History: Economic Globalization Flashcards
Economic globalization can be traced from the time when there was economic movement in Asia, Africa and Europe through ____
Silk Road
Known as the oldest international trade route that connected the East ( China) anf the west.
Silk Road
According to them, the age of globalization began when all important populated continents began to exchange products continuously—both with each other directly or indirectly via other continents
Flynn & Giraldez
What was connected to manila during the __ trade established in __ and was the first time Americans are directly connected to Asian Trading routes.
- Acapulco Mexico
- Galleon Trade
1571
An economic theory that advocates government regulations of international trade to generate wealth and strengthen national powet. It is also a trade system with multiple restrictions
Mercantilism in 16-18th century
what trade system emerged in the year ___, where nation adopted it at an international monetary conference
- Gold Standard
- 1867
A currencies issued by the government that are not backed by precious metals and whose value is determined by their cost relative to other currencies.
Fiat currency
Present wotld economy operates base on ___ , a currency issued by the government that are not backed by precious metals
Fiat currency
Sought by world leaders that would ensure a longer lasting global peace that would promote economic interdependence and prosperity
Network of global financial institutions
An international structure for money, power and interest was created in order to set a system in the financial and economic relations in the modern day. Thus, the __ was established
International Monetary System (IMS)
The three global IMS
- The gold standard
- The Bretton woods system
- European monetary system
established in 1979 after the collapse of bretton wood system succeeded
by the European Economic and Monetary Union (EMU) with common currency of euro
European monetary system
functions as a fixed exchange rate regime, with gold as the only international reserve.
The gold standard
The us dollar became the global currency and was the only convertible currency into gold.
Bretton wood system
established for funding postwar reconstruction project and providing loans, guarantees, risk management products, and advisory services to middle-income and creditworthy lowincome countries
World bank or International bank for reconstruction and development
