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Contemporary > Globalization Of Economics > Flashcards

Globalization Of Economics Flashcards

1
Q

Oldest international trading route

A

Silk road

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2
Q

It was used from 130 BCE (Han Dynasty) to 1453 (when Ottoman Empire closed it)

A

Silk road

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3
Q

T/F
Silk road it crossed no oceans and could not reach the Americas

A

T

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4
Q

Beginning of globalization according to them, all important populated continents began to exchange products continuously—both with each other directly and indirectly via other continents– and in values sufficient to generate crucial impacts on all trading partners;

A

Dennis O. Flynn
Arturo Giraldez

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5
Q

When was galleon trade establish

A

1571

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6
Q

First time the Americas were connected to Asian trading routes

A

After the establishment of Galleon Trade (1571)

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7
Q

T/F
For Filipinos, it is crucial to note that political globalization began on the country’s shores.

A

F (economic)

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8
Q

an economic policy that is designed to maximize the exports and minimize the imports for an economy

A

Mercantilism

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9
Q

Galleo trade was part of age of _______

A

Mercantilism

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10
Q

It promotes imperialism, tariffs and subsidies on traded goods to achieve that goal.

A

Mercantilism

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11
Q

They imposed high tariffs , forbade colonies to trade with other nations, restricted trade routes, subsidized exports to protect their products

A

European countries (16th to 18th centuries)

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12
Q

Goal was to create a common system that would allow for more efficient trade and prevent isolationism of the mercantilist era.

A

European countries

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13
Q

Countries thus established common basis for currency prices and fixed exchange rate system based on

A

Gold base

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14
Q

a restrictive system; compelled countries to back currencies with fixed gold reserves

A

Gold standard

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15
Q

This forced countries to abandon gold standard when reserves were depleted

A

World War 1

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16
Q

was worst and longest crisis experienced by Western world

A

Depression

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17
Q

it limited the amount of money in circulation, thus reduced demand and consumption

A

Gold standard

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18
Q

It was severely curtailed by gold standard as printing money and increasingly money supply is limited by gold supply

A

Money supply

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19
Q

According to him, US recovery began when it abandoned gold standard thus freed up money to spend on reviving the economy

A

Barry Eichengreen

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20
Q

At the height of this, other major industrialized countries also abounded the gold standard

A

WW II

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21
Q

currencies not backed by precious metals, values are determined by their cost relative to other currencies

A

Fiat currencies

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22
Q

System allows governments to freely and actively manage their economies by increasing or decreasing the money in circulation as they see fit

A

Fial currencies

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23
Q

T/F
After the great depression , leaders sought to create a global economic system that would ensure a longer lasting global peace

A

F (WWs)

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24
Q

When was Breton Woods System inaugurated

A

1944 during UN monetary and Financial Conference

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25
Q

It was to prevent catastrophes of early decades from re-occuring and affecting international ties

A

Breton Woods system

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26
Q

He influence the Breton Woods System

A

John Maynard Kaynes

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27
Q

To him, economic crises occur not when country does not have enough money, but when money is not being spent, thereby, not moving

A

John Maynard Keynes

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28
Q

What how the government do when the economy slows down

A

Invigorate market with infusion of capital

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29
Q

The active role of governments in managing spending served as anchor of global _______

A

Keynesianism System

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30
Q

delegates agreed to create two financial institutions, International Bank for Reconstruction and Development (IBRD, World Bank), responsible for funding post-war reconstruction projects and International Monetary Fund

A

Breton Woods System

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31
Q

Bretton Woods delegates agreed to create two financial institutions

A

International Bank for Reconstruction and Development
International Monetary Fund

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32
Q

responsible for funding post-war reconstruction projects

A

International Bank for Reconstruction and Development

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33
Q

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

A

International Monetary Fund

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34
Q

This would step in if economic growth slowed down because of lack of capital for economic stimulation

A

International Monetary Fund

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35
Q

These are the key player or economic globalization

A

International Bank for Reconstruction and Development
International Monetary Fund

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36
Q

Main purpose was to reduce tariffs and other hindrances to free trade.

A

General Agreement on Tariffs and Trade

37
Q

During this, governments poured money into economies, allowing people to purchase more goods, thus increasing demand;

A

Neoliberalism

38
Q

As demand increased, so did prices of goods

A

Neoliberalism

39
Q

T/F
Western countries, Japan, accepted rise in prices as it was accompanied by economic growth, reduced unemployment

A

T

40
Q

T/F
As prices increased, companies earned more, thus have money to hire less workers

A

F (more)

41
Q

They believed all these was necessary trade-off for economic development

A

Keynesian economists

42
Q

What was the cause of price rise in 1970

A

OAPEC

43
Q

Why did the OAPEC decided to impose oil embargoment

A

US and other countries decision to suppy Israel with arm (Yom Kippur War)

44
Q

Arab countries used this to stabilize their economies and growth

A

Embargo

45
Q

They were relient to oil

A

Western Economies

46
Q

When did the Breton Woods System ended and the stock market crashed

A

When US stop linking dollars to gold

47
Q

Result of the end of Breton Woods system and stock market crash

A

Stagnation

48
Q

decline in economic growth and employment

A

Stagnation

49
Q

takes place alongside a sharp increase in prices

A

Inflation

50
Q

They argued pouring money into economies caused inflation by increasing demands, without necessarily increasing supply

A

Friedrich Hayek
Milton Friedman

51
Q

T/F
Government intervention in economies distort the proper functioning of the market

A

T

52
Q

Economists use this to challenged Keynesian theory

A

Economic turmoil

53
Q

What was the new formof thinking

A

Neoliberalism

54
Q

This became the codified strategy of US Treasury Department, the WB, the IMF

A

Neoliberalism

55
Q

Where did the world trade organization continue tariffs reduction

A

General Assembly of Tariffs and Trade

56
Q

The continue reduction of tariffs of GATT under World Trade Organization was call

A

Washington Consensus

57
Q

When didi the Washington Consensus dominated the global economic policies

A

1980s - 2000s

58
Q

Advocated minimal government spending to reduce government debt

A

Washington Consensus

59
Q

Pressured governments, developing world, to reduce tariffs and open up their economies, arguing it is the quickest way to progress;

A

Privatization

60
Q

Privatization is a “________” necessary for long-term economic growth

A

shock therapy

61
Q

Advocated conceded that certain industries would be affected and die, this “shock therapy” necessary for long-term economic growth

A

Privatization

62
Q

They government spending by comparing national economies to households

A

Reagan
Thatcher

63
Q

She likened herself to a mother who reined in overspending to reduce national debt

A

Thatcher

64
Q

T/F
Household analogy hold true to national economies

A

F (does not)

65
Q

This aimed to free industries from corrupt bureaucrats and pass them to dynamic and independent private investors

A

Privatization

66
Q

T/F
Only people who grew wealth under old system had money to purchase industries

A

T

67
Q

It still dominates the Russian economy until today.

A

Oligarchy

68
Q

It came under severe strain during the crisis; it was biggest crisis since the Great Depression

A

Global Financial Crisis of 2008-2009

69
Q

This paving the way for crisis;

A

Deregulation

70
Q

To mitigate risk of loans, banks that were lending homeowners’ money pooled these mortgage payments and sold them as “_____________.”

A

mortgage-back securities

71
Q

T/F
So much money circulating increased deficit for MBSs among investors

A

F (demand)

72
Q

The high risk mortgages are known

A

Sub-prime mortgages

73
Q

Led to major investment banks (_______) to collapse depleting major investments

A

Lehman Brothers

74
Q

allowed for global multiplier effect that sent ripples around the world

A

Interconnections

75
Q

These which depended heavily on foreign capital, when crisis hit, they failed to refinance their loans

A

Iceland’s banks

76
Q

This led to Iceland’s banks to default increasing the country’s debt seven-fold

A

Credit crunch

77
Q

This country was forced by Germany and the IMF to adopt austerity measures which affected the poor most as it led to social security and welfare cuts

A

Greece

78
Q

This led to slowed growth and high unemployment

A

Austerity

79
Q

This crisis in Europe sparked political upheaval causing far-right parties to gain in the polls (France, Hungary, Sweden)

A

Economic Crisis

80
Q

This would takr decades to resolve

A

Global Financial crisis

81
Q

T/F
When countries opened up their economies the shares of the percentage changed

A

T

82
Q

WTO-led reduction of trade barriers known as

A

Trade liberalization

83
Q

This profoundly altered the dynamics of the global economy.

A

Trade liberalization

84
Q

T/F
Global growth rates have spiked as result of increased import

A

F (export)

85
Q

T/F
economic globalization remains an uneven process, with some countries, corporations, and individuals benefiting a lot more than others

A

T

86
Q

Developing countries are often

A

Peotectionists

87
Q

they refused to lift policies that safeguard their primary products, which could be otherwise overwhelmed by products from developing world

A

Protectionists

88
Q

They are concerned more with profits than social programs of governments hosting them.

A

TNC

89
Q

They refers to countries lowering their labor standards, including protection of workers’ interests to lure foreign investors seeking higher profits at lowest cost

A

Race to the bottom

Contemporary (9 decks)

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