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Social 10 > Unit 3 > Flashcards

Unit 3 Flashcards

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1
Q

What is Economic Globalization?

A

The integration of the world’s economies and the exchange of goods.

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2
Q

What major event established trade regulations and agreements leading to international corporations?

A

Post WWII.

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3
Q

What characterized the economic systems prior to the 1929 economic crash?

A

Mostly unregulated, increasing the likelihood of extreme economic ups and downs.

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4
Q

What caused the economic crash in 1929?

A

The unsustainable economic prosperity of the 1920s and excessive use of credit.

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5
Q

How did WWII impact the global economy?

A

It created massive production and employment, pulling the world out of the Great Depression.

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6
Q

What was the focus of reform economics after WWII?

A

Maintaining economic strength and ensuring the maintenance of global peace.

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7
Q

What did the Bretton Woods Agreement establish?

A

A postwar international monetary system of convertible currencies, fixed exchange rates, and free trade.

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8
Q

What is a common monetary system as per the Bretton Woods Agreement?

A

Each country maintains a fixed exchange rate for its currency based on the gold standard.

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9
Q

What happens when a government prints more money?

A

Debt increases and the value of currency drops, leading to inflation.

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10
Q

What are Floating Exchange Rates?

A

Currency value is determined by supply and demand in the foreign exchange market.

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11
Q

What defines a Fixed Exchange Rate?

A

Value of currency is determined by the government and its gold reserves.

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12
Q

Who were influential economists in economic theory?

A
  • John Maynard Keynes
  • Friedrich Hayek
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13
Q

What is the value of money relative to?

A

The wealth of the country.

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14
Q

What was established in 1944 during the Bretton Woods Conference?

A

The International Bank for Reconstruction and Development (IBRD).

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15
Q

What is the main goal of the World Bank?

A

Liberalization of global trade and providing loans to developing countries.

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16
Q

What must countries do to receive funding from the World Bank?

A

Apply and meet guidelines for reducing poverty and sustainable development.

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17
Q

What is the purpose of the International Monetary Fund (IMF)?

A

To ensure the stability of the international monetary system and provide short-term loans.

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18
Q

What are structural adjustments required by nations receiving IMF funding?

A
  • Reduction in government spending
  • Increased taxes
  • Privatization
  • Increasing interest rates
  • Allowing bankruptcy
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19
Q

What is the World Trade Organization (WTO)?

A

The only global organization dealing with the rules of trade between nations.

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20
Q

What did the WTO replace?

A

The General Agreement on Tariffs and Trade (GATT).

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21
Q

What are criticisms of the WTO?

A
  • Undermines state sovereignty
  • Challenges representative democracy
  • Controlled by larger nations
  • Represents interests of large corporations
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22
Q

What does the European Union allow its citizens to do?

A

Move and work anywhere within the union.

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23
Q

What is sustainable prosperity?

A

Meeting current needs without compromising future needs, balancing resources, the environment, and development.

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24
Q

What are the key points of Free Trade?

Study These Flashcards
A
  • Eliminate Tariffs
  • Reduce protectionist policies
  • Freer flow of goods and services

These points highlight the fundamental principles of free trade agreements.

