CONTEMPORARY WORLD MIDTERMS (Chapter 1-3)

5 DIMENSIONS OF GLOBALIZATION

1. Economic Dimension 2. Political Dimension 3. Cultural Dimension 4. Religious Dimension 5. Ideological Dimensions

To regulate the trade and business relations between two nations, this policy is formed.

Bilateral Trade Policy

the aim of which is to create a stabilized international currency system and ensure a monetary stability for all the nations.

Bretton Woods System

This is a system ended in 1971 as the trade deficit and growing inflation undermined the value of dollar in the whole world. In 1973, the floating exchange rate system

Bretton Woods system

It is the capacity of a state to choose and implement policies within the territory

Domestic Sovereignty

It is an arrangement between different regions that often includes the reduction or elimination of trade barriers, and the coordination of monetary and fiscal policies.

Economic integration

This refers to these countries' "interconnected histories of colonialism, neo-imperialism , and differential economic and social change through which large inequalities in living standards, life expectancy, and access to resources are maintained.

Global South

TRUE OR FALSE The ills of the global south are being globalized

TRUE

It is the period between the Enlightenment and the Renaissance

The Early Modern Period (1500-1750)

Types of Trade Policies

1. National Trade Policy 2. Bilateral Trade Policy 3. International Trade Policy

Seven Stages of Economic Integration

1. Preferential trading area (PTA) 2. Free trade area 3. Customs union 4. Common market 5. Economic union 6. Economic and monetary union 7. Complete economic integration

Types of Related Markets where Market Integration Occurs

1. Stock Market Integration 2. Financial Market Integration

3 Focuses of Trade Policy in International Trade

1. Tariffs 2. Trade barriers 3. Safety

Basic Elements of a State

1. Territory 2. People 3. Sovereign Power

5 HISTORICAL PERIODS OF GLOBALIZATION

1. The Prehistoric Period (10000 BCE-3500 BCE) 2. The Pre-modern Period (3500 BCE- 1500 CE) 3. The Early Modern Period (1500-1750) 4. The Modern Period (1750-1970) 5. The Contemporary Period (from 1970 to present)

Two Major Driving Forces for Economic Globalization

1. The rapid growing of information in all types of productive activities 2. Marketization

This results hybridization- a constructive interaction process between global and local characteristics which is often visible in food, music, dance, film, fashion, and language

CULTURAL DIVERSITY

This is the final stage of economic integration in which member states completely forego independence of both monetary and fiscal policies

Complete Economic Integration

This refers to the increase in the amount of cultural flows across the globe.

Cultural Dimension

This refers to the extensive development of economic relations across the globe as a result of technology and the enormous flow of capital that has stimulated trade in both sources and goods

ECONOMIC DIMENSION

It requires coordinated monetary and fiscal policies as well as labor market, regional development, transportation and industrial policies.

Economic Union

It is a functional integration between internationally dispersed activities which means that it is a qualitative transformation rather than a quantitative change.

Economic globalization

It refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.

Economic globalization

This is the power of national governments to make decisions independently of those made by other governments

Economic sovereignty

This is a permanent fund created by the European Union (EU) to provide emergency assistance to member states within the Union.

European Financial Stability Mechanism (EFSM)

It is an international organization comprising 28 European countries and governing common economic, social, and security policies

European Union (EU)

It is the process of industrial, political, legal, economic, social and cultural integration of states wholly or partially in Europe. European integration has primarily come about through the European Union and its policies

European integration

This refers to a 30-year long process that began at the end of the 1960s as a form of monetary cooperation intended to reduce the excessive influence of the US dollar on domestic exchange rates, and led, through various attempts, to the creation of a Monetary Union and a common currency.

European monetary integration

This is a 1979 arrangement between several European countries which links their currencies in an attempt to stabilize the exchange rate.

European monetary system (EMS)

TRUE OR FALSE The Roman Catholic teaching of globalization believes that the poor are susceptible to the effects of environmental irresponsibility because they live in countries where building materials and labor are expensive

FALSE - Expensive (CHEAPER)

TRUE OR FALSE Globalization in the Asia Pacific and South Asia is an external phenomenon being pushed into the region by world powers like Grater Asia and the Americas.

