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Social 10-1 > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

Economic globalization also means…

A

Global Trade

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2
Q

Protectionism

A

Governments protect their local companies through tax breaks, tariffs, and subsidies

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3
Q

What are Tariffs and Subsidies

A

Tariffs: Taxes on imports, eg; In Canada we place a Tariff on milk products. This is attempting to make American milk cost more so buyers will go to buy Canadian milk. This keeps more jobs/prosperity in Canada

Subsidies: Government payments or support to particular industries, eg; Governments will often give tax breaks to Canadian Farmers so they can increase their prosperity. Farmers can then price their milk at a cheaper price and will rival American milk prices

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4
Q

What is Free Trade

A

Defined by an absence of protectionist barriers (tariffs and subsidies).
Allows goods and services to move across borders without hindrance.
Has led to the expansion of economic globalization.
Done through Free Trade agreements (NAFTA) (1992)
Free trade can increase prosperity in ones home country because they now have a much bigger audience to sell their products/services to. When a person makes more money elsewhere, they can increase their own countries economy because they will likely spend their personal money in said country which allows for more jobs and can increase prosperity.

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5
Q

Neo-Colonial is…

A

Anti-free trade

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6
Q

Neo-Liberal is…

A

Pro-free trade

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7
Q

What is a positive to economic interconnectedness?

A

In the 2000s, India and Pakistan were very close to starting a full fledged war with each other, and only stopped because foreign countries said that the war would impact their company too much and they’d have to pull out.

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8
Q

What is a negative to economic interconnectedness?

A

During covid, China developed a zero covid policy where if a part of China had covid, they would stop production. This meant that other countries who relied on products from China were adversely effected.

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9
Q

What caused WWI? 1914-1918

A

Arms Race
Economic Rivalry
Nationalism
System of secret alliances - don’t need to memorize
The assassination of Archduke Francis Ferdinand, heir to the throne of Austria-Hungary.

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10
Q

What is the general idea/result of secret alliances?

A

When a country attacked another smaller country, there was a chance that the smaller country may have an Alliance with a bigger one, like Britain. This would result in the attacking country making an enemy with Britain/the bigger country. (Germany, Belgium, Britain)

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11
Q

What was WWI a war of?

A

Attrition

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12
Q

Some economic costs of WWI were…

A

Towns and Cities of Europe destroyed
Railroads disrupted
Ports and Ships damaged or destroyed
Farms, roads, and factories demolished
Many European countries were forced to borrow money from the United States and by 1918 they owed over $7 000 000 000.
The economies of Europe were devastated. They would never again be as powerful as they had been.

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13
Q

Why was WWI good for the US?

A

Because the US was involved in WWI but never had any of the warfare brought directly over to them they could enjoy all the economic benefits and boosts they were given without having to repair their country

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14
Q

Why did Russia pull themselves out of WWI in 1917?

A

The Russian revolution

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15
Q

What kind of things do the USSR government do?

A

Outlawing private property
Outlawing private ownership
Equality for all people
Good of the community, not the individual

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16
Q

Who did Lenin get succeeded by?

A

Stalin

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17
Q

A large amount of the money the USSR was making went to…

A

Industrialization and military

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18
Q

What was one reason the Great Depression happened? (Hint, Stocks)

A

There was a realization from economists that some stocks were overinflated and not worth as much as they thought, so people began to sell their stocks fast and this caused the stock market to crash. Since banks make money through stocks and the like, they began to go bankrupt since people were also taking a lot of money out at the time

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19
Q

What did the American government do to help the Great Depression?

A

They took a left-wing approach and chose to print more money which drove up inflation. They also provided welfare and turned to private charity

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20
Q

Axis

A

Germany
Italy
Japan

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21
Q

Allies

A

England
United States
Russia
China
France (until they were defeated)
Canada and other commonwealth nations

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22
Q

What post-war events and factors laid the foundation of contemporary economic globalization?

A

The establishment of the United Nations (U.N.)
The Bretton Woods Conference
The reorganization of economic systems (Keynes and Hayek)
The World Bank
The International Monetary Fund (IMF)
The Global Agreement on Tariffs and Trade (GATT), later known as the World Trade Organization (WTO)

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23
Q

Why was the UN created?

