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Contemporary Reviewer Flashcards

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1
Q

He described globalization as “the process of expansion and intensification of social and conciousness across world-time and across world-space.

A

Manfred Steger

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2
Q

It is the process of expansion and intensification.

A

Globalization

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3
Q

This refers to “both the creation of new social network and the multiplication of both existing connections”

A

Expansion

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4
Q

Refers to the expansion, stretching, and acceleration of social networks.

A

Intensificiation

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5
Q

He noted that “globalization do not occur merely at an objective, material level but they also involve the subject plane of human consciousness.”

A

Manfred Steger

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6
Q

State the Two Important Principles of Globalization

A

First, Globalization is a complex phenomenon that occurs at multiple levels.

Second, it is an uneven process that affects people differently.

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7
Q

This refers to the process where separate national markets merge into a global marketplace.

A

Market Integration

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8
Q

Is the early joint-stock companies and the origins of stock market.
What century?

A

16th Century

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9
Q

Formation of major stock exchanges (e.g., Londo Stock Exchange in 1773, NYSE in 1792).

What century?

A

18th-19th Century

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10
Q

Globalization and deregulation led to more integrated markets.

What century?

A

20th Century

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11
Q

Integration accelerated by technological advancements and trade liberalization.
(Historial Context of Market Integration)

A

Modern Day

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12
Q

When was the adoption of gold standard? (Year)

A

1867

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13
Q

Who coined the term and influenced the belief of “Keynesianism”?

A

John Maynard Keynes

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14
Q

When did Keynesianism developed? (Year)

A

1944

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15
Q

He believed that economic crises occur not when a country does not have enough money, but when money is not being spent thereby not moving.

A

John Maynard Keynes

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16
Q

The belief where government must need to reinvigorate markets with infusions of capital to avoid economic crises.

A

Keynesianism (1944)

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17
Q

Full Name of Instructor

A

Jorn Lumintao

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18
Q

This is the Global Financial System.

A

Bretton Woods System

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18
Q

5 Key Points of Keynesianism.

A

Spending
Borrow
Infused of Capital
Government Intervention/Regulariton
Active Role of Govt in the Economy

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19
Q

This is the formerly International Bank for Reconstruction.

A

World Bank

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20
Q

This organization works to achieve sustainable growth and prosperity for all of its 191 member countries.

A

International Monetary Fund (IMF)

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21
Q

They aim to ensure that trade between nations is free, smooth, and predictable.

Formerly General Agreements on Tarrifs and Trades.

A

World Trade Organization (WTO)

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22
Q

They are responsible for funding postwar reconstruction projects.

A

World Bank

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23
Q

The global lender of last resort to prevent individual countries from spiraling into credit crises.

A

International Monetary Fund (IMF)