FALSE - Grater Asia and the Americas (UNITED STATES AND EUROPE)

TRUE OR FALSE Social justice ensures a basic equity in how both the burden and the goods of society are distributed and that ensures that every person enjoys a basically equal moral and legal standing apart from differences in wealth, privilege, talent and achievements.

FALSE - Social (DISTRIBUTIVE)

TRUE OR FALSE Westphalian Sovereignty refers to the capacity of a state to choose and implement policies within the territory.

FALSE - Westphalian (DOMESTIC)

TRUE OR FALSE In a globalized world economy, governments are independently deciding on case of adopting neoliberal economic policies of privatization, deregulations, and reductions in public expenditures

FALSE - are independently deciding on case (HAVE NO ALTERNATIVE)

TRUE OR FALSE Augmenting costs for both consumers and producers and reducing trade between the countries involved in the agreement are the aims of economic integration

FALSE - augmenting cost, reducing (REDUCING COST, INCREASING)

TRUE OR FALSE Regionalism refers to the centralization of political powers or competencies from a higher towards a lower political level.

FALSE - centralization (DECENTRALIZATION)

TRUE OR FALSE The two key concepts in the economics of international trade are specialization and cooperative language

FALSE - cooperative language (COMPARATIVE ADVANTAGE)

TRUE OR FALSE Today's globalization, relatively, has more disadvantages in comparison to earlier wave of globalization.

FALSE - disadvantage (FARTHER, FASTER, CHEAPER AND DEEPER)

TRUE OR FALSE The global in global south does not only mean that the south is the globe but also signifies that the south has attained high globalization

FALSE - has attained high globalization (CONTINOUS TO BE GLOBALIZED)

TRUE OR FALSE The increase of the number of international organizations and the expansion of their functions helps enable an individual country's sovereignty to certain extent

FALSE - helps enable (HAVE UNDENIABLY RESTRICTED)

TRUE OR FALSE To prevent stance on politics, peacekeeping is kept to be the least important feature of UN activity in peace and security

FALSE - least (MOST)

TRUE OR FALSE Globalization involves the macro-structures of a global community as its basic coverage and concern.

FALSE - macro structure (BOTH MACRO-STRUCTURE AND MICRO STRUCTURE)

TRUE OR FALSE Contemporary critics of neo-liberal globalization use the north devides as a banner to rally countries victimized by the violent economic cures of institutions like the International Monetary Fund

FALSE - north devides (GLOBAL SOUTH)

TRUE OR FALSE Globalization processes occur on an objective, material level of human consciousness

FALSE - occur (DO NOT MERELY)

TRUE OR FALSE The strongest vehicle for social redistribution and the main mechanism for social transfer is regionalism

FALSE - regionalism (STATE)

TRUE OR FALSE The Second World described countries whose views aligned with NATO and capitalism , and the Third World referred to countries that supported communism and the Soviet Union

FALSE - second, third (FIRST, SECOND)

TRUE OR FALSE Landscape of organizational communication within social movements is secured and independent to the influences of the social media

FALSE - secured (shape

TRUE OR FALSE The global justice movement describes the strengthened collection of individuals and groups often referred to as a "movement of movements " , who advocate fair trade rules and are positively in agreement to current institutions of global economics such as the World Trade Organization.

FALSE - strengthened (LOOSE)

TRUE OR FALSE Free Trade Areas (FTAs) are created when two or more countries in a region agree to strictly implement restriction barriers to trade on all goods coming from other members

FALSE - strictly implement restriction (REDUCE OR ELIMINATE)

TRUE OR FALSE There are two things that will happen if a country is in Golden Straitjacket: the politics grows and the economy shrinks.