25
What does NAFTA stand for?
North American Free Trade Agreement ## Footnote NAFTA was signed in 1992 and aimed to eliminate tariffs and trade barriers between the U.S., Mexico, and Canada.
26
What was one of the main objectives of NAFTA?
* Removing barriers to trade * Promoting fair competition * Protecting intellectual property rights * Creating dispute resolution methods * Enhancing cooperation ## Footnote These objectives were designed to increase trade and jobs across the three countries.
27
What are some benefits of NAFTA?
* Lowered prices of goods * Real wage increases in all three countries * Created 5 million jobs * Encouraged cooperation between countries * Easier trade of goods ## Footnote These benefits contributed to economic growth and specialization among the countries.
28
What are some cons associated with NAFTA?
* Loss of North manufacturing jobs * 2 million small farmers in Mexico out of work * Lifted tariffs but not regulations ## Footnote These issues highlight the challenges faced despite the benefits of NAFTA.
29
What is the USMCA?
The deal intended to replace NAFTA ## Footnote The USMCA includes changes on cars, labor, environmental standards, and digital trade provisions.
30
Who signed the USMCA?
* Canadian Prime Minister Justin Trudeau * U.S. President Donald Trump * Mexican President Enrique Peña Nieto ## Footnote The agreement was signed on November 30, 2018.
31
What are some benefits of the USMCA to Canada?
* Stricter labor requirements * Benefits to oil drilling and gas industries * Increased online purchasing tax-free * U.S. exports to Canada increase by 5.9% * Canadian imports to the U.S. increase by 4.8% ## Footnote These benefits reflect improvements in trade dynamics for Canada.
32
What are some benefits of the USMCA to Mexico?
* Strengthening labor standards and rights * Better wages in the auto industry * Opportunities to increase auto parts production ## Footnote These benefits aim to enhance the economic situation for Mexican workers.
33
What are some benefits of the USMCA to the United States?
* Increased U.S. food and agricultural exports * More investments and jobs in the U.S. auto industry ## Footnote These benefits indicate economic growth opportunities for the U.S. as a result of the agreement.
34
What does CETA stand for?
Comprehensive Economic and Trade Agreement ## Footnote CETA is a free-trade agreement between Canada and the European Union that removes 98% of preexisting tariffs.
35
What is the Trans Pacific Partnership?
An agreement signed by twelve countries bordering the Pacific Ocean ## Footnote The TPP represented roughly 40% of the world's economic output.
36
What economic impact did the TPP have?
* 40% of the world's total GDP * 26% of global trade * 793 million consumers ## Footnote These figures highlight the significance of TPP in global economics.
37
What is a tariff?
A government-imposed price increase on imported goods ## Footnote Tariffs are used to support domestic industries by making foreign products more expensive.
38
Fill in the blank: NAFTA was created to _______.
[increase trade and jobs on both sides of the border]
39
What does sustainability mean?
Meeting our own needs without compromising the ability of future generations to meet their own needs. In addition to natural resources, we also need social and economic resources.
40
What is the ecological footprint?
A measure of human demand on the Earth's ecosystems, indicating how much land and water area is required to produce the resources consumed and to absorb the waste generated.
41
What is the ecological footprint of Canadians?
8.17 hectares/person
42
What is the ecological footprint of Bangladesh?
0.6 hectares/person
43
What percentage of the world’s people have an ecological footprint less than 1.89 hectares/person?
More than 70%
44
True or False: The remaining 30% of the population consumes about 90% of the world’s ecological capacity.
True
45
What will happen at some point regarding Earth's resources?
The Earth will not be able to sustain our population's demand for resources.
46
What is the average growth rate of shipbuilding from 2000 onwards?
8.3% per year
47
Which region has dominated shipbuilding due to cheaper labor costs?
Asia
48
What is containerization?
A system of freight transport using containers of a uniform size for greater efficiency and consistency.
49
What are the benefits of containerization?
Containers can be loaded and unloaded, stacked, transported efficiently over long distances, and transferred between transport modes.
50
What are flags of convenience?
Ships registered in a country different from that of their owner to reduce operating costs and avoid prosecution.
51
How do flags of convenience affect environmental law?
They compromise the effectiveness of environmental law.
52
What happens to ships when they are 25-30 years old?
They become too expensive to maintain and are scrapped.
53
What hazardous materials are released when ships are broken apart?
Asbestos, fuels, residue from cargo, etc.
54
What organizations are pressing for more sustainable shipbreaking rules?
International Maritime Organization, International Labour Organization
55
How does the Once-ler's pursuit of profit in 'The Lorax' mirror real-world effects of globalization on the environment?
It illustrates the negative impact of unchecked consumer demand on natural resources.
56
What does 'The Lorax' critique regarding consumer culture?
It critiques how consumer culture drives environmental degradation.
57
What warnings about globalization and resource use does 'The Lorax' offer?
Warnings about the consequences of overexploitation of resources.
58
How might international environmental regulations have changed the Once-ler's actions in 'The Lorax'?
They could have prevented his harmful exploitation and protected the environment.
59
What is your ecological footprint?
A measure of how much of Earth's resources you consume.

Social 10 (3 decks)

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