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24
It's main goal is to reduce tariffs and other hindrances to free trade.
World Trade Organization (WTO)
24
When was Neoliberalism established? "Neo" means new. It is a belief in free market.
In the 1980s.
24
They argued that the government intervention on economies distort the proper functioning of the market. (Two Person)
Friedrich Hayek and Milton Friedman They both argued that the government of pouring money into their economies had caused inflation by increasing demand without increasing the supply.
25
Who founded Neoliberalism?
Friendrich Hayek and Milton Friedman
25
What consensus dominated the global economic policies from 1980s to early 2000s?
Washington Consensus
25
This was a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices.
Mercantilism It's goal was to increase the supply of a state's gold and silver with exports rather than to deplete it through imports. 1 It also sought to support domestic employment.
25
These are currencies that are not backed by precious metals and whose value is determined by their cost relative to other currencies.
Fiat Currencies The world economy operates based on what are called fiat currencies.
25
They interact with consumers globally by selling products nad services. (e.g., Apple, Toyota)
Global Corporations
25
What are the 3 Economic Systems?
1. Mercantilism 2. Keynesianism 3. Neoliberalism
25
They were a global investment bank that declared bankruptcy in September 2008. The firm's collapse was a defining moment of the 2008 financial crisis.
Lehman Brothers The firm's failure was caused by the subprime mortgage market.
25
Give at least one consequence that was resulted by the Economic Systems.
1. Restrictions 2. Inflation 3. Government Control 4. Domino Effect of economic downturn
25
According to the IMF, is it a historical process that reflects the outcomes of human creativity and technological advancements.
Economic Globalization This phenomenon is driven by the actions and innovations of individuals, organizations and institutions.
26
They support national governments with financial resources for development projects. (e.g., IMF, World Bank)
International Financial Institutions (IFIs)
27
They regulate the operations of global corporations, and they negotiate trade agreements with regional economic blocs. (e.g., USA, China)
National Governments
28
They facilitate trade between member countries and global corporations. (e.g., EU, ASEAN)
Regional Economic Blocs
29
They advocate for responsible corporate practices and sustainable development and they also raise consumer awareness about global issues like fair trade. (e.g., Oxfam, Greenpeace)
Non-governmental Organizations (NGOs)
30
They drive demand for products from global corporations. They influence corporate policies through ethical purchasing decisions.
Consumers (Global Market)
31
They are organizations that provide financial and technical assistance to countries worldwide.
International Financial Institutions (IFIs)
32
What are the two Global Corporations?
1. Multinational Corporations (MNCs) - centralized decisions. 2. Transnational Corporations (TNCs) - decentralized decisions.
33
This global corporation centralized decisions.
Multinational Corporations (MNCs)
34
This global corporation decentralized decisions.
Transnational Corporations (TNCs)
35
Who founded the world System Theory Model?
Wallerstein Wallerstein's World System Theory Model.
36
This theory's core idea is that the world is a single, interconnected system where countries are categorized into the core, periphery and semi-periphery.
Wallerstein's World System Theory Core: Wealthy nations domination global trade, technology and finance. (e.g., US, Germany, Japan.) Periphery: Nations supplying raw materials and cheap labor, exploited by the core. (e.g., Parts of Southeast Asia.) Semi-Periphery: Countries transition between core and periphery roles. (e.g., Brazin, India, South Africa)
37
Give two Semi-Periphery Nations.
China and India. China or India as rising powers producing goods for global consumption but still facing domestic inequality.
38
The World's Biggest Manufacturing Economy
China
39
Why do core nations continue to benefit disproportionately from globalization?
Because they have the economic power and established infrastructure to leverage global trade.
40
Is a set of interconnected parts that work together to achieve a specific purpose or function.
A System.
41
The network of states, IGOs, NGOs, and treaties governing international relations. What System?
Global Interstate System (GIS)
42
Is a structure and organized system of rules, norms, and organizations that shape human behavior and interactions within a society.
Institutions.
43
It is an "imagined community". (Benedict Anderson)
Nation The nation allows one to feel a connection with a community of people even if he/she will never meet all of them in his/her lifetime. E.g., Christendom, Filipino
44
What are the Four Elements of the State?
1. People 2. Territory 3. Government 4. Sovereignty People: exercises authority over a specific population called citizens. Territory: Aerial, fluvial, maritime, terrestrial. Government: A state has a structure of government that crafts various rules that people follow. Sovereignty: The state has sovereignty over its territory. a. It refers to internal and external authority.
45
Sets of agreement signed to end the Thirty Year's War between the major continental powers.
Treaty of Westphalia (1648) (Westphalian Sovereignty): It is a system designed to avert wars in the future by recognizing that the treaty signers exercise complete control over their domestic affairs and swear not to meddle in other's affairs.
46
It is a system designed to avert wars in the future by recognizing that the treaty signers exercise complete control over their domestic affairs and swear not to meddle in other's affairs.
Westphalian Sovereignty
47
The desire to create a system of heightened interaction between various sovereign states.
Internationalism This belief system advocates cooperation, unity and collaboration among nations. (e.g., United Nations (UN))
48
The process by which businesses, institutions, or activities expand beyond national borders and engage in international markets or networks.
Internationalization More practical and economic. (e.g., A university adopting an international curriculum or a company like Apple selling products worldwide.)
49
Refers to the formal institutions, structures and officials responsible for making and enforcing laws. (e.g., Thailand consisting of the Primer Minister, the Parliament, and the judicial system.)
Government
50
This is the broader concept of how power and decision-making are exercised and managed in society. (e.g., The World is being influence by various actors such as NGOs, business and international organizations.)
Governance
51
It is the collective effort of countries and organization to manage worldwide issues. (Dingwerth & Pattberg, 2006).
Global Governance 1. Various Actors (states, IOs, NGOs, GC) 2. Delves with issues. 3. Goal: GLOBAL ORDER.
52
It is legislating international rules that govern interactions between states.
Treaties
53
The UN recognized Two Main Types of International Organizations. What are those?
1. Intergovernmental Organizations (IGOs): These are organizations composed primarily of sovereign states. 2. Non-Governmental Organizations (NGOs): These are private organizations not established by a government.
54
Powers of 10s (according to International Relations scholars Michael N. Barnett and Martha Finnemore). What are the three power of IOs?
1. IOs have the power of classification. 2. IOs have the power to fix meanings. 3. IOs have the power to diffuse norms.
55
Who are the 5 permanent members of Security Council (SC)?
1. China 2. France 3. Russia 4. The United Kingdom 5. The United Sates Note: The body consists of 15 members states. The GA (General Assembly) elects the 10 for two year-terms.
56
This council lead on determining the existence of threat to the pace or an act of aggression.
Security Council (SC)
57
A constitutional right to reject a decision or proposal made by a law-making body.
Veto Veto power of UN's Security Council related to issues of security. The UN (SC) is tasked with authorizing international acts of military intervention. However, because of P5's veto power, it is hard for the council to implement it's decision
58
Who vetoed the most in the UN?
Union of Soviet Socialist Republics (USSR): 107 USA: 79 UK: 29 France: 17 China: 11
59
What is the relevance of the state amid globalization?
Globalization can challenge the state's authority and legitimacy, but it also creates new economic opportunities.

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