FALSE - the politics grows and the economy shrinks (ECONOMY GROWS AND POLITICS SHRINKS)

TRUE OR FALSE Creating unique policy frame work that creates strict individual state conditions for the functions of the integrated parts of the economy is the aim of policy integration

FALSE - unique (COMMON)

It is an open market economy between countries facilitated by a common currency and the elimination of technical, regulatory and tax differences to encourage free flow of capital and investment across borders

Financial Market Integration

It is a major driver of extended global corporate development

Foreign Direct Investment (FDI)

This is a business that operates in two or more countries.

GLOBAL CORPORATION

This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world; this is about growing worldwide connectivity.

GLOBALIZATION

This provides a framework of rules governing services trade, establishes a mechanism for countries to make commitments to liberalize trade in services and provides a mechanism for resolving disputes between countries.

General Agreement on Trade in Services (GATS)

is viewed as the sum of governance processes operating in the absence of world government.

Global governance

This is a product of neo-liberal paradigm shifts in international political and economic relations. It is a movement towards political integration of transnational actors aimed at negotiating responses to problems that affect more than one state or region.

Global governance or world governance

It describes the loose collection of individuals and groups often referred to as a " movement of movements "

Global justice movement

It is the process in which people, ideas and goods spread throughout the world.

Globalization

It was believed to guarantee a non-inflationary stable economic environment as a means of accelerating trade

Gold

a system of backing a country's currency with its gold reserves

Gold Standard

These are the dominant cultural characteristics of our age and the drive for economic success stimulated by the internet and other technological devices circulate much more easily than they did in earlier periods.

INDIVIDUALISM /CONSUMERISM

It is often used to legitimize certain political interests or to defend dominant power structures

Ideology

It is the capacity and willingness to control flows of people, goods and capital into and out of the country.

Interdependence Sovereignty

This theory provides a conceptual explanation of the European integration process.

Intergovernmentalism

It refers to the acceptance of a given state as a member of the international community.

International Legal Sovereignty

This defines the international trade policy under their charter like the International economic organizations, such as Organization for Economic Co-operation and Development (OECD), World Trade Organization (WTO) and International Monetary Fund (IMF).The best interests of both developed and developing nations are upheld by the policies.

International Trade Policy

It is an extension of economic activities between internationally dispersed activities.

Internationalization

This is a religious response to the materialist assault by the ungodly West in the rest of the world.

Jihadist globalism

This is the term for colonies in the Asia pacific and South Asia influenced the West and vice versa

LABORATORIES OF MODERNITY/ ASIA

They occupy different positions in their respective societies as well as in relation to their nation-states as they constitute the expanding regional consumer market.

MIDDLE-CLASS

It refers to how easily two or more markets can trade with each other. It occurs when prices among different locations or related goods follow similar patterns over a long period of time

Market integration

This exists when there are exerted effects that prompt similar changes or shifts in other markets that focus on related goods on events occurring within two or more markets.

Market integration

This is the intensification of the influence and dominance of capital. It is the elevation of capitalism as a mode of production into an ethic, a set of political imperatives, and a cultural logic.

NEOLIBERALISM

This safeguards the best interest of its trade and citizen

National Trade Policy

This focuses on the supranational institutions of the European Union of which the main driving forces of integration are interest group activity at the European and national levels, political party activity, and the role of governments and supranational institutions.

Neo-functionalism

This theory emphasized the importance of institutions in the process of European integration

New Institutionalism

It is as multifaceted as the internationalism.

New transnational activism

They were created through growth in retail trade, manufacture, banking, real estate development, and an expanding range of specialist services such as accounting, advertising, computing, and market research

New urban middle classes

This aims to develop and maintain cooperation with outside actors. This is meant to resolve the tension between the rise of regional trade agreements and the push for global trade as embodied by World Trade Organization (WTO).

Open Regionalism

This is a foreign policy shift was implemented by the United States to commit more resources and attention to the region

PACIFIC PIVOT

It refers to the integration of components within political systems;

Political integration

This is a computer-based technology that facilitates the sharing of ideas and information and the building of virtual networks and communities

Social Media

collective challenges to elites, authorities, other groups or cultural codes by people with common purposes and solidarity in sustained interactions with elites, opponents and authorities

Social Movement

This is a condition in which stock markets in different countries trend together and depict same expected risk adjusted returns.

