QUIZ (L2) Flashcards
(16 cards)
IMF
International Monetary Fund
a historical process representing the result of human innovation and technological progress
economic globalization
refers to the use of government spending and tax policies to influence economic conditions
fiscal policy
fiscal policy ideas from
john maynard keynes
According to the IMF, the value of trade (goods and services) as a percentage of world GDP increased
from 42.1 percent in 1980 to 62.1 percent in 2007
UNCTAD
United Nations Conference on Trade and Development
According to the UNCTAD the amount of foreign direct investments flowing across the world was
US $ 57 Billion in 1982.
FDI
foreign direct investment
an investment in the form of a controlling ownership in
a business in one country by an entity based in another country.
foreign direct investment (FDI)
the investment may be made either “inorganically” by
buying a company in the target country or “organically”
silk road
oldest known international trade route
a network of pathways in the ancient world that spanned from China to what is now the Middle East and to Europe. It was called as such because one of the most profitable products traded through this network was
silk road
“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.”
According to historian Dennis O. Flynn and Arturo Giraldez, the age of globalization began when
was part or the age of mercantilism.
galleon trade
competed with one another to sell more goods as a means to boost their country’s income
called monetary reserves
an economic policy that is designed to maximize the exports and minimize the imports
for an economy.
Mercantilism