A

During and after WWII, many countries came together and decided that an event of this caliber could not happen again. This meant that the UN’s intent was to have everyone cooperate

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24
Q

What is the purpose of the UN?

A

To support people who wanted to choose their own government.
To help countries cooperate on trade issues
To protect smaller countries against invasion by larger countries.
To ensure that no single country controlled the world’s oceans.

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25
Q

Who are the P5?

A

China, Russia, the UK, the US, France

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26
Q

What is the Bretton Woods conference?

A

A meeting with the intent to focus on the issue of ‘what kind of economic systems and institutions would need to be established to prevent the economic turmoil that led to the world wars.’

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27
Q

John Maynard Keynes is Left or Rightwing?

A

Leftwing

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28
Q

Friedrich Hayek is Left or Rightwing?

A

Rightwing

29
Q

What ideas did Keynes get behind during the conference?

A

Unemployment insurance
Welfare
Work Programs
Health Care
Believed that the unrestricted capitalism that existed before and between the wars caused great unemployment and hardship, leading to conflict.

30
Q

What ideas did Hayek get behind during the Conference?

A

Hayek believed that too much government involvement led to conflict, for example, the Nazis.
He thought that if the government controlled the economy too much it’d be inefficient and would obstruct healthy economic competition

31
Q

What was the result of Bretton woods? What organizations were formed?

A

Keynes’ ideas won out and the IMF and World Bank were formed.
In general, both organizations would establish agreed-upon rules that would expand international trade.
In theory, more trade meant more money and more prosperity.

32
Q

The ideas of Bretton woods are directly against what political idealogy?

A

Communism

33
Q

How is the head of the World Bank decided by? What does this tell you about the organization?

A

It is decided by the US, and this shows that it is a very US-heavy kind of organization rather than a global one.

34
Q

How did the WB change?

A

The WB went from helping countries after WWII to helping developing countries starting from scratch.

35
Q

Countries that give more money to the IMF get what?

A

More votes when it comes to decisions within the IMF. They have veto power

36
Q

IMF original and current goals are?

A

They initially created exchange rates for world currencies to allow easy global trade. Their current goal is to provide emergency short-term loans and to demand reforms in corrupted governments

37
Q

People in support of the WB and IMF are called…

A

Neo-Liberal
- Supporters of the IMF and World Bank believe that they have improved the economic and social conditions of many countries and improved the overall world economy.

38
Q

People against the WB and IMF are called…

A

Neo-Colonial
- Detractors believe that the IMF and the World Bank are controlled and dominated by the western powers and do not always represent the best interests of people in Global South.

39
Q

What happens because of market saturation?

A

The cost of items that are being saturated are significantly dropped, and this can be caused by the IMF because they will tell developing countries to produce that product

40
Q

Who were the two major political groups in the Cold War?

A

Capitalists and Communists, respectively the USA and the USSR

41
Q

During the Cold War what did the US do to try and stop Communism?

A

They assassinated leaders in foreign countries that were turning to Communism. E.g; the Congo, etc
They also supported the Taliban

42
Q

What is the main idea from Keynes?

A

Save when times are good, spend when times are bad

43
Q

Who was the economist similar to Hayek?

A

Friedman

44
Q

Neo-Liberalism is…

A

In support of:
economic liberalization
free trade
open markets
privatization
deregulation
decreasing the size of the public sector while increasing the role of the private sector in modern society.
Reduction of government involvement

45
Q

Neo-Colonialism is…

A

the practice of using
economic (privatization/conditional aid),
political or cultural pressures to control or influence a country into dependence
this is done in place of the direct military control or indirect political control that was seen during colonization.

46
Q

What are the four forces of globalization?

A

Communication technology
Trade
Transportation
The Media

47
Q

Why so solution that help the global north not help the global south?

A

Because the South is not as developed as the North is.

48
Q

Trade liberalization is talking about…

A

The shift to open border-based economies and getting rid of privatization, tariffs, etc.

49
Q

Who benefitted from exppanding globalization?

A

The global top 1%
Emerging middle-classes, e.g; Asia, China Bangledesh

50
Q

Who didn’t benefit from expanding globalization?