Stock Market Integration

It includes some of the world's most economically developed states such as Japan, South Korea, Singapore, and Taiwan, and highly impoverished countries such as Cambodia, Laos, and Nepal

THE ASIA PACIFIC AND SOUTH ASIA

The period of leap in the history of globalization

THE CONTEMPORARY PERIOD (1970-PRESENT)

In this period the invention of writing and the wheel were great social and technological boosts that moved globalization to a new level.

THE PRE-MODERN PERIOD (3500 BCE-1500 CE)

They are largely characterized as poor and underdeveloped. In these countries, low levels of education, poor infrastructure, improper sanitation and poor access to health care mean living conditions are seen as inferior to those in the world's more developed nations

THIRD WORLD COUNTRIES

This describes the decentralization of competencies or the establishment of regional institutions by the state.

TOP-DOWN REGIONALISM

TRUE OR FALSE Combination of invention and social organization resulting to increase in worldwide capital and wealth of nation is allowed by modern nation state system that emerged in the period prior to the end of World War II.

TRUE

TRUE OR FALSE During the Prehistoric Period, globalization was severely limited.

TRUE

TRUE OR FALSE Foreign direct investment is made open to economies; frequently involves more than just a capital investment and includes provision of management or technology as well.

TRUE

TRUE OR FALSE Getting smarter on valuing investment opportunities Chief Financial Officers can add value

TRUE

TRUE OR FALSE Globalization is the intensification of economic, political, social, and cultural relations across borders and a consciousness of that intensification, with a concomitant diminution in the significance of territorial boundaries

TRUE

TRUE OR FALSE International trade is the exchange of goods, services and capital across national borders

TRUE

TRUE OR FALSE Media empires generated and directed the extensive flow of culture.

TRUE

TRUE OR FALSE Outsourcing is a means of finding a partner with which a firm can establish a bilateral relationship and having the partner undertake relationship-specific investments so that it becomes able to produce goods and services that fit the firm's particular needs

TRUE

TRUE OR FALSE People engaging in buying and selling from other places in far-away lands is an example of how globalization works

TRUE

TRUE OR FALSE Process of industrialization accelerated during the Modern Period.

TRUE

TRUE OR FALSE Social networking, social stretching, and controlled social exchanges and activities are among the positive implications of globalization

TRUE

TRUE OR FALSE Spaces of underdevelopment in developed countries may mirror the poverty of the global south, and spaces of affluence mirror those of the global north

TRUE

TRUE OR FALSE The World Trade Organization (WTO) deals with the global rules of trade between nations with the main function of ensuring that trade flows smoothly, predictably and freely.

TRUE

TRUE OR FALSE The belief that globalization imposes a forced choice upon states either to conform to free market principles or run the risk of being left behind is termed into a phrase called "Golden Straitjacket".

TRUE

TRUE OR FALSE The global south is not relevant for those who live in countries traditionally associated with it but also signifies that the south continues to be globalized

TRUE

TRUE OR FALSE Trade policies on the other hand refer to the regulations and agreement of foreign countries

TRUE

TRUE OR FALSE When government implement certain strategy to control the direction of economy then integration is intentional while shifting in supply and demand that has a spillover effect on several markets is another factor of market integration.

TRUE

This is considered as one principal driver of globalization.

Technology

This is an organization created by the European Union to provide assistance to member states with unstable economies

The European Financial Stability Facility (EFSF)

This can be defined as the mobilization of collective claims by actors located in more than one country and/or addressing more than one national

Transnational activism

This is tasked to promote international co-operation and to create and maintain international order. It is the largest, most familiar, most internationally represented and most powerful intergovernmental organization in the world.

United Nation

This is the only global international organization dealing with the rules of trade between nations.

World Trade Organization (WTO)

BRICS Economies

· Brazil, (suppliers of raw materials) · Russia, , (suppliers of raw materials) · India, (most dominant) · China and , (most dominant) · South Africa

Four different concepts of sovereignty

· International Legal Sovereignty · Westphalian Sovereignty · Interdependence Sovereignty · Domestic Sovereignty