Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GCWORLD Prelims > The Global Economy > Flashcards

The Global Economy Flashcards

1
Q
  • Movement of international groups, capital, services, technology, and information
  • Increase the interdependence of world economies
A

Economic Globalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A process making the world economy an
“organic system”

A

Economic Globalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Who

Globalization processes have been going ever since Homo Sapiens began migrating

A

Gills and Thompson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Frank and Gills
- Best-known example of archaic globalization?

A

Silk Road

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Wallerstein
- Multicultural territorial division of labor
- Production and exchange of basic goods and raw materials are essential

A

World Systems Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

World Systems Theory

Power hierarchy between ___ and ___

A

Core; periphery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

State’s economic development in terms of external influences on national development policies

A

Dependency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Dependency Theory

Dependent states rely heavily on the?

A

Export of a single commodity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Dependency Theory

___ forces play a crucial role in the economic activities of dependent states

A

External

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Dependency Theory

The relationship between dominant and dependent states is ___

A

Dynamic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Purpose of colonialism is to establish?

A

Economic colonies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A cycle of poverty perpetuating from one generation to the next

A

Culture of poverty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

States that:

Completely liberalized global market is the most efficient way to foster growth

A

Capitalist economic theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

States that:

International trade is crucial for the development and integration of poor countries into the global economy

A

Neoliberal ideology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q
  • Sought to establish a new body of universal investment laws
  • Unrestricted rights for global buying, selling, and financial operations
  • Disregards national laws and citizens’ rights
A

Multilateral Agreement on Investment (MAI)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Exert a great deal of power in the globalized
world economy

A

Transnational Corporations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Many corporations are ___ (2) than the
states that seek to regulate them

A

More powerful

18
Q

Organization that owns or controls production of goods and servicess other than their home country

A

Multinational Corporation

19
Q

A commercial enterprise operating in multiple countries without a specific home country

A

Transnational Corporation

20
Q

Brings private overseas funds into a country for investments in manufacturing or services

A

Foreign Direct Investment (FDI)

21
Q

Institution

Aims to lower tariffs and non-tariff barriers to increase international trade

A

World Trade Organization

22
Q

The WTO has how many member states?

A

146

23
Q

Institution

  • Washington
  • Lends money to governments for development projects
A

World Bank

24
Q

The World Bank has imposed strict conditions, known as?

A

Structural Adjustment Programs

25
Q

Institution

Lends money to governments to stabilize currencies and maintain order in global financial markets

A

International Monetary Fund

26
Q
  • US dollar is the only currency to be convertible to gold
  • Other currencies would set their exchange rates relative to the dollar
A

Bretton Woods Agreement

27
Q
  • Paper currency can be exchanged for gold at a fixed rate
  • Historically rooted in the use of gold coins as a medium of exchange
A

Gold standard

28
Q

Strength of the Gold Standard

A

Balance-of-trade

29
Q

The Bretton Woods System ended in the 1970s, when President ___ dissolved the U.S. gold standard

A

Nixon

30
Q

Who

Stresses that the countries that industrialized first got the jump on the rest of the world

A

Henslin

31
Q

Beginning in ___ about 1750, industrialization spread throughout ___ Europe

A

Great Britain; western

32
Q

One exception for Colonialism

A

U.S. army’s conquest of the Philippines

33
Q

Who

Argued that some nations are crippled by a culture of poverty

A

John Galbraith

34
Q

Cutting trade barriers and opening markets do not necessarily generate ___

A

Development

35
Q
  • WTO negotiations favor the interests of ___
  • Neglect agricultural protectionism and trade subsidies by rich countries
A

Corporate investors

36
Q

According to critics:

WTO can harm the interest of the ___

A

Poor

37
Q

Ex. of high-handed approach of IMF to poor countries

A

Asian Crisis

38
Q

Much trade is now ___

A

Dollar-based

39
Q

What caused the collapse of the Bretton Woods system?

A
  1. Too much money printed
  2. High trade deficits
  3. High inflation
40
Q

When was the Bretton Woods System established?

A

1944

GCWORLD Prelims (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions