LESSON 3 Flashcards
(33 cards)
According to the IMF, it is a historical process that reflects the outcomes of human creativity and technological advancements.
Economic Globalization
It involves the growing interconnectedness of global economies through exchanging goods, services, and capital across international borders.
Economic Globalization
The study of how societies allocate scarce resources to produce goods and services and distribute them among people.
Economics
What was the age of Mercantilism?
16th to 18th century
state that globalization began when “all important populated continents began to exchange products continuously
Dennis O. Flynn & Arturo Giraldez
when was the establishment of the galleon trade that connected Manila & Acapulco in Mexico.
1571
refers to countries decreasing labor standards, especially worker protection, to entice international investors looking for big profits at the lowest possible cost.
“race to the bottom”
When was World Trade Organization (WTO) established?
1995
play crucial roles in regulating global finance and trade.
International Financial Institutions
These entities are pivotal in economic globalization due to their extensive international operations.
Global Corporations
They establish complex supply chains spanning multiple countries, invest heavily in foreign markets, and actively lobby for policies that promote seamless cross-border business activities.
Global Corporations
amplify their bargaining power and promote regional economic integration by pooling resources and negotiating collectively in global trade forums.
Regional Economic Bloc
wield significant influence over globalization through policy-making.
National Government
play a vital role in economic globalization by advocating for social and environmental issues.
Non-Governmental Organizations
also shape economic globalization through their purchasing decisions.
Consumers
drive global trade and influence corporate practices by demanding goods and services worldwide.
Consumers
posits that the world operates as a cohesive social system defined by distinct boundaries, hierarchical structures, diverse member groups, established rules of legitimacy, and overall coherence.
Wallerstein’s Theory
identifies three main categories within this system:
*Core
*Semi-peripheral
*peripheral areas
G7 countries and, increasingly, China, are characterized by advanced industrialization, high-tech innovation, and capital concentration.
Core States
regions, like Brazil, India, and Mexico, occupy a middle ground, mixing advanced and less developed economic activities.
Semi-peripheral
including many African and some Southeast Asian countries, are typically resource-extraction economies with low-wage labor, dependent on core states for capital and technology.
Peripheral Areas
is an “imagined community.”
Benedict Anderson
a set of agreements signed in 1964 to end the thirty years’ war between major continental powers of europe.
Treaty of Westphalia
The napoleonic wars lasted from
1803 - 1815
