffs and quotas, are reduced or eliminated among the participating states, aiming to increase trade and economic cooperation within the region. Example: EU, ASEAN
30
What is a tariff?
A tariff is a tax imposed by a government on imported goods or services to protect domestic industries from foreign competition, raise government revenue, or both.
31
What is anti-globalization?
The anti-globalization movement opposes the increasing integration of global economies, arguing that it often leads to environmental degradation, exploitation of labor, loss of national sovereignty, and widening economic disparities.
32
What is the WTO?
The World Trade Organization is an international organization established to regulate and facilitate international trade, negotiate trade agreements, and resolve trade disputes among member countries, aiming to ensure that trade flows as smoothly, predictably, and freely as possible. Pro free trade.
33
What is economic globalization?
Economic globalization refers to the increasing interdependence and integration of national economies through the global exchange of goods, services, technology, capital, and knowledge, driven by international trade and investment and aided by information technology.
34
What is protectionism?
Protectionism is the economic policy of restricting imports from other countries through tariffs, quotas, and other regulations to protect domestic industries from foreign competition and preserve jobs.
35
What is intellectual capital?
Intellectual capital is the intangible value of an organization, encompassing the collective knowledge, skills, innovation, and creativity of its employees, as well as the relationships and systems that contribute to the company's competitive advantage.
36
What are raw materials?
Raw materials are the basic, unprocessed or minimally processed materials used as the input for manufacturing goods or providing services, ranging from minerals and metals to agricultural products.
37
What are unskilled labourers?
Unskilled laborers are workers who lack specialized skills or professional qualifications and typically perform manual or routine tasks that do not require extensive training or education.
38
What are knowledge workers?
Knowledge workers are individuals whose main capital is knowledge, characterized by their ability to analyze, manipulate, and interpret information and apply their expertise in problem-solving and decision-making processes.
39
What does marginalized mean?
Marginalized groups or individuals are those pushed to the fringe of society, often facing disadvantages and discrimination, lacking power, and having restricted access to resources and opportunities.
40
What is debt forgiveness?
Debt forgiveness is the act of canceling or reducing the debt owed by a borrower, often used by governments or international institutions as a means to relieve financial burden from economically struggling nations or individuals.
41
What are structural adjustments?
Structural adjustments are economic policy reforms implemented in developing countries as a condition for receiving financial aid, typically involving measures such as privatization, deregulation, fiscal austerity, and trade liberalization, aiming to improve economic performance.
42
What is austerity?
Austerity refers to economic policies characterized by strict budgetary discipline, spending cuts, and tax increases, typically implemented to reduce government deficits and debt levels, often in the context of financial bailouts or economic crises.
43
What are maquiladoras?
Maquiladoras are factories located in Mexico, typically owned by foreign companies, that import raw materials and produce goods for export, benefiting from favorable trade regulations and lower labor costs.
44
What is prosperity?
Prosperity refers to a state of economic success and well-being, characterized by wealth, flourishing economic conditions, high standards of living, and a healthy and sustainable economy.
45
What is economic development?
Economic development is the process through which a nation or region improves the economic, political, and social well-being of its people, often through policies and programs that promote industrialization, infrastructure development, job creation, and poverty reduction.
46
What is unregulated globalization?
Unregulated globalization refers to the rapid and uncontrolled integration of global economies and markets without sufficient oversight or regulation, which can lead to negative consequences like exploitation, environmental harm, and increased inequality.
47
What is consumerism?
Consumerism is an economic and social ideology that encourages the acquisition of goods and services in ever-increasing amounts, often associated with the belief that personal happiness and societal progress are intrinsically linked to consumption.
48
What are social impacts?
Social impacts refer to the effects of actions, policies, or events on a community or society, including changes in welfare, lifestyle, cultural norms, community cohesion, and quality of life.
49
What are political impacts?
Political impacts are the effects of actions or events on the political environment, including changes in governance, policy-making, political stability, and the balance of power.
50
What are economic impacts?
Economic impacts are the effects of actions or events on the economy, including changes in employment, income, productivity, market dynamics, and overall economic growth or decline.
51
What is sustainable development?