A

The middle and lower classes of the Global North. (Losses in overall income)
The bottom 15% of the global economy. Those living in extreme poverty in developing countries.

51
Q

People who supported NAFTA believe…

A

It would create thousands of high-paying jobs
Would raise living standards
Would improve environmental and employment standards (this did not happen)
Would transform Mexico from a developing country to a developed country

52
Q

People who didn’t support NAFTA believed…

A

Would cause jobs to leave Canada and the US and go to Mexico
Would create a race to the bottom for wages (this did happen)
Would undermine health environmental and safety standards (all of this got worse)
Would undermine the ability of member states to make their own decisions

53
Q

What is the EU?

A

The European Union, the European version of NAFTA

54
Q

Why is it better to have one universal currency? (Euro)

A

It helps to increase trade and makes it easier to trade
This also makes it stronger/worth more

55
Q

What is a Corporation?

A

A legal entity that as far as the law is concerned are legal persons.

56
Q

What does conglomerate mean?

A

A company with many subsidiaries underneath it

57
Q

Revenue means…

A

How much money one company has flowing in, NOT profit

58
Q

What is the Kyoto protocol?

A

Signed in 1997 in Kyoto, Japan, 141 countries agreed to reduce greenhouse gas emissions to below 1990 levels by 2012.

59
Q

What is the Paris agreement?

A

The Paris Agreement brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects, with enhanced support to assist developing countries to do so.
The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.
Additionally, the agreement aims to strengthen the ability of countries to deal with the impacts of climate change. The Agreement also provides for enhanced transparency of action and support through a more robust transparency framework

60
Q

What are the five concepts of modern Globalization?

A

Economic growth
Trade liberalization
The knowledge economy
Privatization
Foreign investment

61
Q

What does Economic growth look like on a Global Scale? Pros and Cons - Opportunity and Challenge

A

Eighty-two percent of the wealth generated was given to the richest one percent of the world. The poorest 3.7B saw no increase in their wealth
It takes four days for a CEO to make the same amount of money that a Bangladeshi worker makes in their lifetime. This concept goes for the US/Global North as well
-
In 1990 there were 2B people living in extreme poverty while in 2017 only 705M are living in poverty.
-
Opportunity: It has made people and countries very rich
Challenge: It’s increased the wealth gap

62
Q

Trade Liberalization, Opportunity and Challenge

A

Opportunity: Has made countries very rich and has allowed for more interconnectedness which
Challenge: This has left a larger wealth gap. This is because the ideas that the IMF and WB were giving to them and encouraging did not work because they had only worked when put on developed countries

63
Q

The Knowledge economy, Opportunity and Challenge

A

Opportunity: Led to great technological advances and development from corporations. (Note that research development used to be funded by governments, when the shift towards Neo-Liberalism happened it became corporations)
Challenge: The knowledge economy leaves poorer countries behind because they can’t afford the high-tech expertise. (Also note that the people who are very knowledgeable in these developing countries will likely leave and go to the Global North.)

64
Q

Privatization, Opportunity and Challenge

A

(Note that this works better within developed countries rather than developing ones)
Opportunity: When a service is Privatized, the government does not need to use tax dollars on that service. This has led to prices lowering due to competition or staying relatively the same.
Challenge: Think about the Bechdel water example within Bolivia where water was privatized and then monopolized it so they’d have complete price control.

65
Q

Foreign investment, Opportunity and Challenge

A

Opportunity: Opens borders and allows countries to open to investors that come from other places. This helps if there is a lack of available investment/cash flow by the people currently living in that country
Challenge: This may increase economic development and productivity but it takes money out of the host country to be spent/saved someplace else. This can be a very short-term solution as well. Think about the Mexican plants along the borders and how they moved jobs fast to Bangladesh

66
Q

The goal of sustainability is…

A

A balance between an economic system that can ensure prosperity for every person on the planet while not overshooting the capabilities of the biosphere.

67
Q

Sustainable Prosperity goals;

A

Eradicate extreme poverty
Have all countries have their citizens finish school
Promote gender equality
Reduce child mortality
Improve maternal health
Combat HIV/AIDs, malaria, tuberculosis
Ensure environmental sustainability
Develop global partnership for development

68
Q
A

Social 10-1 (3 decks)

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