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The Contemporary World > Unit 3: Market Integration > Flashcards

Unit 3: Market Integration Flashcards

1
Q

The history of economic globalization can be traced back to the early years of the […] and […]

A
  • Roman Period
  • early voyages
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2
Q

During these times, the international trade expanded significantly as did cross-border flows of financial capital and labor

A
  • Napoleonic War (1815)
  • Beginning of WWI
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3
Q

The heightened economic integration achieved during the early 19th century was ruined by […] and […]

A
  • WWI & WWII
  • Great Depression
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4
Q

This agreement was enacted during the post-world wars, aiming to create an efficient foreign exchange system, prevent competitive devaluations of currencies, and promote international economic growth

A

Bretton Wood System
(1944-1945)

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5
Q

These two institutions were established as part of the Bretton Woods Agreement in 1945, aiming to address specific concerns in regard to the economic crisis the world has experienced

A
  • International Monetary Fund
  • World Bank
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6
Q

An institution created to oversee the world’s monetary system’s stability, comprised of 189 member countries

A

International Monetary Fund

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7
Q

An institution created to provide financial assistance and strategic advice to nations profoundly affected by the world wars

A

World Bank

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8
Q

The 4 branches of the World Bank

A
  • International Bank
  • International Development Association
  • International Finance Corporations
  • International Centre for Settlement of Investment
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9
Q

An agreement signed into law by 23 countries after the world war to monitor world trade that may lead to economic recovery

A

General Agreement on Tarrifs and Trade (GATT)
(Jan. 1, 1948)

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10
Q

A global organization of 164 member countries that deals with the rules of trade between nations

A

World Trade Organization

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11
Q

A term used to identify a phenomenon in which markets of goods and services that are related to one another is experiencing similar patterns of increase of decrease in product prices

A

Market Integration

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12
Q

A type of market integration that implies eliminating barriers that restrict the movement of goods and services

A

Negative Integration

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13
Q

A type of market integration that creates supranational arrangements for social protection and correction of market failures

A

Positive Integration

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14
Q

The 5 levels of economic integration

A
  • Preferential Agreement
  • Free Trade Area
  • Custom Union
  • Common Market
  • Economic Union
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15
Q

Level of Economic Integration

Lessens tariffs and quotas between member countries

A

Preferential Agreement

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16
Q

Level of Economic Integration

Reduces barriers to trade among member countries to zero, but each member has its own decision on external tariffs to non-members

A

Free Trade Area

17
Q

Level of Economic Integration

Has a common rate of tariff to non-member countries

A

Custom Union

18
Q

Level of Economic Integration

Labor and capital are included in the trade

A

Common Market

19
Q

Level of Economic Integration

Common policies that involve common currencies

A

Economic Union

20
Q

[…] were founded by groups of countries to promote public and private investment to foster economic and social development

A

International Financial Institutions

21
Q

An international organization that works to build better policies for better lives

A

Organization for Economic Cooperation and Development (OECD)

22
Q

An international organization that monitors and stabilizes the price of oil

A

Organization of Petroleum Exporting Countries (OPEC)

23
Q

An international organization that promotes political and economic cooperation and regional stability

A

Association of South East Asian Nations (ASEAN)

24
Q

An international organization that sustains economic growth through a commitment to open trade

A

Asia Pacific Economic Cooperation (APEC)

25
Q

An international organization that is one of the largest exporters of goods and services and considered to be the biggest import market for over a hundred countries

A

European Union

26
Q

An international organization that eliminates barriers when it comes to trade and investment

A

North American Free Trade Agreement (NAFTA)

27
Q

A […] is a company that operates beyond its local boundary

A

global corporation

28
Q

The 4 types of global corporations

A
  • International Companies
  • Multinational Companies
  • Transnational Companies
  • Global Companies

The Contemporary World (12 decks)

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