Sustainable development is a holistic approach to growth that meets the needs of the present without compromising the ability of future generations to meet their own needs, emphasizing a balance between economic growth, environmental protection, and social equity.
52
What is innovation?
Innovation refers to the process of creating new and improved products, services, technologies, or ideas, which can drive economic growth, improve efficiency, and solve complex problems.
53
What is Silicon Valley?
Silicon Valley is a region in California known as a global center for high-tech innovation and development, housing many startups and global technology companies.
54
What is human capital?
Human capital represents the collective skills, knowledge, abilities, and health of an individual or workforce, considered an asset in terms of their value to an organization or economy.
55
What are economies of scale?
Economies of scale occur when increasing production leads to a lower cost per unit of output, due to the spreading of fixed costs over a larger number of units. USA vs China trade war based on this
56
What are the "invisible hands" of the market?
The "invisible hand" is a metaphor coined by economist Adam Smith, describing the self-regulating nature of the marketplace where individual self-interests inadvertently promote the good of the community. Competition is good; a metaphor that describes the unseen forces of self-interest that impact the free market.
57
What is outsourcing?
Outsourcing involves contracting out business processes or services to external parties, often to reduce costs, access specialized skills, or improve efficiency.
58
What are social programs?
Social programs are government initiatives designed to provide public assistance and improve the social welfare of the community, including healthcare, education, housing, and unemployment benefits.
59
What does privatized mean?
Privatization refers to the process of transferring ownership or control of a business, industry, or service from the public sector (government) to the private sector (businesses).
60
What is fair trade?
Fair trade is a social movement and market-based approach that aims to help producers in developing countries achieve better trading conditions, promote sustainability, and ensure fair pay and working conditions.
61
What are some forms of protectionism?
- Environmental regulations - Subsidies - Anti-Globalization - Health regulations - Import Quotas - Duties - Tariffs
62
What was the Kyoto Protocol?
The Kyoto Protocol operationalizes the United Nations Framework Convention on Climate Change by committing industrialized countries and economies in transition to limit and reduce greenhouse gases (GHG) emissions under agreed individual targets.
63
Who was Milton Friedman?
Economist that promoted free trade.
64
By 1976, the international agreements of moving from fixed exchange rates based on the gold standard to the floating exchange rate was done to
Combat growing inflation, prevent governments from fixing their currency exchange rates and provide more economic stability. This was a result of expansion of globalization post-WWII
65
What did the Bretton Woods Conference of 1944 create?
GATT (General Agreement on Tariffs and Trade). Treaty to eliminate trade barrier and boost economic recovery after WWII. Put an end to protectionism. 1994 superceded into the WTO, extended off of it.
66
What is percieved obscolescence?
Consumers with perceived obsolescence primarily focus on how a product looks or feels rather than the functional operations of the product. Throwing out stuff that is perfectly fine, but we think it is outdated.
67
What is planned obscolescence?
Planned obsolescence, also known as built-in obsolescence, is used by businesses to create a product that will purposefully lose value over time.
68
Why did the G8 (a collective of eight developed nations) pledge that by 2010, it will increase official development assistance to Africa by $25 billion and to all developing countries by about $50 billion per year?
An understanding that all nations benefit when human conditions are improved globally.
69
Which of the following is not one of the reasons why earth's sustainability is decreasing? A) Deindustrialization. B) Overconsumption of resources. C) Population growth. D) Environmental destruction and climate change
A
70
What are some examples of political and economic conditions required by less developed nations to recieve loans from the World Bank?
Reduction of political corruption Increasing democratization Adopting Western-style free market conditions
71
Economic growth depends on what?
Businesses producing more goods and services more quickly, efficiently and less expensively.
72
All of these are considered to be…: - The increased movement of money around the globe due to new technologies - The establishment of a new international monetary system - The adoption of free market principles by former Soviet-bloc nations - The creation of the World Bank and International Monetary Fund
The foundations of economic globalization
73
What was the result of the late-1990s economic crisis in Asia?
The interdependence of Asian nations and foreign investors caused the economic crisis to spread from country to country rapidly.
Social 10-1
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