Chapter 9 Flashcards

1
Q

What is Economic of Globalization?

A

The spread of trade, transportation, and communication systems around the world in the interests promoting worldwide commerce

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2
Q

How do some people positively view economic globalization?

A

A force that creates healthy interdependence that will lead to prosperity for everyone

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3
Q

How does Joseph Stiglitz view globalization?

A

He says that countries have become interdependant due to communication and transportation and that transportation costs have been greatly reduced which removed barriers

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4
Q

How does Naomi Klein view globalization?

A

globalization shuts some people out of schools, hospitals, workplaces, and even their own farms, homes, and communities. Because of globalization, she says, people are unemployed and their basic needs are not being met

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5
Q

what has increased the power and size of economic nations?

A

The relatively free movement of money, people, information, and goods across borders

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6
Q

what are some negative arguments to interdependance?

A

Some people argue that this interdependence creates instability because a crisis in one country can become a serious global economic problem that can lead to job losses, factory closures, and unemployment in many other countries.

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7
Q

What are some positive arguments to interdependency?

A

Stability is increased because countries that trade with one another are unlikely to go to war

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8
Q

Why had many European countries borrow lots of money from the United States during world war 1?

A

Because much infrastructure had been destroyed in the war. The economic costs of war were also hight

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9
Q

Why did many countries restrict international trade?

A

Because after world war one they wanted to focus on rebuilding their countries

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10
Q

Why did the production of manufactured goods drop after WW1?

A

Because many countries restricted international trade to focus on rebuilding

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11
Q

What was signed after WW1 to ensure peace?

A

The treaty of Versailles

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12
Q

What were the reparations Germany had to pay for their role in WW1?

A
  • payments for war damages in Britain, France, Russia, and other countries
  • The peace treaty also required Germany to give up its colonies
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13
Q

How did Canada try to offset the debt it had from world war 1?

A

They created an income tax

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14
Q

Why did unemployment rise after WW1 in Canada?

A

As the war ended, weapon manufacturers, soldiers, and nurses were no longer needed

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15
Q

What was the Russion government like before the Russian revolution?

A

It was run by an absolute monarch Czar Nicholas the II. Russian citizens lived a difficult life that offered them little control over their own property or labour.

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16
Q

Why was Russia defeated in the world war?

A

Because they were less industrialized during the world war and had poor weapons

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17
Q

Why did many Russians rebel during the war?

A

Because of fuel and food shortages

18
Q

What forced Czar Nicholas the second to give up his throne?

A

During the Russian revolution the Russian economy shut down and the Nicholas family was murdered

19
Q

What emerged out of the Russian revolution?

A

The Soviet Union

20
Q

what kind of economy was the Soviet Union?

A

Communism. A new economic and political model that was supposed to get rid of class distinctions.

21
Q

What did Communism oppress?

A

Capitalism

22
Q

Who was the absolute monarch of the Soviet Union?

A

Joseph Stalin

23
Q

what were the nagatives to Joseph Stalin ruling?

A

Peasants were forced to work in mines and on farms and he turned the country into an industrial and military giant

24
Q

when did Canada experience an economic boom?

A

In the 1920s

25
Q

When did Canada experience a great depression?

A

In 1929`

26
Q

What caused the great depression?

A

Many investors started selling their shares in companies which caused the stock markets to plummet. Many who lost money could no longer pay bills and repay loans

27
Q

How did countries try to protect their industries?

A

they imposed large tarriffs on imports and international trade

28
Q

What caused world war II?

A

Hitler was elected absolute ruler of parliment and began to invade other countries. Other countries overseas then began to defend britain when Japan attacked pear harbour

29
Q

What was a positive effect on Canada from the world war II?

A

Unemployment fell and many women joined the workforce

30
Q

What organization was built to prevent a similar global conflict like world war II?

A

United Nation

31
Q

What was the purpose of the Bretton Woods conference?

A

To try to figure out how they could prevent the kind of economic turmoil that could lead to another world war.

32
Q

What did John Maynard Keynes believe about government involvement in the economy?

A

When unemployment is low the government should set up programns to hire the unemployed and ensure people had money to spend

33
Q

What did Friedrich Hayek believe the government should do when employment is low?

A

They should protect market by ensuring their rulles do not interfere with competition between businesses

34
Q

What were 2 organizations created out of the Bretton Woods conference?

A

The World Bank and the International Monetary Fund

35
Q

what is the purpose of The World Bank and the International Monetary Fund?

A

To help expand trade and prevent international conflict

36
Q

What agreement was created at the Bretton Woods conference?

A

General Agreement on Tariffs and Trade — GATT. They agreed to gradually reduce tarriffs

37
Q

What emerged out of the General Agreement on Tariffs and Trade — GATT

A

The world Trade organization

38
Q

What is the purpose of the WTO?

A

Regulating trade in services, such as telecommunications and banking, as well as goods. It had also set rules to protect copyright and intellectual property

39
Q

Which countries became economic superpowers after world war II?

A

The USA and the Soviet Union

40
Q

What caused friction between USA and the Soviet Union?

A

Their difference in government systems

41
Q

What was the Cold War?

A

A non-military war of trade between capitalist and communist countries